Monday, May 27, 2024

After partnering with Mastercard and Fiserv, Bakkt’s stock skyrocketed

In August 20218, Intercontinental Exchange and owner of New York Stock Exchange, and Coinbase investor declared that it would come with a new digital asset platform called Bakkt.

Bakkt introduced its much-awaited physically deliverable BTC futures contracts for institutional investors the following year.

On Monday, October 25, this year, the share price of Bakkt went up by 120 percent after its new partnerships with some top global payment firms. Bakkt, a crypto services company saw a surge in its share price after revealing a couple of new partnerships.

The very same day, Mastercard declared it would be collaborating with Bakkt, a digital asset platform so that its America-based customers can hold, sell, and buy crypto assets using custodial wallets.

Fiserv, a global payment provider revealed on the same day that it has formed a strategic partnership with Bakkt to provide merchant-facing crypto-asset services. These two disclosures triggered a bullish trading day for Bakkt. Its value surged by more than 50 percent outside the regular trading hours from the closing price of Friday, October 22 ($9.15). Finally, it surged to a further 120 percent to close at $30.60 on October 25.

The debut of Nakkt on the NY Stock Exchange witnessed its share price pull back by 6 percent on the maiden day of trading. The firm went public on October 18 after a special acquisition deal, which valued it at a whopping 2.1 billion USD. The market capitalization sits at over 4 billion USD at present.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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