Coatue-Backed Stash to No Longer Offer Crypto Investing Through Bakkt

Bakkt, one of the few publicly traded crypto companies, has seen its share price fall under $1 in recent days.

Brokerage app Stash, which is backed by Coatue Management and Union Square Ventures, will no longer offer direct crypto investing to customers beginning in mid-December, a Stash spokesperson confirmed, a blow for their crypto provider Bakkt.

“We found our customers weren’t focused on this aspect of our platform and given the volatility in the market, we’re no longer supporting it,” spokesperson Sarah Spagnolo wrote in an email. Stash offers stock trading and robo-advising and added crypto investments starting last year. The startup raised a $40 million convertible round led by T. Rowe Price last month. It was last valued at $1.4 billion in a Series G round led by Eldridge in 2021.

Stash uses the crypto firm Bakkt to process crypto transactions, as do other fintech companies like Webull, Public and M1 Finance. Bakkt charges customers fees on crypto transactions and shares some of the revenue with Stash. Stash customers who want to continue to hold crypto will be able to transfer their assets to Webull Pay, a Bakkt spokesperson said in a statement. Bakkt, one of the few publicly traded crypto companies, has seen its share price fall under $1 ahead of Tuesday, when it will announce its third quarter financial results.