Still in the process of preparation for the official launch of cryptocurrency platform Bakkt after received at the end of December investment today is estimated to be worth about $740 million this writes The Block with reference to close to the project sources.
31 December 2018 Bakkt closed a financing round of Serie A, the results of which raised $182,5 million plans Bakkt create first regulated exchange for institutional investors in combination with the physical delivery of digital assets and custody services.
According to the newspaper, after receiving this investment, the capitalization of the platform has grown to approximately $740 million. This also means that the owner Bakkt company Intercontinental Exchange (ICE) could sell up to 25% of the shares to third party investors, among which were Galaxy Digital Mike Novogratz, Pantera Capital, technology giant Microsoft and the coffee chain Starbucks. The last monetary investment in the platform did not.
The key question for investors now becomes the revenue of the enterprise, the launch of which is due to regulatory uncertainty was postponed several times.
As writes the edition, Bakkt will have to make considerable efforts to ensure an adequate cash flow and to justify the investments. Otherwise, investors can withdraw from the deal, taking advantage of the right of redemption of shares, which was provided in the document previously filed with the Commission on securities and exchange Commission (SEC).
One of the sources said that after the new round of financing Bakkt can easily raise its capitalization to $1 billion, but investors want to see, what to invest money.
Earlier it was reported that Intercontinental Exchange, the parent company of the new York stock exchange, is expected before the end of the year to invest in the development of Bakkt to $25 million.
She Bakkt in 2019 acquired part of the assets of a futures broker Rosenthal Collins Group, has expanded the staff, and also unveiled details of the upcoming futures for bitcoin.