Bakkt

Publicly traded digital asset manager

Bakkt Holdings, Inc.

Type| Public

Traded as

| NYSE: BKKT
Industry| Fintech
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)

Headquarters| Alpharetta, Georgia, U.S.

Key people

| Gavin Michael, CEO
Karen Alexander, CFO
Revenue|  $54 million (2022)

Net income

|  -$1.989 billion (2022)
Total assets|  $455 million (2022)
Total equity|  $96 million (2022)
Owner| Intercontinental Exchange (65.7%)
VPC Impact Acquisition Holdings Sponsor, LLC (2.8%)

Number of employees

| 1,037 (December 2022)
Website| www.bakkt.com
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 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[edit]

### 2018–2020: Under ICE ownership[edit]

In August 2018, Intercontinental Exchange (ICE) announced the formation of Bakkt. Kelly Loeffler, whose husband is the CEO of ICE, served as Bakkt's CEO until her appointment to the United States Senate.[6]

In February 2019, Bakkt acquired certain assets of Rosenthal Collins Group, an independent futures commission, to build up its risk management and regulatory compliance procedures.[7][8]

In April 2019, Bakkt acquired Digital Asset Custody Company and partnered with BNY Mellon on crypto key storage.[9]

In September 2019, after overcoming regulatory delays, Bakkt began trading of bitcoin futures contracts.[10][11][12][13]

In February 2020, Intercontinental Exchange announced that it agreed to acquire Bridge2 Solutions, a leading provider of loyalty solutions for merchants and consumers, which was then contributed to Bakkt.[14][15]

### 2021–present: Public company[edit]

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.[16][17][18]

Also in October 2021, Bakkt partnered with Mastercard to enable people to pay with bitcoin and earn cryptocurrency as rewards.[19] Also that month, Bakkt's virtual debit card became available to be used with Google Pay.[20]

In November 2021, Bakkt added Ether to its cryptocurrency offerings.[21]

In April 2023, Bakkt acquired Apex Crypto from Apex Fintech Solutions for $55 million in cash and $100 million in stock.[22][23]

In March 2023, Bakkt discontinued its two-year-old consumer-facing mobile app.[24]

Also in March 2023, Bakkt signed an agreement with Caesars Entertainment to acquire the naming rights for the Bakkt Theater at Planet Hollywood Las Vegas and allow members of Caesars' loyalty programs to redeem points via Bakkt's Crypto Rewards program.[25]

## References[edit]

1. ^ a b "Bakkt Holdings, Inc. 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. March 24, 2023.
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.
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.
7. ^ De, Nikhilesh (January 14, 2019). "Bitcoin Futures Market Bakkt Makes Its First Acquisition". CoinDesk.
8. ^ Tully, Shawn (February 5, 2020). "Bakkt's New Acquisition Will Speed Its Plan to Streamline Consumer Payments". Fortune.
9. ^ De, Nikhilesh (April 29, 2019). "Bakkt Acquires Crypto Custodian, Partners With BNY Mellon on Key Storage". CoinDesk.
10. ^ Osipovich, Alexander; Rubin, Gabriel T. (March 21, 2019). "Bitcoin Futures Launch Hits Regulatory Snag". The Wall Street Journal.
11. ^ Osipovich, Alexander (September 22, 2019). "NYSE Owner Launches Long-Awaited Bitcoin Futures". The Wall Street Journal.
12. ^ Pirus, Benjamin (September 25, 2019). "Bitcoin Price Dumps $1,000 One Day After Bakkt Launch Sees 'Strong Industry Participation'". Forbes.
13. ^ Vigna, Paul (October 7, 2019). "Bitcoin Slumps as Launch of Bakkt Futures Market Disappoints". The Wall Street Journal.
14. ^ Tully, Shawn (February 5, 2020). "Bakkt aims to turn your rewards points into a wallet you can spend anywhere". Fortune.
15. ^ De, Nikhilesh (April 30, 2020). "ICE Spent 'Nearly $300M' Helping Bakkt Acquire Loyalty Firm Bridge2". CoinDesk.
16. ^ "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. October 15, 2021.
17. ^ "Bakkt Debuts as a Public Company on the New York Stock Exchange" (Press release). Business Wire. October 18, 2021.
18. ^ Fineman, Josh (October 18, 2021). "Cryptocurrency Exchange Bakkt Falls in First Day of Trading After SPAC Deal". CoinDesk.
19. ^ Andriotis, AnnaMaria (October 25, 2021). "Mastercard Partners With Bakkt to Bring Cryptocurrency Payments to the Masses". The Wall Street Journal.
20. ^ Betz, Brandy (October 8, 2021). "Google Pay to Support Bakkt Debit Card". CoinDesk.
21. ^ Bellusci, Michael (November 5, 2021). "Bakkt Expands Cryptocurrency Offering Beyond Bitcoin With Addition of Ether". CoinDesk.
22. ^ SCHWARTZ, LEO (April 3, 2023). "Digital assets platform Bakkt completes $155M deal for Apex Crypto". Fortune.
23. ^ Armstrong, Zach (November 4, 2022). "Bakkt acquires crypto trading company for $200 million". American City Business Journals.
24. ^ Crawley, Jamie (February 13, 2023). "Digital Asset Platform Bakkt to Discontinue Consumer App After Two Years". CoinDesk.
25. ^ "Planet Hollywood Resort & Casino's Iconic Live Entertainment Venue Officially Becomes Bakkt Theater on March 24" (Press release). PR Newswire. March 23, 2023.

## External links[edit]

* Official website
* Business data for Bakkt Holdings, Inc.:

* Bloomberg
* Google
* Reuters
* SEC filings
* Yahoo!