👀 Bakkt raises Series A at valuation topping $700 million

According to The Block, Bakkt has a post-series A valuation of $740 million. The high valuation is raising returns concerns for investors. Bakkt's fees sit at only $0.50 per contract, or one basis point, which means the exchange will need high volumes for investor profits. Parent company Intercontinental Exchange has also agreed to a capital-refund window with external investors, putting pressure on the yet to launch Bitcoin ($BTC) futures platform.