Cryptocurrencies
Crypto Exchange Bakkt Has Tumbled 90% Since October Debut
- About $10 billion in market value erased since hitting high
- Market value sank below $1 billion earlier this week
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Shares of digital-asset marketplace Bakkt Holdings Inc. have dropped to all-time lows, wiping out about $10 billion in market value since reaching a record high following the firm’s much-touted public market debut in October.
The platform, majority owned by New York Stock Exchange parent Intercontinental Exchange Inc., began trading in October after the close of a $2.1 billion SPAC deal. The shares rose as high as $50.80 shortly thereafter as cryptocurrency prices surged, pushing the exchange’s market value to around $11 billion. Bakkt, which fell as low as $3.31 on Friday, ended the week at $3.61.