Bakkt, a cryptocurrency platform founded and two-thirds owned by the Intercontinental Exchange (ICE), is under threat of delisting from the New York Stock Exchange, which is also owned by ICE.
Bakkt said in a press release on Wednesday that the NYSE “as of March 12, 2024, the average closing price of the Company’s Class A common stock (the “Common Stock”) was less than $1.00 per share for any consecutive 30-day trading period.”
Bakkt shares closed at $0.5978 on Wednesday, giving the company a market capitalization of just $80 million. This is a far cry from October 2021, when the stock was trading at $40 per share.
Founded as a traditional financial solution to cryptocurrency exchanges, Bakkt launched in 2019 as a platform for institutions to store and trade Bitcoin. Efforts to lure retail customers were unsuccessful, and the company abandoned retail operations last year.
The company’s founding CEO, Kelly Loeffler, served as a U.S. senator from Georgia for just one year, from 2020 to 2021.
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About the author
Lawrence Lewitinn is The Block’s North American editor-in-chief. Lewitinn has extensive experience as a financial journalist, working at CoinDesk, CNBC, TheStreet, Yahoo Finance, Observer, and Modern Consensus. His career also includes several years on Wall Street trading bonds, currencies and commodities for Millennium Management and MQS Capital. Lewitinn graduated from New York University, received an MBA from Columbia Business School, and a master’s degree in international relations from Columbia School of International and Public Affairs. He is a CFA Charterholder.