Customers Can Deposit Bitcoin to Bakkt's Warehouse Starting Next Week

Bakkt said Wednesday it would start offering customers access to its secure bitcoin storage warehouse starting Sept. 6.

AccessTimeIconAug 28, 2019 at 4:30 p.m. UTC
Updated Sep 13, 2021 at 11:23 a.m. UTC

Bakkt will open its warehouse to customers' bitcoin on Sept. 6 in anticipation of its impending futures contract offerings, the company announced Wednesday.

In a tweet, the Intercontinental Exchange-backed bitcoin futures provider said it would begin offering customers secure storage for bitcoin "to prepare for the launch" of its daily and monthly futures contracts on Sept. 23.

Bakkt announced it had secured the last of its necessary regulatory approvals to launch earlier this month, more than a year after first unveiling its plan to offer customers a regulated, physically-settled bitcoin futures product – effectively, bets on bitcoin's price at some future date.

While Bakkt's launch had been delayed by regulatory holdups multiple times, it now plans to begin offering customers access to the first physically-settled futures contracts in the U.S. late next month.

Unlike cash-settled futures contracts, such as what CME offers, customers receive the actual bitcoin they bet on when a contract expires, rather than the fiat equivalent.

The company will offer customers access to a margined daily product, seeing its value proposition as offering traders a regulated alternative to existing spot markets.

Bakkt CEO Kelly Loeffler previously told CoinDesk that its daily contract "is designed to provide a margined instrument," adding:

"So when you think about transacting on the futures exchange you’re operating within a [federally] regulated exchange."

Kelly Loeffler image via CoinDesk archives


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.