• Source: Bakkt

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. Bakkt was founded, and is 55% owned, by Intercontinental Exchange (ICE), which also owns the New York Stock Exchange. Bakkt earns revenue from commissions for payments and purchases and sales of cryptocurrency.




History






= 2018–2020: Under ICE ownership

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In August 2018, Intercontinental Exchange announced it was forming a new company Bakkt, 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.
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. 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.
In April 2019, Bakkt acquired Digital Asset Custody Company (DACC).
In September 2019, Intercontinental Exchange began trading of bitcoin futures.
In February 2020, Intercontinental Exchange acquired Bridge2 Solutions, a loyalty rewards provider, which was then contributed to Bakkt.




= 2021–present: Publicly listed company

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




References






External links


Official website
Business data for Bakkt Holdings, Inc.:

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