Why bakkt Is Trending Today?

Bakkt to Launch Bitcoin Futures on Dec 12; ICE to Acquire a Majority Stake

Bakkt, a cryptocurrency company, has raised $75 million to fund Bitcoin purchases and crypto expansion, aiming for a $1 billion funding plan. It has shed its loyalty division to double down on crypto, with shares plunging 40% following the sale of its loyalty business. The company is now focused on being a 'pure-play crypto' entity.

Bakkt sells loyalty division for $11M, pivots to pure-play crypto, and plans public offering to fund Bitcoin purchases, causing stock to drop 28% after-hours.