Galaxy Digital, XBTO Just Made the First Block Trade of Bakkt Bitcoin Futures

Cryptocurrency investment fund Galaxy Digital and over-the-counter (OTC) trading firm XBTO have conducted the first-ever block trade of Bakkt’s bitcoin futures contract.

Intercontinental Exchange (ICE), Bakkt’s parent company, announced the trade Friday but did not disclose its size. A block trade is a large transaction that takes place off the open market in order to avoid moving the price too much.

The trade, which took place Tuesday, comes on the heels of a disappointing launch last week for the much-hyped Bakkt, whose on-exchange volume in its first five trading days totaled just over $5 million.

Two years in the making, Bakkt is the first live market in the U.S. for bitcoin futures that are physically delivered, meaning the buyer receives the underlying commodity.

Despite Bakkt’s inauspicious debut, Galaxy Digital and XBTO expressed confidence in the platform.

“As the digital asset class continues to mature, we view the launch of Bakkt as a foundational piece of market infrastructure,” Galaxy Digital said in ICE’s press release.

XBTO said in the release that it bought the first bitcoin daily futures last week, in addition to participating in the block trade.

CoinDesk’s Michael Casey with Bakkt CEO Kelly Loeffler and ICE chairman and CEO Jeffrey Sprecher, image via CoinDesk archives