According to an SEC filing late Friday afternoon, Intercontinental Exchange (ICE) is taking a $1.1 billion write-off for its holdings in crypto platform Bakkt (BKKT). Bakkt, based in Atlanta, is taking a $1.3 to $1.4 impairment on a loss of goodwill, as well as a $150 to $160 million impairment on its intangible assets. Bakkt shares gained one point in after-hours trading on Friday. ICE shares are down by the same amount over the same time period. According to Generally Accepted Accounting Principles (GAAP), cryptocurrencies are intangible assets that must be written down to their lowest price for a period and cannot be marked up until sold.
