Bitcoin Company Bakkt Begins Trading on New York Stock Exchange

Oct 18, 2021 | Decrypt News | 0 comments


Stocks of Bakkt Holdings Inc., a crypto platform that offers custodial services and a retail-facing app, made its debut on the New York Stock Exchange (NYSE) today under the ticker BKKT. 

“Today, Bakkt’s vision—to connect the digital economy—reaches new heights, and we’re excited to continue our momentum as a public company,” said Gavin Michael, CEO of Bakkt.

Bakkt launched in 2018 by the Intercontinental Exchange—the NYSE’s parent company—as a crypto custodian company. In other words, Bakkt first entered the crypto sphere as a company that offered to hold Bitcoin in cold storage for investors. 

“Our platform sits at the intersection of cryptocurrency, rewards, loyalty and payments, and we look forward to accelerating the plan that is already underway: building out a broader partner network, expanding the access and utility of digital assets, and gaining momentum in a space that is continuing to grow,” Michael added. 

At press time, BKKT is trading at roughly $9, down 5.5% since the markets opened.

Bakkt rolls out updates

In the three years since, Bakkt has offered a Bitcoin futures trading service, a mobile app for users to spend their Bitcoin on everyday purchases, and a Visa debit card which launched in June of this year. 

ProShares Bitcoin Futures ETF Trades Tuesday: What You Need to Know

A week ago, the company also announced that it partnered with Google, allowing users to spend their cryptocurrency—again by using the Bakkt Visa debit card—via merchants that use Google Pay. 

“We are proud to help Bakkt accelerate and scale the availability of their innovative solutions, powered by Google technologies,” said Kirsten Kliphouse, Google Cloud president of North America.  

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