In August 2018, Intercontinental Exchange announced it was forming a new company Bakkt,[6] which was intended to leverage Microsoft online servers to manage digital assets. Bakkt was said to be working with Boston Consulting Group (BCG), Microsoft, Starbucks, and others to create a software platform. The Bakkt ecosystem is expected to include federally regulated markets and warehousing along with merchant and consumer applications. Its first use cases was for trading and conversion of Bitcoin (BTC) versus fiat currencies. Kelly Loeffler served as Bakkt's CEO until her appointment to the United States Senate.[7]
As an initial component of the Bakkt offering, Intercontinental Exchange's U.S.-based futures exchange and clearing house plan to launch a one-day physically delivered BTC contract along with physical warehousing in 2019, subject to CFTC review and approval, which was delayed.[8] These regulated venues will establish new protocols for managing the specific security and settlement requirements of digital currencies. In addition, the clearing house plans to create a separate guarantee fund that will be funded by Bakkt.
In January 2019, Bakkt announced that it had entered into an agreement to acquire certain assets of Rosenthal Collins Group (RCG), to close in February.[9] In April 2019, Bakkt announced that it had acquired Digital Asset Custody Company (DACC). Terms of the transaction have not been disclosed.[10] In September 2019 the exchange began trading of bitcoin futures.[11] In February 2020, Intercontinental Exchange announced that it agreed to acquire Bridge2 Solutions, a loyalty rewards provider, which was then contributed to Bakkt.[12]
In September 2020, Bakkt announced a new all-time high for trade volume in physically delivered Bitcoin futures contracts. During the September 15th session, this figure amounted to 15,955 BTC (more than $200 million at the time of announcement).[13]
In November 2022, it was announced Bakkt would be acquiring the Chicago-based integrated crypto trading platform, Apex Crypto, LLC from Apex Fintech Solutions, Inc.[17]
US$780 million (2023)
US$−228 million (2023)
US$48 million (2023)
