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Bakkt Owner Says Launch of Physically-Settled Bitcoin Futures Imminent

August 02, 2019

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The CEO of Intercontinental Exchange, which owns the Bitcoin futures company Bakkt, says the much-anticipated and delayed platform is nearly ready for launch.

In a quarterly earnings call on Thursday, Jeffrey Sprecher said Bakkt is now waiting on its last set of regulatory approvals.

“Subject to final regulatory approvals, we plan to launch our physically-settled bitcoin futures in the very near future.”

A recent letter from Bakkt reveals one of the remaining hurdles is the approval of Bakkt Trust Company LLC from the New York Department of Financial Services. The platform is looking for the go-ahead in order to offer clients the regulated custody and delivery of Bitcoin.

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Appearing on a new interview on CNBC’s Squawk Box, Galaxy Digital CEO Mike Novogratz appeared to have some potential insight on Bakkt’s launch date. In a discussion about regulation and new institutional onramps for Bitcoin and crypto, Novogratz said he believes Bakkt will launch in a matter of weeks.

“The good news is, there are lots of institutional players that are coming into the space that are going to make access much easier for credible players.

So if it’s Fidelity or TD Ameritrade working on being able to buy it right through your brokerage account – or the New York Stock Exchange – Bakkt, which is finally getting started in, I think, the next six weeks. So onramps, in a credible way that the regulators are ok, with are happening.”

"Know your customer and anti-money laundering is being really strictly enforced here in the U.S. and Europe," says @Novogratz."The good news is there are lots of institutional players that are coming into the space that are going to make access much easier for credible players." pic.twitter.com/pIxdNRW099

— Squawk Box (@SquawkCNBC) August 1, 2019

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