The price of BKKT contracted by more than 6% during its first day of public trade.
Bakkt ($BKKT), an institutional and retail-facing digital asset platform founded by Intercontinental Exchange, has suffered a drawdown of -6.4% after closing a volatile first day of trading as a publicly listed company.
After launching on the New York Stock Exchange (NYSE) at $9.45 on the morning of Oct. 18, BKKT rose by roughly 3.3% up to $9.77 during its first 30 minutes of trading. However, traders quickly moved to take profits, causing prices to slump by -9.5% down to $8.84 followed by lunchtime.
According to Bloomberg, BKKT was trading at $8.76 by the day’s close after having shed almost -7% from its opening.
Bakkt went public via a merger deal with a special purpose acquisition company (SPAC), VPC Impact Acquisition Holdings on Oct. 15.
Bakkt initially launched in 2018 as a cryptocurrency custodian. The firm has since pivoted to launch institutional-facing bitcoin futures contracts and a retail crypto asset payments app.
Source: cointelegraph.com