Company:Bakkt

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Short description: Publicly traded digital asset manager
Bakkt Holdings, Inc.
TypePublic
NYSE: BKKT
IndustryFintech
Founded
  • July 31, 2018; 5 years ago (2018-07-31) (as a subsidiary of Intercontinental Exchange)
  • October 15, 2021; 2 years ago (2021-10-15) (spinoff)
HeadquartersAlpharetta, Georgia, U.S.
Key people
Gavin Michael, CEO
Karen Alexander, CFO
RevenueIncrease $54 million (2022)
Decrease -$1.989 billion (2022)
Total assetsDecrease $455 million (2022)
Total equityDecrease $96 million (2022)
OwnerIntercontinental Exchange (65.7%)
VPC Impact Acquisition Holdings Sponsor, LLC (2.8%)
Number of employees
1,037 (December 2022)
Footnotes / references
[1][2]

Bakkt Holdings, Inc., headquartered in Alpharetta, Georgia, provides a software as a service (SaaS) and API platform for owning and trading cryptocurrency and redeeming loyalty points.[1] Bakkt was founded by and is 65.7% owned by Intercontinental Exchange (ICE), which also owns the New York Stock Exchange.[3][4] Bakkt earns revenue from commissions for payments and purchases and sales of cryptocurrency.[5]

The company also owns the naming rights to the Bakkt Theater at Planet Hollywood Las Vegas.

History

2018–2020: Under ICE ownership

In August 2018, Intercontinental Exchange announced it was forming a new company Bakkt,[6] which was intended to leverage Microsoft online servers to manage digital assets. Bakkt was said to be working with Boston Consulting Group (BCG), Microsoft, Starbucks, and others to create a software platform. The Bakkt ecosystem is expected to include federally regulated markets and warehousing along with merchant and consumer applications. Its first use cases was for trading and conversion of Bitcoin (BTC) versus fiat currencies. Kelly Loeffler served as Bakkt's CEO until her appointment to the United States Senate.[7]

As an initial component of the Bakkt offering, Intercontinental Exchange's U.S.-based futures exchange and clearing house plan to launch a one-day physically delivered BTC contract along with physical warehousing in 2019, subject to CFTC review and approval, which was delayed.[8] These regulated venues will establish new protocols for managing the specific security and settlement requirements of digital currencies. In addition, the clearing house plans to create a separate guarantee fund that will be funded by Bakkt.

In January 2019, Bakkt announced that it had entered into an agreement to acquire certain assets of Rosenthal Collins Group (RCG), to close in February.[9] In April 2019, Bakkt announced that it had acquired Digital Asset Custody Company (DACC). Terms of the transaction have not been disclosed.[10] In September 2019 the exchange began trading of bitcoin futures.[11] In February 2020, Intercontinental Exchange announced that it agreed to acquire Bridge2 Solutions, a loyalty rewards provider, which was then contributed to Bakkt.[12]

In September 2020, Bakkt announced a new all-time high for trade volume in physically delivered Bitcoin futures contracts. During the September 15th session, this figure amounted to 15,955 BTC (more than $200 million at the time of announcement).[13]

2021–present: Publicly listed company

In October 2021, Bakkt completed a merger with VPC Impact Acquisition Holdings, a special-purpose acquisition company sponsored by Victory Park Capital and was listed on the New York Stock Exchange.[14][15][16]

In November 2022, it was announced Bakkt would be acquiring the Chicago -based integrated crypto trading platform, Apex Crypto, LLC from Apex Fintech Solutions, Inc.[17]

References

  1. ↑ 1.0 1.1 "Bakkt Holdings, Inc. 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. March 24, 2023. https://www.sec.gov/ix?doc=/Archives/edgar/data/1820302/000182030223000016/bakkt-20221231.htm. 
  2. ↑ "BAKKT HOLDINGS, INC. SCHEDULE 14A PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934". U.S. Securities and Exchange Commission. April 24, 2023. https://www.sec.gov/Archives/edgar/data/1820302/000182030223000043/bakkt-2023proxy41923.htm. 
  3. ↑ Ehrlich, Steven (November 12, 2021). "Crypto Platform Bakkt Reports First Earnings, Lays Out Bold Partnership Strategy". Forbes. https://www.forbesmiddleeast.com/money/fintech/crypto-and-digital-asset-platform-bakkt-releases-first-earnings-lays-out-bold-partnership-strategy-for-growth. 
  4. ↑ Bhattacharjee, Shomik Sen (October 19, 2021). "Bakkt Gets Listed on New York Stock Exchange: All You Need to Know". NDTV. https://gadgets.ndtv.com/cryptocurrency/news/cryptocurrency-bakkt-bkkt-list-public-company-new-york-stock-exchange-nyse-2580753. 
  5. ↑ Sun, Leo (October 29, 2021). "Why Is Everyone Talking About Bakkt Holdings Stock?". The Motley Fool. https://www.fool.com/investing/2021/10/29/why-is-everyone-talking-about-bakkt-holdings-stock/. 
  6. ↑ Tully, Shawn (August 3, 2018). "The NYSE's Owner Wants to Bring Bitcoin to Your 401(k). Are Crypto Credit Cards Next?: sources". Fortune. https://fortune.com/longform/nyse-owner-bitcoin-exchange-startup/. Retrieved August 3, 2018. 
  7. ↑ "The NYSE's Owner Wants to Bring Bitcoin to Your 401(k). Are Crypto Credit Cards Next?". https://fortune.com/longform/nyse-owner-bitcoin-exchange-startup/. 
  8. ↑ Osipovich, Alexander; Rubin, Gabriel T. (March 21, 2019). "Bitcoin Futures Launch Hits Regulatory Snag". https://www.wsj.com/articles/bitcoin-futures-launch-hits-regulatory-snag-11553204037. 
  9. ↑ "Bakkt Buys Certain Assets of Rosenthal Collins Group | Finance Magnates". January 14, 2019. https://www.financemagnates.com/cryptocurrency/news/ice-owned-bakkt-buys-chicago-fcm-rosenthal-collins-group/. 
  10. ↑ "Bakkt acquires Digital Asset Custody Company, applies for NY trust company status". April 30, 2019. https://www.finextra.com/pressarticle/78198/bakkt-acquires-digital-asset-custody-company-applies-for-ny-trust-company-status. 
  11. ↑ Osipovich, Alexander (22 September 2019). "NYSE Owner Launches Long-Awaited Bitcoin Futures". WSJ. https://www.wsj.com/articles/nyse-owner-to-launch-long-awaited-bitcoin-futures-11569153649. 
  12. ↑ "Bakkt aims to turn your rewards points into a wallet you can spend anywhere". https://fortune.com/2020/02/05/bakkt-rewards-points-bitcoin-cash-wallet/. 
  13. ↑ "Bakkt Announces Record-Breaking Bitcoin Futures Trading Volume". 16 September 2020. https://softwarefocus.net/technology/bakkt-announces-record-breaking-bitcoin-futures-trading-volume.html. 
  14. ↑ "Bakkt to go public via merger with SPAC VPC Impact Acquisition in deal with $2.1 billion enterprise value". 11 January 2021. https://www.marketwatch.com/story/bakkt-to-go-public-via-merger-with-spac-vp-impact-acquisition-in-deal-with-21-billion-enterprise-value-2021-01-11. 
  15. ↑ "ICE to retain 65% interest in Bakkt - Sprecher". 4 February 2021. https://www.globalinvestorgroup.com/articles/3696164/ice-to-retain-65-interest-in-bakkt-sprecher. 
  16. ↑ "Bakkt Closes Business Combination with VPC Impact Acquisition Holdings and Will Begin Trading on the New York Stock Exchange on October 18, 2021". 15 October 2021. https://www.businesswire.com/news/home/20211015005610/en/Bakkt-Closes-Business-Combination-with-VPC-Impact-Acquisition-Holdings-and-Will-Begin-Trading-on-the-New-York-Stock-Exchange-on-October-18-2021. 
  17. ↑ FinSMEs (2022-11-03). "Bakkt to Acquire Apex Crypto" (in en-US). https://www.finsmes.com/2022/11/bakkt-to-acquire-apex-crypto.html. 

External links



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