Bakkt

Last updated
Bakkt Holdings, Inc.
Company type Public subsidiary
NYSE:  BKKT
Industry Fintech
Founded
  • July 31, 2018;6 years ago (2018-07-31) (as a subsidiary of Intercontinental Exchange)
  • October 15, 2021;3 years ago (2021-10-15) (spinoff)
Headquarters Alpharetta, Georgia, U.S.
Key people
Andy Main (CEO)
Karen Alexander (CFO)
RevenueIncrease2.svg US$780 million (2023)
Increase Negative.svgUS$−228 million (2023)
Increase Negative.svgUS$−75 million (2023)
Total assets Increase2.svgUS$967 million (2023)
Total equity Decrease2.svgUS$48 million (2023)
OwnerVPC Impact Acquisition Holdings Sponsor, LLC (2%)
Number of employees
747 (December 2023)
Parent Intercontinental Exchange (55%)
Website www.bakkt.com   OOjs UI icon edit-ltr-progressive.svg
Footnotes /references
[1] [2]

Bakkt Holdings, Inc., headquartered in Alpharetta, Georgia and New York City, provides a software as a service (SaaS) and API platform for owning and trading cryptocurrency and redeeming loyalty points. [1] Bakkt was founded, and is 55% 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]

Contents

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 clearinghouse 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 clearinghouse plans to create a separate guarantee fund that will be funded by Bakkt.

In January 2019, Bakkt acquired certain assets of Rosenthal Collins Group to advance its consumer payments initiatives. [9]

In April 2019, Bakkt acquired Digital Asset Custody Company (DACC). [10]

In September 2019, Intercontinental Exchange began trading of bitcoin futures. [11]

In February 2020, Intercontinental Exchange acquired Bridge2 Solutions, a loyalty rewards provider, which was then contributed to Bakkt. [12]

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. [13] [14]

In April 2023, Bakkt acquired Chicago-based integrated crypto trading platform, Apex Crypto. [15]

In 2024, a Crypto Coin was created in it's image using the ticker $BKKT. The reason this ticker is $BKKT and not the same as the public stock ticker "BAKKT" is because exchanges cannot list the ticker on their sites.

In November 2024, the Financial Times reported Trump Media & Technology (DJT) is closing in on a deal to buy Bakkt. [16]

Related Research Articles

<span class="mw-page-title-main">Euronext</span> European financial services company

Euronext N.V. is a European bourse that provides trading and post-trade services for a range of financial instruments.

<span class="mw-page-title-main">Intercontinental Exchange</span> American exchange and clearing house company

Intercontinental Exchange, Inc. (ICE) is an American multinational financial services company formed in 2000 that operates global financial exchanges and clearing houses and provides mortgage technology, data and listing services. Listed on the Fortune 500, S&P 500, and Russell 1000, the company owns exchanges for financial and commodity markets, and operates 12 regulated exchanges and marketplaces. This includes ICE futures exchanges in the United States, Canada, and Europe; the Liffe futures exchanges in Europe; the New York Stock Exchange; equity options exchanges; and OTC energy, credit, and equity markets.

<span class="mw-page-title-main">Jeffrey Sprecher</span> American businessman (born 1955)

Jeffrey Craig Sprecher is an American businessman, the founder, chairman, and CEO of Intercontinental Exchange, and chairman of the New York Stock Exchange.

Blockchain.com is a cryptocurrency financial services company. The company began as the first Bitcoin blockchain explorer in 2011 and later created a cryptocurrency wallet that accounted for 28% of bitcoin transactions between 2012 and 2020. It also operates a cryptocurrency exchange and provides institutional markets lending business and data, charts, and analytics.

Circle is a peer-to-peer payments technology company that now manages stablecoin USDC, a cryptocurrency the value of which is pegged to the U.S. dollar. It was founded by Jeremy Allaire and Sean Neville in October 2013. Circle is headquartered in Boston, Massachusetts. USDC, the second largest stablecoin worldwide, is designed to hold at or near a stable price of $1. The majority of its stablecoin collateral is held in short-term U.S. government securities.

<span class="mw-page-title-main">Interactive Brokers</span> American financial services firm

Interactive Brokers, Inc. (IB), headquartered in Greenwich, Connecticut, is an American multinational brokerage firm which operates the largest electronic trading platform in the United States by number of daily average revenue trades. In 2023, the platform processed an average of 3 million trades per trading day. Interactive Brokers is the largest foreign exchange market broker and is one of the largest prime brokers servicing commodity brokers. The company brokers stocks, options, futures contracts, exchange of futures for physicals, options on futures, bonds, mutual funds, currency, cryptocurrency, contracts for difference, derivatives, and event-based trading contracts on election and other outcomes. Interactive Brokers offers direct market access, omnibus and non-disclosed broker accounts, and provides clearing services. The firm has operations in 34 countries and 27 currencies and has 2.6 million institutional and individual brokerage customers, with total customer equity of US$426 billion as of December 31, 2023. In addition to its headquarters in Greenwich, on the Gold Coast of Connecticut, the company has offices in major financial centers worldwide. More than half of the company's customers reside outside the United States, in approximately 200 countries.

HTX, formerly known as Huobi, is a Seychelles-based cryptocurrency exchange. Founded in China,, HTX now has offices in Hong Kong, South Korea, Japan and the United States. In August 2018, it became a publicly listed Hong Kong company.

<span class="mw-page-title-main">Digital Currency Group</span> American venture capital company

Digital Currency Group Inc. (DCG) is a venture capital company focusing on the digital currency market. It is located in Stamford, Connecticut. The company has the subsidiaries Foundry, Genesis, Grayscale Investments, and Luno. It also formerly owned CoinDesk.

An initial coin offering (ICO) or initial currency offering is a type of funding using cryptocurrencies. It is often a form of crowdfunding, although a private ICO which does not seek public investment is also possible. In an ICO, a quantity of cryptocurrency is sold in the form of "tokens" ("coins") to speculators or investors, in exchange for legal tender or other cryptocurrencies such as Bitcoin or Ether. The tokens are promoted as future functional units of currency if or when the ICO's funding goal is met and the project successfully launches.

<span class="mw-page-title-main">Cboe Global Markets</span> American company

Cboe Global Markets, Inc. is an American company that owns the Chicago Board Options Exchange and the stock exchange operator BATS Global Markets.

<span class="mw-page-title-main">Bitcoin Cash</span> Cryptocurrency that is a fork of bitcoin

Bitcoin Cash is a cryptocurrency that is a fork of bitcoin. Launched in 2017, Bitcoin Cash is considered an altcoin or spin-off of bitcoin. In November 2018, Bitcoin Cash further split into two separate cryptocurrencies: Bitcoin Cash (BCH) and Bitcoin Satoshi Vision (BSV).

A cryptocurrency bubble is a phenomenon where the market increasingly considers the going price of cryptocurrency assets to be inflated against their hypothetical value. The history of cryptocurrency has been marked by several speculative bubbles.

Binance Holdings Ltd., branded Binance, is a global company that operates the largest cryptocurrency exchange in terms of daily trading volume of cryptocurrencies. Binance was founded in 2017 by Changpeng Zhao, a developer who had previously created high-frequency trading software. Binance was initially based in China, then moved to Japan shortly before the Chinese government restricted cryptocurrency companies. Binance subsequently left Japan for Malta and currently has no official company headquarters.

Bithumb is a South Korean cryptocurrency exchange. Founded in 2014, Bithumb Korea has 8 million registered users, 1 million mobile app users, and a current cumulative transaction volume has exceeded USD $1 trillion.

Paxos Trust Company is a New York–based financial institution and technology company specializing in blockchain. The company's product offerings include a cryptocurrency brokerage service, asset tokenization services, and settlement services. ItBit, a bitcoin exchange run by Paxos, was the first bitcoin exchange to be licensed by the New York State Department of Financial Services, granting the company the ability to be the custodian and exchange for customers in the United States.

Bitso began as a global cryptocurrency exchange founded in Mexico. It was founded in 2014 by Ben Peters, Pablo Gonzalez and Daniel Vogel. Daniel Vogel is the current chief executive officer. Bitso was the first Latin American company and one of the few cryptocurrency platforms to be regulated by the Gibraltar Financial Services Commission under its Distributed Ledger Technology Framework.

<span class="mw-page-title-main">DRW Trading Group</span> Proprietary electronic trading firm

DRW Holdings, LLC, typically referred to as DRW, is a proprietary trading firm based in Chicago. The firm was founded in 1992 by Don Wilson, an options trader at the Chicago Mercantile Exchange, and was named after his initials: DRW. The firm trades various financial instruments, including fixed income, options and derivatives, energy and agriculture, and cryptocurrency. DRW has offices in Amsterdam, Austin, Greenwich, Tel Aviv, Chicago, New York City, Houston, London, Montreal, and Singapore. DRW is one of the largest trading firms in the world.

<span class="mw-page-title-main">Mark Wetjen</span> American attorney

Mark P. Wetjen is an American lawyer. In 2011, he was nominated by Barack Obama to serve a five-year term as a Commissioner of the Commodity Futures Trading Commission (CFTC). He also served for five months as acting chairman of the CFTC upon the departure of his predecessor, Gary Gensler.

<span class="mw-page-title-main">Miami International Holdings</span> American exchange and clearing house company

Miami International Holdings, Inc. (MIH) is an American company formed in 2007 that operates global financial exchanges and execution services.

<span class="mw-page-title-main">Arkham Intelligence</span>

Arkham Intelligence is a public data application that enables users to analyze blockchain and cryptocurrency activity. Founded by Miguel Morel in 2020, the company's platform utilizes AI to identify and catalog the owners of blockchain addresses. Its partners include various cryptocurrency and blockchain companies.

References

  1. 1 2 "Bakkt Holdings, Inc. 2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. March 25, 2024.
  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 19, 2024.
  3. ↑ Ehrlich, Steven (November 12, 2021). "Crypto Platform Bakkt Reports First Earnings, Lays Out Bold Partnership Strategy". Forbes .
  4. ↑ Bhattacharjee, Shomik Sen (October 19, 2021). "Bakkt Gets Listed on New York Stock Exchange: All You Need to Know". NDTV .
  5. ↑ Sun, Leo (October 29, 2021). "Why Is Everyone Talking About Bakkt Holdings Stock?". The Motley Fool .
  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 . Retrieved August 3, 2018.
  7. ↑ "The NYSE's Owner Wants to Bring Bitcoin to Your 401(k). Are Crypto Credit Cards Next?". Fortune.
  8. ↑ Osipovich, Alexander; Rubin, Gabriel T. (March 21, 2019). "Bitcoin Futures Launch Hits Regulatory Snag". Wall Street Journal. Retrieved April 2, 2019.
  9. ↑ TULLY, SHAWN (January 14, 2019). "Bakkt's New Acquisition Will Speed Its Plan to Streamline Consumer Payments" . Fortune .
  10. ↑ "Bakkt acquires Digital Asset Custody Company, applies for NY trust company status". Finextra Research. April 30, 2019.
  11. ↑ Osipovich, Alexander (22 September 2019). "NYSE Owner Launches Long-Awaited Bitcoin Futures" . The Wall Street Journal.
  12. ↑ TULLY, SHAWN (February 5, 2020). "Bakkt aims to turn your rewards points into a wallet you can spend anywhere" . Fortune .
  13. ↑ Linnane, Ciara (January 11, 2021). "Bakkt to go public via merger with SPAC VPC Impact Acquisition in deal with $2.1 billion enterprise value" . MarketWatch .
  14. ↑ "Bakkt Closes Business Combination with VPC Impact Acquisition Holdings and Will Begin Trading on the New York Stock Exchange on October 18, 2021" (Press release). Business Wire. 15 October 2021.
  15. ↑ SCHWARTZ, LEO (April 3, 2023). "Digital assets platform Bakkt completes $155M deal for Apex Crypto" . Fortune .
  16. ↑ https://www.investors.com/news/donald-trump-stock-djt-crypto-coinbase-bitcoin/
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.