Bakkt Shares Reverse Tuesday Loss, Rise 11%
October 27 2021 - 2:04PM
Dow Jones News
By Chris Wack
Bakkt Holdings Inc. shares were up 11% to $26.12 on Wednesday,
reversing Tuesday's 23% loss.
On Monday, the company said it was working with Mastercard Inc.
to make it easier for merchants, banks and fintechs in the U.S. to
use and offer a broad set of cryptocurrency solutions and
services.
Volume for the stock was 32 million shares at 1:25 p.m. EDT,
compared to its 65-day average volume of 6 million shares. The
stock, which has 21 million shares outstanding, closed Monday's
session up 234%.
Bakkt shares hit their 52-week high of $37.49 on Tuesday, and
their 52-week low of $8 on Thursday.
Bakkt said it was extending Mastercard's ecosystem of
cryptocurrency partners, enabling Crypto-as-a-Service, which
provides quick access to cryptocurrency capabilities.
Mastercard also will integrate crypto into its loyalty
solutions, enabling its partners to offer cryptocurrency as rewards
and create fungibility between loyalty points and other digital
assets.
Also Monday, Bakkt entered into a partnership with Fiserv for a
digital payment platform, allowing for the usage of cryptocurrency
as payments.
Bakkt became a publicly listed company on the NYSE on Oct.
18.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
October 27, 2021 13:49 ET (17:49 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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