The exchange raised $182.5 million last year, pitching a futures trading platform geared at establishments. Its approximate $740 million post-money valuation means that ICE might have sold up to 25 of shares to external investors like Galaxy, Pantera, Microsoft, and Starbucks – the latter having contributed no capital in return.
Post-money valuation could be a company’s worth when outside finance and/or capital injections area unit value-added to its record. during this instance, it also includes the equity allotted to Starbucks associated with their partnership.
Now, a key question is however investors can create their projected returns supported their $740 million post-Series A valuation given this regulative barrier and a five-month delay in launching. Indeed, Bakkt’s planned fee of $0.50 per contract is quite little, some equalization it to but one basic purpose. consecutive least expensive U.S. trading possibility is presently at 8 basis points.
“Bakkt will not be earning much based on their proposed contract fees, so they really need a lot of volumes,” said one source.
Investor “get-out” clause and future valuations.
However, investors are watching proof Bakkt will match its share-price predictions before granting it imaginary being standing.
An investor said, “They’ve paid an excessive amount of. If I was looking to buy a piece in the emergent regulated US digital assets derivatives game today, I would look at cheaper alternatives which are further ahead in execution.”