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Is Bakkt Holdings a Good Cryptocurrency Stock to Own? -Breaking

by Mike Robinson

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© Reuters. Bakkt Holdings is a good cryptocurrency stock to own?

Bakkt Holdings’ Cryptocurrency trading platform provider Bakkt Holdings shares (BKKT), rose in price following its partnership news, reaching a 52 week high of $42.88 October 29. However, can this stock rally in the face of intense competition? Let’s find out.Digital asset platform provider Bakkt Holdings, Inc. (BKKT), which is headquartered in Atlanta. Ga. did not generate much investor interest after its debut stock market listing on October 18th, 2021. It had merged with VPC Impact Acquisition Holdings which is a special-purpose acquisition company (SPAC). Nevertheless, its shares have soared 289.3% in price since its market debut to close Friday’s trading session at $42.52, after hitting its 52-week high of $42.88.

The stock surged more than 100% on October 25 on the news of the company’s partnership with Mastercard Incorporated (NYSE:) and Fiserv, Inc. (NASDAQ:). The stock’s price plunged by 17% on October 26, however.

SPACs face increasing regulatory pressures. House of Representatives Democrats last month proposed a bill that would prohibit investment banks from selling SPAC agreements to retail investors. BKKT is also competing with established cryptocurrency traders, making its long-term prospects uncertain.

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