Bakkt threatened with delisting by sister exchange NYSE
Quick Take
- Bakkt risks NYSE delisting as share price falls below $1 threshold.
- Stock hits $0.5978; market capitalization plummets to $80 million.
Bakkt, the cryptocurrency platform founded and two-thirds owned by the Intercontinental Exchange (ICE), is being threatened with being delisted from the New York Stock Exchange, which ICE also owns.
On Wednesday, Bakkt issued a press release stating that NYSE notified it that "the Company is not in compliance with Section 802.01C of the NYSE Listed Company Manual because, as of March 12, 2024, the average closing price of the Company’s Class A Common Stock (the “Common Stock”) was less than $1.00 per share over a consecutive 30-day trading period."
Bakkt shares closed Wednesday at $0.5978, giving the company a market capitalization of just $80 million. That's a far cry from the days when the stock was changing hands at $40 each in October 2021.
Founded as traditional finance's answer to crypto exchanges, Bakkt kicked off in 2019 as a platform for institutions to custody and trade bitcoin. It tried to entice retail customers, but that never quite took hold, and the company gave up on retail last year.
The company's founding CEO, Kelly Loeffler, was a U.S. senator from Georgia for just one year between 2020 to 2021.
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