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Monday, February 6, 2023

Bakkt Holdings, Inc. (BKKT) Stock Rising in Premarket, Here’s the Reason

Bakkt Holdings, Inc. (BKKT), a digital asset platform, has increased by 8.59% during the premarket trading session. Consequently, BKKT stock is trading at $5.69 at the time of the writing. The stock is moving forward after the company’s selection by Nexco. On Tuesday, the stock closed the day at $5.24 after declining by 6.01% during the regular trading session.

Partnership With Nexco

BKKT has announced to enter into a partnership with Nexco, a leading regulated digital assets institution. The partnership is intended to custody cryptocurrency assets in the Bakkt Warehouse. Bakkt Warehouse comprises both online and offline digital asset storage. It is the company’s regulated custodian and it allows for the safe and secure storage of bitcoin and Ethereum.

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Participation in BKKT Early Adopter Program

On 21st December, BKKT announced that Manasquan Bank would be participating in its early adopter program. Manasquan Bank is an NJ-based mutual community bank with total consolidated assets of $2.7 billion. The participation would allow the bank’s retail clients to buy, sell and hold cryptocurrency through the bank’s mobile banking app.

Partnership with Food Delivery Service

In early December, BKKT announced its first partnership in the gig economy with food delivery service BringMeThat.com. BringMeThat.com serves the purpose to connect independent restaurants and enables the customers to place their food orders online or in their App to get fresh food quickly. Bakkt would be integrated within the company’s web and mobile experience as a payment option and that would allow customers to pay with cash, participating points or crypto that they hold in the Bakkt App.

Future Outlook for BKKT

Statistics reveal that during the last month, BKKT stock has declined by more than 40%. Looking ahead, it appears that the stock would attract potential long-term investors, which in turn would greatly aid the stock’s movement in a positive direction. Hence, investors should keep a close eye on the developments related to BKKT.

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