Bakkt Holdings reported Q3 2024 financial results with total revenues of $328.4 million, up 60.4% YoY. Net loss improved significantly by 87.8% YoY to $6.3 million, benefiting from a $20 million gain on warrant liability. Operating loss decreased 48.2% to $27.4 million, while Adjusted EBITDA loss increased 9.7% to $23.7 million.The company announced successful testing of its institutional trading platform BakktX, with rollout planned for Q4 2024. Trading volumes have surged in November, reaching $279 million by November 12th, surpassing October's total of $165 million. The company is also considering winding down Bakkt Trust due to margin compression and high regulatory capital requirements.For full-year 2024 guidance, Bakkt expects loyalty revenue of $49-50 million, lower than previous guidance. Gross crypto revenue is projected at the lower end of $10-15 million range. The company forecasts year-end cash and equivalents of $34-39 million, with operating cash usage of $84-89 million.

Bakkt Holdings reported Q3 2024 financial results with total revenues of $328.4 million, up 60.4% YoY. Net loss improved significantly by 87.8% YoY to $6.3 million, benefiting from a $20 million gain on warrant liability. Operating loss decreased 48.2% to $27.4 million, while Adjusted EBITDA loss increased 9.7% to $23.7 million.The company announced successful testing of its institutional trading platform BakktX, with rollout planned for Q4 2024. Trading volumes have surged in November, reaching $279 million by November 12th, surpassing October's total of $165 million. The company is also considering winding down Bakkt Trust due to margin compression and high regulatory capital requirements.For full-year 2024 guidance, Bakkt expects loyalty revenue of $49-50 million, lower than previous guidance. Gross crypto revenue is projected at the lower end of $10-15 million range. The company forecasts year-end cash and equivalents of $34-39 million, with operating cash usage of $84-89 million.