Bakkt

Publicly traded digital asset manager

Bakkt Holdings, Inc.

Company type| Public subsidiary

Traded as

| 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)
Revenue|  US$780 million (2023)

Operating income

|  US$−228 million (2023)

Net income

|  US$−75 million (2023)
Total assets|  US$967 million (2023)
Total equity|  US$48 million (2023)
Owner| VPC Impact Acquisition Holdings Sponsor, LLC (2%)

Number of employees

| 747 (December 2023)
Parent| Intercontinental Exchange (55%)
Website| www.bakkt.com
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]

## History

[edit]

### 2018–2020: Under ICE ownership

[edit]

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

[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.[13][14]

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

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

## References

[edit]

1. ^ a b "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/

## External links

[edit]

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

* Bloomberg
* Google
* SEC filings
* Yahoo!