The Turbulent Journey of Bakkt

Bakkt, founded in 2018 by the Intercontinental Exchange, initially aimed to provide institutional Bitcoin futures but struggled to gain traction in a challenging market. Despite pivoting to custody and infrastructure services and going public through a SPAC in 2021, the company faced significant financial hurdles, with its shares plummeting 96% from their initial listing price. In early 2023, Bakkt reported limited runway before potential delisting, executing a reverse stock split to maintain compliance with Nasdaq regulations. Recently, the Trump Media Group's interest in acquiring Bakkt has sparked market excitement, causing a surge in Bakkt's stock price, which nearly tripled following the news of the potential acquisition.