BTC Futures Exchange Bakkt Goes Public Successfully On NYSE

Bakkt, a regulated exchange of Bitcoin futures, is scheduled to go live on the NYSE (New York Stock Exchange) today, only a year following its initial offer of physically-settled BTC futures for the consumers in the United States. The exchange is considered to be among the earliest institutional avenues permitting the stop Bitcoin purchase.

Exposure to the firm exposed to BTC

It has been announced by Bakkt that the company had accomplished a mutual business with VPC Impact Acquisition Holdings, a SPAC (Special Purpose Acquisition Company). The combined firm is currently functioning under the title of Bakkt Holdings, Inc. The Class A warrants and common stock under Bakkt will start the trading thereof on the NYSE having “BKKT WS” and “BKKT” as its ticker symbols from 18th October onwards. Bakkt’s CEO (Chief Executive Officer), Gavin Michael, stated that the respective day provides an extraordinary new start for Bakkt.

The respective business combination offers the organizers the required capital to carry on doing what the most suitable and innovative for the company is. He added that the move is thrilling for them as it would open a subsequent chapter in the development of the company so they would be able to have an observation for the future boosting of the advancement initiatives to push forward the firm on its track of completing its mission which is to connect the virtual economy.

The inferences of the respective business combination brought roughly $448M to Bakkt through gross proceeds. It is expected by these transaction proceeds to be utilized for finance investments being done in the marketing efforts and capabilities of the platform under the company along with enhancing the current and upcoming collaborations thereof that would play a significant role in making its business track straightforward toward further evolution.

Will the investor base of Bakkt increase?

In the meantime, the Bakkt may not seem to be the top lucrative bet as per the investors pursuing crypto exposure. The exchange did a smaller amount than $10M on the recent Friday in the volume of futures. Crypto exchanges OKEx and Binance, on the contrary, were reported to have volumes more than $7B and $25B just yesterday. Some analysts even disclosed that the revenue estimates of the exchange had been missed by many percentages. During January, up to $900M in FY21 sales were guided by Bakkt. Now in October, rich evidence suggests that they miss by more than 90%.

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