<br><div> <p><img src="https://www.thetradenews.com/wp-content/uploads/2018/07/iStock-930264196-300x199.jpg" alt="" width="300" height="199" class="size-medium wp-image-58277 alignright" srcset="https://www.thetradenews.com/wp-content/uploads/2018/07/iStock-930264196-300x199.jpg 300w, https://www.thetradenews.com/wp-content/uploads/2018/07/iStock-930264196-768x511.jpg 768w, https://www.thetradenews.com/wp-content/uploads/2018/07/iStock-930264196-1024x681.jpg 1024w, https://www.thetradenews.com/wp-content/uploads/2018/07/iStock-930264196-604x402.jpg 604w, https://www.thetradenews.com/wp-content/uploads/2018/07/iStock-930264196.jpg 1256w" sizes="(max-width: 300px) 100vw, 300px"/>In response to a Securities and Trade Fee (SEC) submitting final week, Intercontinental Trade (ICE) is taking a $1.1 billion write off for its holdings of Atlanta-based crypto platform, Bakkt.</p><p>The crypto and digital belongings supplier to institutional traders will document an impairment loss on goodwill amounting to roughly $1.3-1.4 billion, along with sure indefinite-lived intangible belongings between $150-160 million.</p><p>Initially fashioned in 2018 by ICE, Bakkt’s first use circumstances for its platform have been bitcoin, different cryptocurrencies and bitcoin futures contracts.</p><p>Initially of this yr, Bakkt revealed plans to go public following a merger with particular function acquisition firm (SPAC) VPC Affect Acquisition Holdings. On the time of the announcement, the crypto platform held an enterprise worth of $2.1 billion.</p><p>When the agency was listed on the New York Inventory Trade on 15 October this yr, ICE held a 68% financial curiosity with a minority voting curiosity in Bakkt.</p><p>Following Bakkt’s impairment, ICE expects to scale back the carrying worth of its funding within the crypto platform to roughly $400 million as of 30 September from $1.5 billion as of 30 June this yr.</p><p>The SEC’s submitting acknowledged that this non-cash cost can have no influence on ICE’s adjusted earnings for the three- and nine-month durations ended 30 September 2022.</p><p>ICE will announce its quarterly outcomes as deliberate for the interval ended 30 September 2022 on 3 November 2022.</p> </div>