βΒ $336 Million market cap Β· β84.0% from peak
The rise & fall
7 moments Β· 2018β2025
The key moments, with employee sentiment along the way.
2018
π±
2018
Spun out of the NYSE's owner
Intercontinental Exchange builds a regulated on-ramp to bring crypto to mainstream investors; Kelly Loeffler is founding CEO.
Wikipedia
2020
π¦
2020
Joins the unicorn club
A $300M Series B funds the push into a consumer crypto app.
TechCrunch
Oct 2021
π
Oct 2021
The peak: a $2.1B SPAC debut$2.1B
Merges with VPC Impact Acquisition and lists on the NYSE; shares spike toward a November all-time high β then the air comes out.
Cointelegraph
2022
π
2022
Slips out of the club
Crypto winter arrives, the consumer app never catches on, and more than 90% of the debut value evaporates.
Cointelegraph
2022β25
π¬
From the inside Β· Glassdoor reviews, 2022β25
Through the slide, Glassdoor reviews described a company that kept changing direction β a strategy employees said pivoted every few quarters β along with repeated layoff rounds and a return-to-office reversal that unsettled staff hired as remote.
2025
2025
Bank of America and Webull walk
The pivot to crypto-infrastructure services loses two marquee partners in the same year.
PYMNTS
Today
Today
Still in the club β and still trading
Live Β· BKKT Β· NYSEas of 2026-09-17
$7.46βΌ 5.93% todayβ $336M cap Β· β84.0% from peak
π¬ entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor β; dated facts carry their source.
How it happened
Bakkt was spun out of Intercontinental Exchange β owner of the NYSE β 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.
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)
