Bakkt BTC company just closed its first day of trading getting down at 6.4% and the shares opened at $9.41 so let’s read more about it in our latest Bitcoin news.
Bakkt is a digital asset firm that transitioned from the BTC custodian to a wallet and ended its first day of public trading on the New York Stock Exchange with a stock price of $8.76. The BKKT shares opened at $9.41 and then closed down to 6.4%. With the launch of BKKT today, the Bakkt BTC company became one of the few crypto companies that traded on the New York Stock Exchange. Nasdaq that also aims towards tech firms has even more including BTC mining companies Argo Blockchain and Riot Blockchain as well as Coinbase. The platform was launched by the Intercontinental Exchange that owns the NYSE back in 2018. Initially, It was a custodian of Bitcoin and added to the ICE vertical only so custodians store the keys to BTC and other assets on behalf of clients in exchange for a fee. Anchorage, Coinbase, Copper, Custody, and others are popular options for institutional clients that will rather outsource the security matters.
Yet Bakkt is maybe the most known for a much-hyped pilot with Starbucks which promised to allow the cafe’s patrons to reload their card with BTC. It’s a consumer app where most of the energy is focused, launched in March, and aims to be the main wallet that will offer cash, loyalty points, crypto, and gift cards. Via the app, people can buy and send BTC but can also convert gift cards to cash. Bakkt finalized the plans to go public last month after completing the merger with VPC Impact Acquisition Holdings and through it faltered a little in the debut, it is still managed to have a better start than Coinbase. After the exchange started trading publicly trading on April 14, the value of COIN crashed from $381 to $382. the shares in the exchange-traded in the US sit below $300 despite the bullish BTC market.
As recently reported, Google partners with Bakkt, the digital asset marketplace to expand the usability of crypto, and as outlined in the press release from BusinessWire, the users can spend Bakkt Card crypto funds right from Google Pay. This came after Bakkt released its Visa Debit Card earlier his year and now the customers will be able to make the transactions via digital assets wherever Google Pay gets accepted. The process will convert crypto into fiat before arriving in the recipient’s account and this way, the digital assets can be used to pay for everyday products both online and in-store.
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