Bakkt Shares Tumbled 90 Percent

Bakkt shares, which went public in October, tumbled 90 percent. Bakkt's market capitalization fell by $10 billion.

In the digital asset market Bakkt, which was listed on the New York Stock Exchange in October and whose share prices rose 200% in one day, which broke the record, the reverse trend was also sharp. The share price of the stock market, whose majority shares are held by the Intercontinental Exchange, the parent company of the New York Stock Exchange, was also positively affected by the increase in Bitcoin in October and saw above $ 50. But at the close of the week on Friday, that share price was around $3.40. 10 billion dollars of the company's market value of 11 billion dollars was almost melted. Investors' hedging in the falling market led to steady sales, and the company's market value dropped below $1 billion for the first time last week. The company, which was listed on the stock market with a $2.1 billion SPAC (merger with special purpose purchasing companies) agreement, made important agreements with fintech giant Fiserv and payment provider Mastercard. The company's partnerships with Starbucks and ApplePay made a lot of noise. Despite all this, the company announced a large loss rate in the third quarter. The Georgia-based company focused on Bitcoin futures contracts and custody services for institutional investors was founded in 2018 by Kelly Loeffler. Loeffler, on the other hand, was elected a senator from Georgia in 2019 and left the company.