search newsletter login upgrade

Bakkt raises Series A at valuation topping $700 million

by Isabel Woodford

March 21, 2019, 3:28PM EDT  ·  2 min read

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

by Isabel Woodford

March 21, 2019, 3:28PM EDT  ·  2 min read

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.