Shares of Bakkt Holdings Inc., a bitcoin futures and derivatives trading company, have plunged to an all-time low, wiping out nearly $10 billion from its market value since it hit a record high following the company’s public debut last October.

Bakkt, owned by Intercontinental Exchange Inc., began public trading of its shares in October 2021 after closing a $2.1 billion SPAC deal.

Bakkt shares surged to $50.80 shortly thereafter as cryptocurrency prices soared, pushing the company’s market cap to around $11 billion.

After that, the “Bakkt” company’s stock fell to $3.31 last Friday.

Bakkt stock has fallen steadily as losses and faltering markets have prompted investors to hunker down and exit.

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Thus, the market value of the company fell to less than one billion dollars this week for the first time.

Bakkt spokeswoman Lauren Post commented on the retreat by saying:

We cannot comment on stock movements, as we are well capitalized to implement the long-term strategy we shared in last quarter earnings update of investing in the business to bring in more partners, and enhance our products and capabilities.

Bakkt had a lot of momentum at first, but it waned over time.

The company had previously announced partnerships with Fiserv Inc., a financial technology giant and MasterCard’s payment provider, in an attempt to provide more crypto-related services and products.

Read:Millionaire creates a charity that donates bitcoin to the needy

Bakkt has also partnered with Starbucks and Apple Pay.

Bakkt posted a wider net loss in the third quarter, due in part to higher expenses to attract users as well as new partners.

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