Shares of Bakkt Holdings Inc. (NYSE: BKKT) are up 10.98% at $1.84 on Tuesday morning. We may then point to recent events to offer a more full picture of the firm as the BKKT stock increased in the absence of recent news.
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How have recent events been at BKKT?
Last week, Bakkt Holdings (BKKT) said that it had no exposure to FTX, FTT, Alameda, Gemini, Genesis, or any other businesses that have suspended operations because of the ongoing contagion in the cryptocurrency markets. The institutional platform of BKKT is still fully functional, and users on the Bakkt platform may still access their cryptocurrency and purchase or sell as normal. As mentioned in a blog post that was written earlier in the week, BKKT adopted a cautious risk management strategy, staying away from lending, rehypothecation, leverage, and illiquid holdings.
BKKT wished to reaffirm that it has no exposure to any impacted firms and is continuing to conduct all elements of its business as usual as the contagion among crypto companies expanded last week. BKKT has chosen to be regulated in the most thorough manner possible for a firm in this industry as a publicly listed U.S. corporation. BKKT referred to the fraud’s impact on numerous people’s lives and enterprises as disgraceful. These most recent events further reinforce the idea that BKKT, as a seasoned, regulated company that facilitates crypto access in a deliberate and responsible manner, has a significant role to play.
The acquisition target for BKKT is secure:
Bakkt (BKKT) stated earlier this month that it has struck a binding deal to buy Apex Crypto LLC. Additionally, Apex Crypto has no direct exposure to FTX, Alameda, or FTT. FTT is not a tradeable token on the Apex Crypto platform, and Apex Crypto has never had a relationship with FTX or Alameda. The trading associates of Apex Crypto are not materially exposed to FTX either. Genesis and Gemini are neither directly nor materially exposed to Apex Crypto or its liquidity providers.
