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    ESP Blockchain Journal
    Home»Noticias»Media: Bakkt's bitcoin futures platform capitalization exceeded $ 700 million

    Media: Bakkt's bitcoin futures platform capitalization exceeded $ 700 million

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    By BlockchainJournal on marzo 22, 2019 Noticias
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    The Bakkt cryptocurrency platform, which is still in the process of preparation for the official launch, after investment received in late December is estimated at about $ 740 million, writes The Block , citing sources close to the project.

    On December 31, 2018, Bakkt closed a round of financing for Series A , drawing on $ 182.5 million. Bakkt plans to create the first regulated exchange for institutional investors in combination with physical delivery of digital assets and custodial services.

    According to the newspaper, after receiving these investments, the capitalization of the platform increased to approximately $ 740 million. This also means that the owner of Bakkt, Intercontinental Exchange (ICE), could sell up to 25% of shares to outside investors, among which were Galaxy Digital Microsoft giant and Starbucks coffeehouse. The latter did not make any cash investments in the platform.

    The key issue for investors is now getting income from the company, the launch of which has been postponed several times already due to regulatory uncertainty.

    As the newspaper writes, Bakkt will have to make significant efforts to ensure sufficient cash flow and to justify the attracted investments. Otherwise, investors may withdraw from the transaction, using the right to repay the shares, which was provided for in a document previously filed with the US Securities and Exchange Commission (SEC).

    One of the sources of the publication notes that after a new round of financing, Bakkt can easily raise its capitalization to $ 1 billion, but investors want to see exactly what they are investing.

    Earlier it was reported that Intercontinental Exchange, the parent company of the New York Stock Exchange, expects to invest up to $ 25 million in the development of Bakkt by the end of the year.

    Bakkt itself in 2019 acquired part of the assets of the futures broker Rosenthal Collins Group, expanded the staff, and also announced details of the upcoming Bitcoin futures.

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