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ICE-Backed Crypto Exchange Bakkt Slides in Debut After SPAC Deal

  • Bakkt Holdings shares fall below SPAC IPO price of $10
  • Promise of more Bitcoin futures trading fails to spur rally

Building enthusiasm for the first U.S. Bitcoin exchange-traded product isn’t doing one exchange much of a favor. 

Bakkt Holdings Inc., a digital assets platform majority owned by Intercontinental Exchange (ICE), started trading for the first time on Monday after completing its SPAC merger. And shares promptly slid, even though its business stands to benefit from more Bitcoin-linked financial products -- the U.S. Bitcoin ETF is focused on futures -- coming to market this week.