Bakkt
- 🦄Became a unicorn2020
- 📈Peak valuation$2.1 Billion ’21
- 💔Became a Unitard2022
- 💸Last valuation~$357M
How it happened
Bakkt was spun out of Intercontinental Exchange — owner of the NYSE — in 2018 to bring crypto to mainstream investors, and went public via a SPAC merger with VPC Impact in October 2021 at an enterprise value of about $2.1B. Its shares spiked on debut then collapsed more than 90% as crypto markets cratered and its consumer app failed to gain traction; it pivoted to crypto-infrastructure services but lost partners including Bank of America and Webull in 2025. Through the slide, Glassdoor reviews described a business that kept changing direction — a strategy employees said pivoted every few quarters — alongside repeated layoff rounds and a return-to-office reversal that unsettled staff hired as remote.
Employee accounts paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗. See our methodology.
Source: Cointelegraph / CoinGecko / PYMNTS ($2.1B enterprise value via VPC Impact Acquisition SPAC, Oct 2021; shares down >90% from Nov 2021 high; lost Bank of America and Webull partners in 2025)
