Intercontinental Exchange (ICE) is taking a $1.1 billion write-off for its holdings of crypto platform Bakkt (BKKT) according to an SEC filing late Friday afternoon.

Atalanta-based Bakkt, which offers crypto and other digital assets to institutional investors, is taking a $1.3 to $1.4 impairment on a loss of goodwill in addition to $150 to $160 million on its intangible assets.

Cryptocurrencies are considered intangible assets based on Generally Accepted Principles of Accounting (GAAP), meaning they must be written down to their lowest price for a period and cannot be marked up until sold.

Bakkt was originally formed by the Intercontinental Exchange back in 2018. The first use cases for its technology platform were bitcoin and other cryptocurrencies and bitcoin futures contracts.

In January 2021, Bakkt announced plans to go public through a merger with a particular purpose acquisition company (SPAC) VPC Impact Acquisition Holdings. At the time, the company held an enterprise value of $2.1 billion.

ICE held a 68% economic interest in Bakkt when it was listed on the New York Stock Exchange on October 15, 2021.

Shortly thereafter, Bakkt announced a partnership with Mastercard to issue crypto debit and credit cards.

Since then cryptocurrencies have plummeted in value. Bitcoin, for example, has sold off by 66% from $61,548 to $20,636 per coin while trading volume flagged by 18% according to the crypto indexer, Nomics.

For the same period, shares of ICE have fallen 30% from $138.8 to $95.40 while shares of Bakkt have tumbled more than 76% from $42.52 to $2.17.

In August, Bakkt CEO, Gavin Michael admitted to Yahoo Finance that companies were exploring crypto “at a slightly more conservative pace.”

Bakkt shares were up by a point in after-hours trading Friday. ICE shares are down by just as much for the same period.

David Hollerith is a senior reporter at Yahoo Finance covering the cryptocurrency and stock markets. Follow him on Twitter at @DsHollers