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Bakkt shares rise after partnership with Mastercard and Fiserv

The share price of Intercontinental Exchange-backed crypto services company Bakkt ($ BKKT) rose when it announced two partnerships with major global payments companies.

On Monday, October 25th, Mastercard announced that it would partner with digital asset platform Bakkt to enable its US-based customers to buy, sell and hold digital assets through a wallet. On the same day, global payments provider Fiserv also announced a strategic partnership with Bakkt to provide digital asset services to merchants.

The news spurred a bullish day of trading for BKKT, with the stock rising more than 50% from its closing price of $ 9.15 on Friday outside of regular trading hours, before continuing to climb to hit 30% on Monday, October 25th. 60 USD will be closed.

While Bakkt’s debut on the New York Stock Exchange resulted in its stock price falling 6% at the close of its first day of trading, BKKT has risen more than 236% from $ 9.09 to $ 30.60 in the past five days since then.

‘BKKT / USD: TradingView‘

Bakkt listed shares on October 18 under an agreement with Special Purpose Acquisition Corporation that valued the company at $ 2.1 billion. Bakkt’s market cap is currently over $ 4 billion.

Related: Mastercard plans to let US partners offer crypto loyalty rewards

In August 2018, the Coinbase investor and owner of the New York Intercontinental Exchange announced that they would be launching a digital asset platform called Bakkt.

The following year, Bakkt launched its highly anticipated “deliverable” Bitcoin futures contracts to institutional investors.

After the company originally claimed to be a pioneer in physically delivered Bitcoin futures contracts, it has received much criticism for its cash-settled product design. In response, Bakkt has fully collateralized its daily futures contracts.

The company launched a retail crypto asset billing app in April this year, while its futures contracts saw record volumes earlier this month.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.