{"id":12498,"date":"2021-10-19T19:56:33","date_gmt":"2021-10-19T18:56:33","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=12498"},"modified":"2021-10-19T19:56:33","modified_gmt":"2021-10-19T18:56:33","slug":"bakkt-lost-more-than-6-on-its-first-day-of-public-trading","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bakkt-lost-more-than-6-on-its-first-day-of-public-trading\/","title":{"rendered":"Bakkt lost more than 6% on its first day of public trading"},"content":{"rendered":"\n
In its first day of trading in the open market<\/a>, the price of Bakkt (BKKT) fell by more than 6 percent.<\/h5>\n\n\n\n
\"Bakkt<\/figure>\n\n\n\n

When Bakkt (BKKT), an institutional and retail-facing digital asset platform \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>established by the Intercontinental Exchange, closed its tumultuous first day of trading as a publicly traded business, the stock experienced a -6.4 percent drop in value.<\/p>\n\n\n\n

BKKT began trading on the New York Stock Exchange <\/a>at $9.45 on Monday morning and increased by about 3.3 percent over the first 30 minutes of trading, reaching $9.77 at the end of the first 30 minutes. Market participants, on the other hand, acted fast to lock in profits, leading prices to plummet by -9.5 percent, to $8.84.<\/p>\n\n\n\n

According to Bloomberg, BKKT was trading at $8.76 by the end of the day, having lost about -7 percent from the start of the day.<\/p>\n\n\n\n

Bakkt went public on Friday after a merger agreement with VPC Impact Acquisition Holdings, a special purpose acquisition company (SPAC) was completed.<\/p>\n\n\n\n

Initial plans for Bakkt were to operate as a cryptocurrency custodian in 2018. Since then, the company has shifted its focus to the development of Bitcoin futures contracts for institutional investors as well as a cryptocurrency asset payments app for consumers.<\/p>\n\n\n\n

Bakkt is not Intercontinental Exchange's first venture into the cryptocurrency space; in January 2015, the company joined as a lead investor in Coinbase's Series C $75-million financing round.<\/p>\n\n\n\n

Negative performance was also seen by Coinbase <\/a>on its first day of public trading, which saw the cryptocurrency exchange lose -13.8 percent of its value from a starting point price of $381 throughout the course of the day. During the first quarter of 2021, the Intercontinental Exchange sold its interest in Coinbase for a total of $1.2 billion.<\/p>\n\n\n\n

Bakkt announced a collaboration with Google<\/a> earlier this month, which would allow users of its retail app to make payments from their digital asset holdings using Google Pay<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

In its first day of trading in the open market, the price of Bakkt (BKKT) fell by more than 6 percent. When Bakkt (BKKT), an institutional and retail-facing digital asset platform established by the Intercontinental Exchange, closed its tumultuous first day of trading as a publicly traded business, the stock experienced a -6.4 percent drop […]<\/p>\n","protected":false},"author":13,"featured_media":12504,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[81,21],"tags":[1612,733,277],"class_list":["post-12498","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoin-news","category-news","tag-altcoins","tag-bakkt","tag-trading"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/10\/image-95.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/12498","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=12498"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/12498\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/12504"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=12498"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=12498"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=12498"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}