TL; DR Breakdown
- Bakkt, a cryptocurrency exchange, will go live on the New York Stock Exchange on October 18.
- The investment firm is making a splash with its recent alliances and mergers. This has helped advance the company’s corporate image just before going public.
Cryptocurrency trading is becoming increasingly popular. Bakkt, an investment firm specializing in this field, will now be available on the New York Stock Exchange. Customers can trade Bitcoin futures contracts through their platform starting from October 18, 2021. International Exchange Incorporation (ICE) also owns one of America’s largest exchanges, the NYSE.
The platform announced to go public in January. They have merged with VPC Impact Acquisition Holdings. Besides, they have secured cooperation with Google to shift to “Bakkt Holdings.”
The company has a valuation of over $2 billion. Yet, it won’t be the first company to enjoy listing. Coinbase became the first Bitcoin company to list on NASDAQ in April 2021.
The digital asset firm is changing the way people buy and sell crypto. Bakkts’ provides a platform for users who want to buy, store or trade digital assets with bitcoin on their independent bank accounts. It also provides an app that enables them not only to accept but send payments to merchants.
Bakkt and its Future
Bakkt’s alliance with VPC Impact Acquisition Holdings will issue $448 Million in funding. The funds are for growth and developmental advances. Besides, partnering with Google allows Bakkt’s users of Visa debit cards to transact using Google Pay.
The CEO, Gavin Michael, says they are focusing on alliances and growing their digital assets.
What it means
Buying Bakkt stock is like buying bitcoin obliquely. And on the very day that it begins trading, an ETF for futures on cryptocurrencies will also launch. This will make it exciting to see how investors will come in in terms of buying stock.
The crypto’s volatility affects the company’s dividend price. Bakkt is enjoying the backing of Microsoft’s arm and Pantera Capital for a digital start.
The digital asset plafform would no doubt welcome the potential of a good PR boost. The company had challenges of keeping up with promises during its initial stages. Moreover, former CEO Kelly Loeffler faced accusations of insider dealing early in 2020. Moreso after meeting with taciturn senators on January 24.
The company has had its fair share in both challenges and successes in becoming what it is today.