Why Did Bakkt Shares More Than Triple Today?

Mastercard Inc MA and Bakkt Holdings Inc BKKT collaborated to make it easier for merchants, banks, and fintech in the U.S. to embrace and offer a broad set of cryptocurrency solutions and services.
Consumers will experience expanded access to the digital asset ecosystem. Bakkt extends Mastercard's ecosystem of cryptocurrency partners, enabling Crypto-as-a-Service, which provides quick access to cryptocurrency capabilities.
Mastercard partners will offer cryptocurrency solutions through the Mastercard network and Bakkt's digital asset platform.
"Together with Bakkt and grounded by our principled approach to innovation, we'll not only empower our partners to offer a dynamic mix of digital assets options but also deliver differentiated and relevant consumer experiences," Mastercard EVP Sherri Haymond said.
"As brands and merchants look to appeal to younger consumers and their transaction preferences, these new offerings represent a unique opportunity to satisfy the increasing demand for crypto, payment and rewards flexibility," Bakkt EVP Nancy Gordon said.
Price Action: BKKT shares closed higher by 234.43% at $30.60 on Monday.