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Bakkt shares are down 90% since October launch despite numerous partnerships

Bakkt – a digital asset management platform – has seen its shares plummet since its IPO in October. Trading at over $40 on Oct. 29, the stock is now as cheap as $3.96 on the NYSE. Down next to crypto According to Google Finance, Bakkt’s stock spiked after going public on Oct. 18. It had tripled its value from $8.76 to $30.60 on the 25th within a week. After about another week, the price rose again on October 31, to $42.52. Bakkt’s listing and subsequent rally coincided with a broader rise in the crypto market in October. Bitcoin surged from $43k to $62k throughout the month, while altcoins such as Solana and Shiba Inu posted parabolic gains. The surge was also in line with the launch of the first US Bitcoin ETF, which began trading on the NYSE just a day later. Like Bakkt, BITO saw overwhelming popularity after it went live, raking in over $500 million dollars in trading volume within an hour. But as with SOL, SHIB and BITO, Bakkt has gone down a lot since then. It’s now trading for less than $4.9% off its all-time high, despite multiple high-profile partnerships. Faced with crashing stocks, former president Adam White left the company at the start of the year. According to Bloomberg, Bakkt spokesperson Lauren Post stated in an email: “While we cannot comment on stock movements, we are well capitalized to execute on the long-term strategy … investing in the company to attract more partners, our products and capabilities and deepening customer relationships with our partners.” Crypto and stocks have fallen this month, in part in response to threats from the Federal Reserve to cut interest rates in March.Bakkt’s PartnershipsDuring the rally in October, Bakkt formed partnerships with both Mastercard and Fiserv.The former plans to sell credit and debit cards. that facilitate Bitcoin payments, while the latter plans to make crypto more practical for use in other ways.Most recently, Bakkt was selected by Nexo – a cryptocurrency lending platform – to share some of its Bitcoin assets. SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and get $100 Free and 10% Off Fees on Binance Futures First Month (Terms). PrimeXBT Special Offer: use this link to register and enter POTATO50 code to get 25% off trading fee.
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