Bakkt Shares Drop 17% After Monday Run-Up
October 26 2021 - 1:07PM
Dow Jones News
By Chris Wack
Bakkt Holdings Inc. shares were down 17% to $25.33 one day after
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 61 million shares at 12:30 p.m. ET,
compared to its 65-day average volume of 4.8 million shares. The
stock, which has 21 million shares outstanding, closed Monday's
session up 234%.
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 last
Monday.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
October 26, 2021 12:52 ET (16:52 GMT)
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