Shares of cryptocurrency “Bakkt” are down 90% since it debuted in October 2021
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Answer Shares of cryptocurrency “Bakkt” are down 90% since it debuted in October 2021
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.
Read:The return of the description of Bitcoin as a safe haven, after its performance was linked to gold and silver
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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