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Bakkt Hits Whopping $740 Million Valuation: Bitcoin, Ethereum, XRP Price Analysis

Bakkt Hits Whopping $740 Million Valuation: Bitcoin, Ethereum, XRP Price Analysis

March 22, 2019

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In a new sign of institutional optimism in the future of Bitcoin and cryptocurrency, the crypto platform Bakkt is now valued at $740 million following a successful Series A funding round, reports The Block.

Bakkt, which is owned by Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, raised $182.5 million last year, and may have sold as much as a quarter of its shares to investors to reach the new valuation.

The company plans to launch physically-backed Bitcoin futures later this year, pending regulatory approval. It also has partnered with Starbucks and Microsoft to bring crypto payments to retail stores. A source close to the project says Bakkt needs to execute a flawless game plan to meet expectations.

“From a cash-flow perspective, Bakkt will not be earning much based on their proposed contract fees, so they really need a lot of volume. A lot of things will need to line up for investors to receive returns that they would typically expect for a Series A.”

https://twitter.com/Rhythmtrader/status/1109085278269067272

Bitcoin’s quest to remain above $4,000 continues. Right now, BTC is up 0.16% at $3,977. Ethereum is up 1.14% at $136, and XRP is up 0.3% at $0.3099.