Bakkt kończy pierwszy dzień handlu 7% spadkiem akcji

Bitcoin company Bakkt began trading on the NYSE on October 18 with the assigned ticker BKKT at nearly $10. However, by the end of trading on the same day, the value of the company's shares fell by 7%.

Bakkt is an investment platform offering its clients the storage of digital currency assets and a convenient mobile trading application. It was begun in 2018 by ICE, the parent company of the NYSE. Since its inception, Bakkt has submitted a proposal for BTC futures trading, an iOS, and Android app, and a Visa plastic card launched in summer 2021. It is also known to consumers for integrating with popular coffee chain Starbucks, thanks to a publicized pilot project that promised café customers the ability to recharge their Starbucks Card with BTC. To do this, the wallet application combined cash, gift certificates, loyalty program points, and digital currency.

After completing the merger with VPC Impact Acquisition Holdings on October 15 this year, Bakkt was able to implement its plan to appear on the US stock exchange.

Beginning from $9.45 and rising to $9.77 in just half an hour from the start of trading, by the time traders began taking profits, the share price had fallen by more than 9% to $8.84. By the end of the day, trading "froze" at around $8.76, recording a drop of almost 7% on the first day.

However, Bakkt did not show the worst debut on the NYSE. Earlier, crypto company Robinhood finished the first day with -8.37%, and Coinbase shifted to the "anti-record holder", losing 13.9% of the original COIN share value on the first day of speculation. By the way, shortly thereafter, ICE sold its previously purchased stake in Coinbase for $1.2B.

Given Bakkt's ambitious plans to reach 9 million users in 2021 and the recent announcement of a partnership with tech giant Google, it could well return or surpass its starting price. But at the moment, BKKT shares are trading at the same level of $8.76.

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