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The Daily Hodl
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Bitcoin Bombshell: ‘Critical Mass’ of Institutional Investors Set to Join Bakkt This Quarter, Reports Wall Street Firm

by Daily Hodl Staff
July 21, 2019
in Bitcoin

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The market research and analysis firm Fundstrat has released an update on Bakkt, the Bitcoin and crypto platform being built by Intercontinental Exchange, the owners of the New York Stock Exchange.

Fundstrat attended Bakkt’s Institutional Digital Asset Summit on July 18th at the New York Stock Exchange, along with 150 investors and institutional service providers.

The company will begin testing its Bitcoin futures platform on Monday, which will be physically settled in actual BTC instead of cash. According to Fundstrat, Bakkt expects to fully launch this quarter with institutional clients on-board from day one.

“Investors at the event are excited about the Bakkt launch, and the notion of physically-settled daily and monthly futures contracts. There was a wide array of clients, mainly with deep traditional equity/derivatives expertise, including prime brokerage services, prop desks, institutional exchanges and some of the largest equity HFT shops (5%+ share) that are preparing to enter crypto and plan to have an equally large impact.

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There appears to be a critical mass of adopters ready to come on board on day one of the Bakkt launch, with the sales team gaining traction among brokers, market makers, prop trading desks and liquidity providers.

Bottom Line: There is a community of institutional investors and vendors that is readying to port world-class systems from traditional asset classes and markets into the crypto world. The Bakkt launch could be a huge accelerator for market growth.”

You can check out the full report from Fundstrat below.

Source: Fundstrat

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