{"id":354811,"date":"2021-10-19T09:15:02","date_gmt":"2021-10-19T06:15:02","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bakkt-sheds-more-than-6-on-first-of-public-trading\/"},"modified":"2021-10-19T09:15:02","modified_gmt":"2021-10-19T06:15:02","slug":"bakkt-sheds-more-than-6-on-first-of-public-trading","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bakkt-sheds-more-than-6-on-first-of-public-trading\/","title":{"rendered":"# Bakkt sheds more than 6% on first of public trading"},"content":{"rendered":"

“# Bakkt sheds more than 6% on first of public trading <\/strong>”
\n<\/p>\n

Bakkt ($BKKT), an institutional and retail-facing digital asset platform founded by Intercontinental Exchange, has suffered a drawdown of -6.4% after closing a volatile first day of trading as a publicly listed company.<\/p>\n

After launching on the New York Stock Exchange (NYSE) at $9.45 on the morning of Oct. 18, BKKT rose by roughly 3.3% up to $9.77 during its first 30 minutes of trading. However, traders quickly moved to take profits, causing prices to slump by -9.5% down to $8.84 followed by lunchtime.<\/p>\n

According to Bloomberg, BKKT was trading at $8.76<\/a> by the day\u2019s close after having shed almost -7% from its opening. <\/p>\n

Bakkt went public<\/a> via a merger deal with a special purpose acquisition company (SPAC), VPC Impact Acquisition Holdings on Oct. 15.<\/p>\n

Bakkt initially launched in 2018 as a cryptocurrency custodian. The firm has since pivoted to launch institutional-facing bitcoin futures contracts and a retail crypto asset payments app<\/a>.<\/p>\n

Related: <\/em><\/strong>Crypto finserv firm Bakkt to soon trade publicly on New York Stock Exchange<\/em><\/strong><\/p>\n

Bakkt is not Intercontinental Exchange\u2019s first foray into cryptocurrency, with the firm having participated as a lead investor in Coinbase\u2019s Series<\/a> C $75 million funding round in January 2015<\/p>\n

Like Bakkt, Coinbase posted a bearish performance for its first day of public trading, shedding -13.8% from a starting price of $381 over the course of the day. Intercontinental Exchange sold their stake in Coinbase for $1.2 billion during the first quarter of 2021.<\/p>\n

Earlier this month, Bakkt announced partnered with Google to enable its retail app users to make payments from their digital asset balances using Google Pay.<\/p>\n