Why Bakkt Holdings Stock Surged, Then Slumped on Wednesday

Shares of Bakkt Holdings (NYSE: BKKT) jumped higher on Wednesday, surging as much as 15.3%. As of 12:19 p.m. ET today, the stock had given up the majority of those gains and was up just 1.2%.

The catalyst that initially drove the cryptocurrency trading platform higher was a high-profile digital asset storage deal.

Bakkt announced a partnership with Nexo -- a secure exchange where users can buy, sell, and store cryptocurrency -- to secure its digital assets in the Bakkt Warehouse, a regulated custodian for the secure storage of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). 

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Source Fool.com