Bakkt Holdings, a technology platform that connects the digital economy by offering an ecosystem for crypto and loyalty points, has reported its financial results for the quarter ended September 30, 2024. The company saw a significant increase in crypto services revenue, which rose by 65.0% to $316.3 million compared to the same period in the previous year. However, loyalty services revenue experienced a slight decrease of 7.2%. Overall, total revenues increased to $328.4 million, up from $204.8 million in the prior year's quarter. Despite the revenue growth, the company faced an operating loss of $27.4 million, which was an improvement from the $52.9 million loss in the previous year. The net loss attributable to Bakkt Holdings, Inc. was $2.9 million, a reduction from the $17.3 million loss reported in the...Show More

Bakkt Holdings, a technology platform that connects the digital economy by offering an ecosystem for crypto and loyalty points, has reported its financial results for the quarter ended September 30, 2024. The company saw a significant increase in crypto services revenue, which rose by 65.0% to $316.3 million compared to the same period in the previous year. However, loyalty services revenue experienced a slight decrease of 7.2%. Overall, total revenues increased to $328.4 million, up from $204.8 million in the prior year's quarter. Despite the revenue growth, the company faced an operating loss of $27.4 million, which was an improvement from the $52.9 million loss in the previous year. The net loss attributable to Bakkt Holdings, Inc. was $2.9 million, a reduction from the $17.3 million loss reported in the same quarter of the previous year. In terms of business development, Bakkt continues to expand its platform capabilities and client base. The company has made strategic moves, including the acquisition of Bakkt Crypto Solutions and the merger with Bakkt Marketplace, to enhance its trading platform and broaden partnerships with fintechs and neobanks. Bakkt also faced regulatory challenges and market volatility in the crypto space, which it is actively monitoring and adjusting its business model accordingly. Looking ahead, Bakkt is focused on growing its client base, expanding product offerings, and navigating the competitive and regulatory landscape. The company is also exploring strategic alternatives for Bakkt Trust and has secured a revolving credit facility to support its working capital and general corporate purposes. Bakkt's future plans include leveraging its institutional-grade platform to power commerce and manage crypto assets effectively.