Bakkt Holdings stock jumps after deal with Nexo to custody bitcoin, ether

Shares of Bakkt Holdings (NYSE:BKKT) gap up as much as 20% in pre-market trading following a partnership with digital assets institution Nexo to custody crypto assets. BKKT stock has since erased about have of those gains. The company's regulated custodian, Bakkt Warehouse, which allows for secure storage of bitcoin (BTC-USD) and ethereum (ETH_USD), will custody the cryptos. For additional layers of protection of Nexo users' assets, Bakkt's (BKKT) warm and cold wallets are built on secure wallet architecture, along with multi-zone physical security, including bank-grade vaults. “The cryptocurrency market continues to expand at a robust pace, leading reputable crypto companies to diversify custody of assets. We are pleased that Nexo has chosen the Bakkt Warehouse as a trusted solution,” said Bakkt Chief Product Officer Dan O'Prey. Note that Seeking Alpha flags BKKT at high risk of performing badly when compared with its peers. The stock is down nearly 65% Y/Y and 45% M/M. Previously, (Dec. 21,