- The Bakkt Holdings Inc (NYSE: BKKT) stock has been trending on social media forums over the past week since it went up more than 208% this past week. These are the details.
The Bakkt Holdings Inc (NYSE: BKKT) stock has been trending on social media forums over the past week since it went up more than 208% this past week. Bakkt Holdings went public on October 18 after merging with a special purpose acquisition company. When the company went public, the stock price fell below its opening price of $10. But earlier this week, the company stock price surged and to a high of $42.88.
Bakkt was established as a digital asset platform by The Intercontinental Exchange to enable consumers to buy, sell, store, and spend digital assets. Fool.com pointed out that Kelly Loeffler, the wife of ICE CEO Jeffrey Sprecher had served as the CEO of Bakkt before being appointed to the U.S. Senate in December 2019, representing Georgia. And Gavin Michael took over the position in early 2021.
Bakkt generates revenue by taking a 2% cut for each payment and they also earn a 2% spread on each cryptocurrency purchase or conversion back to fiat. Currently, Bakkt serves 9 million active users by the end of the year. By 2025, the company is expecting to more than triple to 31 million.
So why did the stock price surge this week?
The company announced two major deals with Mastercard and Fiserv:
Bakkt is extending Mastercard’s ecosystem of cryptocurrency partners enabling Crypto-as-a-Service, which provides quick access to cryptocurrency capabilities. And through the power of the Mastercard network and Bakkt’s trusted digital asset platform, Mastercard partners will be able to offer cryptocurrency solutions. These include the ability for consumers to buy, sell, and hold digital assets through custodial wallets powered by the Bakkt platform and the streamlined issuance of branded crypto debit and credit cards.
And a future integration of Bakkt into the Carat omnichannel ecosystem from Fiserv will enable businesses to pursue new options for B2B and B2C payouts, loyalty programs, and transactions, all with crypto assets accessible via a digital asset wallet. And merchants will be able to deliver innovative consumer experiences through a simple integration to Carat and roll out new digital asset offerings that are right for their brand and customers.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.