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Bakkt sheds more than 6% on first of public trading

Bakkt ($BKKT), an institutional and retail-facing digital asset platform based by Intercontinental Exchange, has suffered a drawdown of -6.4% after closing a unstable first day of trading as a publicly listed firm.

After launching on the New York Stock Exchange (NYSE) at $9.45 on the morning of Oct. 18, BKKT rose by roughly 3.3% up to $9.77 throughout its first half-hour of trading. However, merchants shortly moved to take income, inflicting costs to stoop by -9.5% down to $8.84 adopted by lunchtime.

According to Bloomberg, BKKT was trading at $8.76 by the day’s shut after having shed nearly -7% from its opening.

Bakkt went public through a merger cope with a particular objective acquisition firm (SPAC), VPC Impact Acquisition Holdings on Oct. 15.

Bakkt initially launched in 2018 as a cryptocurrency custodian. The agency has since pivoted to launch institutional-facing bitcoin futures contracts and a retail crypto asset funds app.

Related: Crypto finserv agency Bakkt to quickly commerce publicly on New York Stock Exchange

Bakkt is not Intercontinental Exchange’s first foray into cryptocurrency, with the agency having participated as a lead investor in Coinbase’s Series C $75 million funding spherical in January 2015

Like Bakkt, Coinbase posted a bearish efficiency for its first day of public trading, shedding -13.8% from a beginning worth of $381 over the course of the day. Intercontinental Exchange bought their stake in Coinbase for $1.2 billion through the first quarter of 2021.

Earlier this month, Bakkt introduced partnered with Google to allow its retail app customers to make funds from their digital asset balances utilizing Google Pay.

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