The terms of BKKT contracted by much than 6% during its archetypal time of nationalist trade.
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Bakkt ($BKKT), an organization and retail-facing integer plus level founded by Intercontinental Exchange, has suffered a drawdown of -6.4% aft closing a volatile archetypal time of trading arsenic a publically listed company.
After launching connected the New York Stock Exchange (NYSE) astatine $9.45 connected the greeting of Oct. 18, BKKT roseate by astir 3.3% up to $9.77 during its archetypal 30 minutes of trading. However, traders rapidly moved to instrumentality profits, causing prices to slump by -9.5% down to $8.84 followed by lunchtime.
According to Bloomberg, BKKT was trading astatine $8.76 by the day’s adjacent aft having shed astir -7% from its opening.
Bakkt went public via a merger woody with a peculiar intent acquisition institution (SPAC), VPC Impact Acquisition Holdings connected Oct. 15.
Bakkt initially launched successful 2018 arsenic a cryptocurrency custodian. The steadfast has since pivoted to motorboat institutional-facing bitcoin futures contracts and a retail crypto plus payments app.
Bakkt is not Intercontinental Exchange’s archetypal foray into cryptocurrency, with the steadfast having participated arsenic a pb capitalist successful Coinbase’s Series C $75 cardinal backing circular successful January 2015
Like Bakkt, Coinbase posted a bearish show for its archetypal time of nationalist trading, shedding -13.8% from a starting terms of $381 implicit the people of the day. Intercontinental Exchange sold their involvement successful Coinbase for $1.2 cardinal during the archetypal 4th of 2021.
Earlier this month, Bakkt announced partnered with Google to alteration its retail app users to marque payments from their integer plus balances utilizing Google Pay.