Bakkt shares fall 6% after first day of trading on NYSE

Bakkt’s market value after the first trading session on the New York Stock Exchange (NYSE) on October 18 fell 6.41% to $8.78.

The stock opened at $9.35. In the first 12 minutes the quotes approached the $10 psychological level. After half an hour, the intraday low stood a little below $8.90, which was finally breached by the close.

Bakkt’s stock decline on the first trading day (-6.41%) was not as deep as Robinhood (-8,37%) and Coinbase (-13,9%).

On October 14, shareholders of VPC Impact Acquisition Holdings at an extraordinary meeting одобрили the merger with Bakkt. About 85% of those voting supported the deal.

announced a merger with a SPAC in January 2021.

Intercontinental Exchange, the parent company of the NYSE, introduced Bakkt in 2018. The platform is designed for trading options, as well as cash-settled and delivery futures on Bitcoin.

In March 2021, Bakkt launched a mobile app, which allows users to store, buy and sell the first cryptocurrency. The digital wallet is available on iOS and Android. Initially oriented toward institutions, the company shifted to serving a broader range of customers.

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