Bakkt Holdings, Inc. (Bakkt), a digital asset marketplace, has filed an Amendment No. 3 to its Quarterly Report for the period ended September 30, 2023. The amendment includes updates related to the company's ability to continue as a going concern and certain business updates. Bakkt has incurred net losses and cash flow consumption from operations since inception, with a net loss of $147.1 million and cash used in operations of $53.9 million for the nine months ended September 30, 2023. The company's cash and cash equivalents stood at $68.2 million, with $22.7 million in available-for-sale securities. Bakkt's future success is contingent on raising additional capital to fund operations beyond the second or third quarter of 2024. The company is actively seeking financing alternatives to meet...Show More

Bakkt Holdings, Inc. (Bakkt), a digital asset marketplace, has filed an Amendment No. 3 to its Quarterly Report for the period ended September 30, 2023. The amendment includes updates related to the company's ability to continue as a going concern and certain business updates. Bakkt has incurred net losses and cash flow consumption from operations since inception, with a net loss of $147.1 million and cash used in operations of $53.9 million for the nine months ended September 30, 2023. The company's cash and cash equivalents stood at $68.2 million, with $22.7 million in available-for-sale securities. Bakkt's future success is contingent on raising additional capital to fund operations beyond the second or third quarter of 2024. The company is actively seeking financing alternatives to meet cash requirements for the next 12 months. Bakkt's business activities following the acquisition of Apex Crypto, now Bakkt Crypto, include crypto asset trading, custody services, and plans to offer crypto rewards in the first quarter of 2024. Bakkt Crypto operates integrated platforms providing customers the ability to buy, sell, and store crypto. The company has delisted several crypto assets from the Bakkt Crypto platform following regulatory developments and internal reviews. Bakkt's insurance coverage includes $230 million for cold and hot storage, with policies expiring in October and November 2024. The company's securities are listed on the New York Stock Exchange (NYSE), but there is no assurance that it will continue to meet the NYSE's continued listing requirements in the future.