Bakkt says it has no exposure to FTX, FTT, Alameda
Following FTX’s filing for Chapter 11 bankruptcy last week, companies keep reporting on whether they have exposure to the crypto exchange.
Bakkt Holdings, Inc. (NYSE:BKKT) announced today that it has no exposure to FTX, FTT, Alameda, Gemini, Genesis, or companies that have halted activities due to ongoing contagion in the crypto markets.
Bakkt says consumers on its platform continue to have access to their crypto and can buy or sell as usual, and Bakkt’s institutional platform also continues to be fully operational.
“As contagion among crypto companies has continued to spread this week, we wanted to confirm that we have no exposure to affected companies and continue to operate all aspects of our business as usual,” said Gavin Michael, CEO of Bakkt.
“As a publicly-traded U.S. company, we have opted to be regulated in the most comprehensive way available for a company in this space. It’s shameful to see the fraud that was perpetrated and its impact on the lives and businesses of many. These latest developments only strengthen my belief that there is an important role for Bakkt as an experienced, regulated player that enables crypto access in a thoughtful and responsible way.”
Earlier this month, Bakkt announced it reached a definitive agreement to acquire Apex Crypto LLC. Apex Crypto also does not have any direct exposure to FTX, Alameda or FTT. Apex Crypto has never had a relationship with FTX or Alameda and does not offer FTT as a tradable token on the Apex Crypto platform.
Apex Crypto’s trading partners also do not have any material exposures to FTX. Apex Crypto, along with their liquidity providers, have no direct exposure to Genesis and no material exposure to Gemini.