The firm is collaborating with its affiliated company, Intercontinental Exchange (ICE) as its exchange and clearing partner.
Perhaps one of the more interesting bits of information in Bakkt's newest release is the fact that they will launch two types of Bitcoin futures contract.
ICE states in its Futures U.S. filing that bitcoins connected with the futures contracts will be stored in Bakkt Warehouse, the custody that Bakkt is seeking NYDFS for.
Bakkt is working with its customers "over the next several weeks to prepare for user acceptance testing (UAT) for futures and custody", which are expected to start in July.
"A daily settlement bitcoin future, which will enable customers to transact in a same-day market".
This article has been updated to include the two futures products that Bakkt intends to offer.
The company now plans to launch two futures products: a daily settlement bitcoin future that allows customers to trade in a same-day market, and a monthly-futures contract that "will enable trading in the front month and across the forward pricing curve".
Bakkt will utilise tools to target "disruptive trading practices".
"The futures contracts will be margined by ICE Clear US, including the collection of initial margin collateral and variation margin to manage risk".
"Bakkt will contribute $35 million into the clearinghouse risk waterfall".
Additionally, the physical delivery and the secure storage of Bitcoin will be carried out through an integrated custody service which is subjected to regulatory approval.
This announcement by Bakkt has helped the Bitcoin price surge to even higher levels than seen during the past weekend.