Bakkt Expands Cryptocurrency Offering to Include Ethereum

Rhea-AI Summary

Bakkt Holdings, Inc. (NYSE: BKKT) is enhancing its digital asset platform by introducing the ability for users to buy, sell, and send Ethereum (ETH). This new feature complements its existing Bitcoin services, allowing access to two major cryptocurrencies that represent over half of the total market value. The initiative comes amidst rising cryptocurrency adoption, with nearly half of U.S. consumers reportedly investing in cryptocurrencies recently. Bakkt's platform aims to boost digital commerce and provide flexible options for users to manage their digital assets.

Positive

• Addition of Ethereum enables users to buy, sell, and send, enhancing service offerings.
• Access to both Ethereum and Bitcoin positions Bakkt to capture significant market share.
• Growing public interest in cryptocurrencies could increase user engagement and transactions.

Negative

• None.

Partners can now offer users the ability to buy, sell, and send Ethereum

ALPHARETTA, Ga.--(BUSINESS WIRE)-- Bakkt Holdings, Inc. (NYSE: BKKT), a trusted digital asset platform that enables consumers to buy, sell, send and spend a range of digital assets, announced that it is offering users and partners the ability to buy, sell, and hold ether (ETH), the cryptocurrency of the Ethereum network, starting soon. Users can also send Ethereum to family and friends directly through the Bakkt App. With the addition of Ethereum to its existing capabilities with bitcoin, Bakkt will offer users the ability to access two cryptocurrencies representing more than half of the total market value of all cryptocurrencies¹.

Bakkt’s addition of Ethereum comes at a time of growing interest and adoption of cryptocurrencies. In its “U.S. Consumer Crypto Survey”², Bakkt found nearly half of respondents had bought some form of cryptocurrency within the last year, underscoring the growing popularity of cryptocurrency. Many non-adopters also expressed interest in adopting the asset class before year end.

Now, in addition to bitcoin, partners can integrate with the Bakkt platform to enable their users to buy, sell and send Ethereum. Institutional clients can also choose the Bakkt Warehouse for custody of ether.

“At Bakkt, providing flexible opportunities for users to enjoy their digital assets is a top consideration, and adding Ethereum brings a popular and growing cryptocurrency to our roster,” said Bakkt CEO Gavin Michael. “Bakkt users have already enjoyed the app’s capabilities to leverage bitcoin and we are confident that our addition of Ethereum will be a complement to our growing ecosystem of partners and assets.”

Ethereum has grown in popularity over the past year, holding a sizeable share of the crypto market second only to bitcoin. By giving users greater opportunities to utilize their digital assets such as Ethereum, including buying, selling, spending and sending, Bakkt facilitates the flow of digital commerce in line with the company’s mission of connecting the digital economy.

Bakkt’s platform capabilities are also available to consumers through the Bakkt App. To download the Bakkt App, visit the App Store® and Google Play Store™.

About Bakkt

Bakkt is a trusted digital asset platform that enables consumers to buy, sell, store and spend digital assets. Bakkt’s platform, now available through the Bakkt App and to 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/

Bakkt-C

Source: Bakkt Holdings, Inc.

Cautionary Note on Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, but are not limited to, statements regarding Bakkt’s plans, objectives, expectations and intentions with respect to future operations, products, services and use of proceeds from the business combination, among others. Forward-looking statements can be identified by words such as “will,” “likely,” “expect,” “continue,” “anticipate,” “estimate,” “believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning. Such forward-looking statements are based upon the current beliefs and expectations of Bakkt’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and beyond Bakkt’s control. Actual results and the timing of events may differ materially from the results anticipated in such forward-looking statements. You are cautioned not to place undue reliance on such forward-looking statements. Such forward-looking statements relate only to events as of the date on which such statements are made and are based on information available to us as of the date of this press release. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events.

The following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in such forward-looking statements: (i) a delay or failure to realize the expected benefits from our business combination with VPC Impact Acquisition Holdings; (ii) risks related to disruption of management time from ongoing business operations due to post-closing business combination matters; (iii) the impact of the ongoing COVID-19 pandemic; (iv) changes in the markets in which Bakkt competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (v) changes in the markets that Bakkt targets; (vi) risk that Bakkt may not be able to execute its growth strategies, including identifying and executing acquisitions; (vii) risks relating to data security; and (viii) risk that Bakkt may not be able to develop and maintain effective internal controls. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the definitive proxy statement/prospectus filed by Bakkt (under the name VPC Impact Acquisition Holdings) on September 17, 2021 and other filings that Bakkt may, from time to time, make with the Securities and Exchange Commission.

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¹ Source: Cryptocurrency Prices, Charts And Market Capitalizations | CoinMarketCap

² To view the full findings from the Bakkt U.S. Consumer Crypto Survey click here.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211105005291/en/

Investor Relations

Ann DeVries, Head of Investor Relations

Ann.DeVries@bakkt.com

Media

Lauren Post, Head of Communications

Lauren.Post@bakkt.com

Source: Bakkt Holdings, Inc.

FAQ

What new capability has Bakkt announced for its users regarding Ethereum?

Bakkt has announced that users can now buy, sell, and send Ethereum through its digital asset platform.

How does Bakkt's addition of Ethereum impact its market position?

The addition of Ethereum allows Bakkt to offer access to two major cryptocurrencies, potentially increasing its market share in the digital asset space.

What percentage of the total cryptocurrency market value do Bitcoin and Ethereum represent?

Bitcoin and Ethereum together represent more than half of the total market value of all cryptocurrencies.

What recent trend among U.S. consumers supports Bakkt's new service offering?

A recent survey found that nearly half of U.S. consumers have invested in cryptocurrencies, indicating growing interest and adoption.