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Bakkt confirms no exposure to FTX, FTT, Alameda or other affected companies
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Bakkt Holdings, Inc. (NYSE: BKKT) confirms no exposure to struggling crypto firms like FTX, Gemini, or Genesis, amidst ongoing market contagion. The platform remains fully operational, allowing consumers to buy and sell crypto without interruption. CEO Gavin Michael emphasizes Bakkt's conservative risk management, avoiding leverage and rehypothecation. Moreover, the recent acquisition of Apex Crypto further mitigates exposure risks, enhancing Bakkt's position in the digital asset market.
Positive
No exposure to major crypto firms (FTX, Alameda, Gemini) that faced issues.
Operational integrity maintained; users can buy and sell crypto without disruptions.
Acquisition of Apex Crypto, which also has no exposure to FTX, strengthens market position.
Negative
None.
ALPHARETTA, Ga.--(BUSINESS WIRE)--
Bakkt Holdings, Inc. (NYSE: BKKT) announced today that it has no exposure to FTX, FTT, Alameda, Gemini, Genesis, or companies that have halted activities due to ongoing contagion in the crypto markets. Consumers on the Bakkt platform continue to have access to their crypto and can buy or sell as usual, and Bakkt’s institutional platform also continues to be fully operational. As shared in a blog post published earlier this week, Bakkt takes a conservative approach to risk, avoiding lending, rehypothecation, leverage and illiquid positions.
“As contagion among crypto companies has continued to spread this week, we wanted to confirm that we have no exposure to affected companies and continue to operate all aspects of our business as usual,” said Gavin Michael, CEO of Bakkt. “As a publicly-traded U.S. company, we have opted to be regulated in the most comprehensive way available for a company in this space. It’s shameful to see the fraud that was perpetrated and its impact on the lives and businesses of many. These latest developments only strengthen my belief that there is an important role for Bakkt as an experienced, regulated player that enables crypto access in a thoughtful and responsible way.”
Earlier this month, Bakktannounced it reached a definitive agreement to acquire Apex Crypto LLC. Apex Crypto also does not have any direct exposure to FTX, Alameda or FTT. Apex Crypto has never had a relationship with FTX or Alameda and does not offer FTT as a tradable token on the Apex Crypto platform. Apex Crypto’s trading partners also do not have any material exposures to FTX. Apex Crypto, along with their liquidity providers, have no direct exposure to Genesis and no material exposure to Gemini.
About Bakkt
Bakkt is a digital asset platform that unlocks crypto and drives loyalty to create delightful, connected experiences for a broad range of clients. Bakkt’s platform, available through partners, amplifies consumer spending and bolsters loyalty programs, adding value for all key stakeholders within the Bakkt payments and digital assets ecosystem. Launched in 2018, Bakkt is headquartered in Alpharetta, GA. For more information, visit: https://www.bakkt.com/ | Twitter @Bakkt | LinkedIn https://www.linkedin.com/company/bakkt/
