Quick Take
- The Block found that Bakkt has privately discussed a post-money valuation near the $740 million mark
- Bakkt is yet to launch, and with high costs, will need serious volumes to secure returns for Series A investors
- ICE agreed to a capital-refund window with external investors, previously unreported
Bakkt, ICE’s yet-to-launch crypto exchange, is being valued at around $740 million following its Series A funding round, sources close to the project tell The Block.
The exchange raised $182.5 million last year, pitching a futures trading platform geared at institutions. Its approximate $740 million post-money valuation means ICE may have sold up to 25% of shares to external investors like Galaxy, Pantera, Microsoft and Starbucks – the latter having contributed no capital in return.