$BKKT Stock Explodes Higher On Mastercard Cryptocurrency Deal

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BKKT stock ripped higher in morning trade on October 25, 2021, after the company announced a cryptocurrency deal with Mastercard.

Mastercard and Bakkt Partner to Offer Innovative Crypto and Loyalty Solutions

Mastercard customers can now enable consumers to buy, sell and hold cryptocurrency, deliver unique, crypto-centric loyalty opportunities, and streamline issuance of branded crypto debit and credit cards

LAS VEGAS & ALPHARETTA, Ga. & PURCHASE, N.Y.–(BUSINESS WIRE)– Today at Money20/20, Mastercard (NYSE: MA) and Bakkt (NYSE: BKKT) announced a multifaceted partnership to make it easier for merchants, banks and fintechs in the U.S. to embrace and offer a broad set of cryptocurrency solutions and services. Consumers, in turn, will experience expanded access to the digital asset ecosystem.

Bakkt extends Mastercard’s ecosystem of cryptocurrency partners enabling Crypto-as-a-Service, which provides quick access to cryptocurrency capabilities. Through the power of the Mastercard network and Bakkt’s trusted digital asset platform, Mastercard partners will be able to offer cryptocurrency solutions. These include the ability for consumers to buy, sell and hold digital assets through custodial wallets powered by the Bakkt platform and streamlined issuance of branded crypto debit and credit cards.

Mastercard will also integrate crypto into its loyalty solutions, enabling its partners to offer cryptocurrency as rewards and create fungibility between loyalty points and other digital assets. This means that consumers can earn and spend rewards in cryptocurrency instead of traditional loyalty points and seamlessly convert their crypto holdings to pay for purchases. This is the latest move by Mastercard to bring innovative loyalty options to consumers that align with their passion points.

“Mastercard is committed to offering a wide range of payment solutions that deliver more choice, value and impact every day,” said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard. “Together with Bakkt and grounded by our principled approach to innovation, we’ll not only empower our partners to offer a dynamic mix of digital assets options, but also deliver differentiated and relevant consumer experiences.”

Consumers continue to seek out crypto assets as an option for everyday purchases. In the Bakkt U.S. Consumer Crypto Survey1 of 2,000 U.S. Consumers, nearly half (48%) of respondents reported purchasing crypto in the first half of 2021, while 32% of those who didn’t are either very or somewhat interested in doing so before year-end. And, according to the Mastercard New Payments Index, 77% of millennials stated that they are interested in learning more about cryptocurrency, with 75% saying that they would use cryptocurrency if they understood it better.

“We’re incredibly excited to partner with Mastercard to bring crypto loyalty services to millions of consumers,” said Nancy Gordon, EVP, Loyalty Rewards & Payments at Bakkt. “As brands and merchants look to appeal to younger consumers and their transaction preferences, these new offerings represent a unique opportunity to satisfy increasing demand for crypto, payment and rewards flexibility.”

This partnership builds on both companies’ commitment to the crypto ecosystem. Bakkt publicly listed on the NYSE under the ticker BKKT on October 18, 2021, while Mastercard continues to invest in the digital asset space through several initiatives. This includes the acquisition of CipherTrace, partnerships with leading crypto players, the creation of new platforms to test and support central bank digital currencies, and more.

Bakkt is a trusted digital asset platform that enables consumers to buy, sell, store and spend digital assets. Bakkt’s consumer platform, available through the recently released Bakkt app and to partners through the Bakkt platform, 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. https://www.bakkt.com/

Bullish Option Flow Detected In BKKT Stock

Mildly bullish option flow was detected in BKKT stock on October 25, 2021.

Bkkt Option Flow

Make sure to review this lesson on option flow so that you understand the image above.

Bakkt Debuts as a Public Company on the New York Stock Exchange

On October 18, 2021, Bakkt Holdings, Inc. (NYSE: BKKT), a trusted digital asset platform that enables consumers, businesses, and institutions to buy, sell, spend, send and redeem digital assets, opened for trading on the New York Stock Exchange under the ticker symbol “BKKT.”

“Today, Bakkt’s vision – to connect the digital economy – reaches new heights, and we’re excited to continue our momentum as a public company,” said Gavin Michael, CEO of Bakkt. “Our platform sits at the intersection of cryptocurrency, rewards, loyalty and payments, and we look forward to accelerating the plan that is already underway: building out a broader partner network, expanding the access and utility of digital assets, and gaining momentum in a space that is continuing to grow.”

The Bakkt platform has seen strong growth since its founding in 2018. Last month, the company announced that 1 billion points and miles have been linked on the Bakkt app, only six months after its public launch. As the company grows its partner set, it has announced multiple partnerships, including one with Finastra to expand access to cryptocurrency to banks and credit unions across the U.S. Bakkt also recently announced a partnership with Choice Hotels, enabling Choice Privileges members to convert their rewards points to cash and use that cash to buy bitcoin, send it to friends & family, or use it online or in-store, anywhere Apple Pay® or Google Pay™ is accepted.

Bakkt also offers the virtual Bakkt® Visa® Debit Card (“Bakkt Card”). The Bakkt Card allows customers to use their bitcoin and cash balances to purchase everyday goods and services at hundreds of thousands of retailers, grocery stores, transit options and more.

BKKT Stock Technical Analysis

The technical rating of BKKT is bad and it also does not present a quality setup at the moment. Click here to sign up for email alerts on when BKKT presents a good setup entry.

BKKT stock chart on October 25, 2021, does not present a decent entry opportunity as the stock has spiked higher.
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