On October 18, the market valuation of Bakkt shares fell by 6.41%, to $8.78 following the results of the first trading session on the New York Stock Exchange (NYSE).
The opening took place at $9.35. During the first 12 minutes of trading, the quotes approached the psychological level of $10. Half an hour later, the rate set an intraday low just below $8.90, which was updated by the end of the session.
The drawdown of Bakkt’s stock on the first trading day (-6.41%) was not as deep compared to Robinhood (-8.37%) and Coinbase (-13.9%).
On October 14, the shareholders of VPC Impact Acquisition Holdings at an extraordinary meeting approved the merger with Bakkt. About 85% of the voters supported the deal.
The firm announced a merger with SPAC in January 2021.
The financial corporation Intercontinental Exchange, which owns the NYSE, introduced Bakkt in 2018. The platform is designed to trade options, as well as settlement and deliverable Bitcoin futures.
In March 2021, Bakkt launched a mobile app that allows users to store, buy and sell BTC. The digital wallet is available on iOS and Android platforms.