Bakkt, a bitcoin firm, began trading on the New York Stock Exchange on October 18 with the ticker BKKT and a price of over $10. However, at the end of the day’s trading, its stock had lost 7% of its value.
Bakkt is an investment platform that provides clients with digital currency asset storage and a mobile trading application. It was started by ICE, the parent corporation of the NYSE, in 2018. Bakkt has submitted proposals for BTC futures trading, an iOS and Android app, and a Visa plastic card, all of which will be launched in summer 2021. Consumers are also aware of its integration with the iconic coffee chain Starbucks, thanks to a widely publicized trial project that promised café guests the chance to top up their Starbucks Cards with BTC. The wallet application combined cash, gift cards, loyalty program points, and digital currency.
Bakkt, on the other hand, did not have the worst NYSE launch. Coinbase shifted to the “anti-record holder,” losing 13.9 percent of the original COIN share value on the first day of speculation. Earlier, crypto company Robinhood finished the first day with -8.37 percent, and Coinbase shifted to the “anti-record holder,” losing 13.9 percent of the original COIN share value on the first day of speculation. By the way, ICE liquidated its previously purchased Coinbase share for $1.2 billion not long after.
Bakkt could easily recoup or exceed its initial price, given its ambitious goals to reach 9 million users by 2021 and the recent news of cooperation with tech giant Google. However, BKKT shares are currently trading at the same price of $8.76.
Bakkt was able to implement its goal to list on the New York Stock Exchange after finalizing its merger with VPC Impact Acquisition Holdings on October 15 of this year.
The share price had declined by more than 9% to $8.84 by the time traders began taking profits, having started at $9.45 and risen to $9.77 in barely half an hour from the start of trading. Trading had “frozen” at roughly $8.76 by the end of the day, a decline of nearly 7% on the first day.