On First Day Of Public Trading, Bakkt Has Lost Over 6% Of Its Value.

On First Day Of Public Trading, Bakkt Has Lost Over 6% Of Its Value.

2021-10-19 | Selina Mathew

On First Day Of Public Trading, Bakkt Has Lost Over 6% Of Its Value.

On its first day of public trading, the price of Bakkt increased by more than 6%. After concluding the first day of trading as a publicly traded business, Bakkt, a digital commodity portal and trading platform founded by the Intercontinental Exchange, lost 6.4 percent. BKKT climbed over 3.3 percent to $ 9.77 in the first 30 minutes of trading after debuting on the New York Stock Exchange at $ 9.45 on Monday morning. Retailers, on the other hand, immediately moved on and profited, forcing prices to fall by 9.5 percent to $ 8.84. BKKT was trading at $8.76 at the conclusion of the day, according to Bloomberg, after losing nearly 7% since opening. On Friday, Bakkt announced a meeting with VPC Impact Acquisition Holdings, a special targets company (SPAC). Bakkt was founded in 2018 as a cryptocurrency custodian. Since then, the company has agreed to enter new contracts with institutions and the crypto payment system. Bakkt is not Intercontinental Exchange's first effort into cryptocurrencies; the company was a big investor in Coinbase's Series C $ 75 million investment round in January 2015. Coinbase, like Bakkt, had a dismal first public trading day, yielding -13.8 percent from its initial price of $ 381 by the end of the day. In the first quarter of 2021, the Intercontinental Exchange sold its Coinbase holding for $ 1.2 billion. Bakkt established collaboration with Google earlier this month, allowing its retail users to pay using the balance of their digital assets via Google Pay.

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