Bakkt has raised $182.5 million to build out its global digital assets platform and bitcoin futures product.
Investors in the funding round included Boston Consulting Group, Galaxy Digital, Goldfinch Partners, ICE, M12 (Microsoft's VC fund), Pantera Capital and Protocol Ventures.
Loeffler first announced Jan. 24 as the target launch date in a previous delay announcement issued in November.
The release ascribed the delay to consultation with the U.S. Commodity Futures Trading Commission, estimating a new launch date should be announced early in the new year.
While these delays may engender impatience on the part of bitcoin holders who had hoped a new institutional-grade product could relieve some of the pain of crypto winter, today's fundraising announcement leans heavily on a message of patience.
Noting that the Bakkt team has been built from veterans of other new and nascent financial markets, Loeffler wrote, "The path to developing new markets is rarely linear: progress tends to modulate between innovation, dismissal, reinvention and, finally, acceptance."
Moving too soon, she notes, has its own dangers:
Bakkt declined to give additional comment.
"Pantera is excited to support Bakkt in its journey to provided needed infrastructure for both institutional and retail investors," Pantera Capital partner Paul Veradittakit told CoinDesk. "Regulated physically settled bitcoin futures is the first step of many to bring more regulated and ease of access to cryptocurrencies."
Updated with comment from Pantera Capital.
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