Trump Media Firm in Talks to Buy Crypto Platform Bakkt: Report
In another boost for the crypto industry, Donald Trump’s social media firm is reportedly in talks over the acquisition of
Bakkt is a Bitcoin futures trading platform oriented toward institutional investors. It was launched by the Intercontinental Exchange (ICE), which also operates the New York Stock Exchange (NYSE) on September 23rd, 2019.
The platform offers physically and cash-settled Bitcoin futures contracts, as well as options. Its warehousing solution is regulated and overseen by the CFTC, which provides institutions with an opportunity to receive exposure to Bitcoin’s price without worrying about its safekeeping.
Moreover, Bakkt worked closely with the Commodity and Futures Trading Commission (CFTC) in order to develop Bitcoin futures contracts which are transparent and appropriate, but also compliant with the existing Federal legislation.
The core product of Bakkt is the physically-settled Bitcoin futures contract. At the end of the expiration period of this contract, the trader will receive an actual bitcoin, rather than its cash equivalent. This is supposed to introduce more liquidity and stability on the market.
There are two types of these Bitcoin futures contracts. The first ones are settled daily, enabling users to trade in a same-day market. The other one is settled once a month and follows a larger price curve.
In another boost for the crypto industry, Donald Trump’s social media firm is reportedly in talks over the acquisition of
Bakkt's shares closed at $0.6 on Wednesday, with a market cap of around $80M, down from $40 per share in
The ICE-backed exchange has announced that it is struggling to stay afloat.
SHIB and DOGE will be added to Bakkt Custody platform.
Bakkt revealed it signed new custody clients and is engaged in late-stage negotiations with multiple prospects across broad client verticals.
Bakkt expects net loss to continue this year, but it also reported an increase of YoY revenues.
Bakkt has teamed up with Valliance bank to further cryptocurrency exposure among new participants.
Bakkt’s stock has tanked alongside the broader crypto market since October, along with Solana, Shiba Inu, and the ProShares Bitcoin
Nexo selected Bakkt Holding to custody part of its Bitcoin and Ethereum users' holdings.
The President of Bakkt said that his next week with the firm will be his last.