On Feb. 7, Bakkt filed an amendment to its quarterly report with the United States Securities and Exchange Commission, with one section on risk factors containing a warning that it may "not be able to continue as a going concern." The company was founded in 2018 amid a lot of hype by Intercontinental Exchange, which owns the New York Stock Exchange. At the time, Bakkt was seen as opening Bitcoin ( BTC ) to institutional investors amid a deepening bear market.