Bakkt Announces Expansion of International Footprint and Custody Client Base

Rhea-AI Summary

Bakkt Holdings, Inc. (NYSE: BKKT) plans to expand its crypto capabilities into Latin American, European, and Asian markets by year-end. This includes partnerships with Hapi and 3.0verse in Latin America, Spain in Europe, and various Asian markets. The company also continues to expand domestically with institutionally-backed clients. Bakkt will release its third-quarter 2023 earnings on November 14, 2023.

The company expects to be live with crypto capabilities across new Latin American, European and Asian markets by year end

ALPHARETTA, Ga.--(BUSINESS WIRE)-- Bakkt Holdings, Inc. (NYSE: BKKT) announced today its planned expansion of crypto capabilities into numerous international markets with both existing and newly-signed clients by year end.

• Latin America: Bakkt and long-standing client Hapi, a stock trading platform, recently furthered their Latin American crypto trading capabilities, expanding into Mexico and Argentina, and also expect to go live in Brazil by the end of 2023.
• Europe: Bakkt and Hapi also expect to launch in Spain by the end of 2023. In addition, Bakkt will provide crypto trading and custody services in the UK and EU to crypto app 3.0verse, planning to launch by year end.
• Asia: Bakkt will partner with 3.0verse throughout Asia, including Hong Kong and Singapore.

“We are working efficiently to expand into international regions with more regulatory clarity and sizeable addressable markets. We are excited to be collaborating with clients eager to pursue these opportunities together,” said Gavin Michael, CEO of Bakkt. "Bakkt's history of regulatory compliance has well-positioned us to expand globally, and we will continue to seek out expansion opportunities with additional clients in current and new markets."

In addition to international expansion, Bakkt continues to expand with institutionally-backed clients domestically. Bakkt and EDX Markets, a digital asset marketplace for crypto-native firms and large financial institutions, have preliminarily agreed that Bakkt will join EDX’s clearing house and custodial network initially serving as a back-up qualified custodian.

“Our secure and trusted platform continues to benefit from the flight to quality occurring in the industry,” Michael said. “While we are disappointed with the recent volatility in our share price, we continue to focus on the durability of our business and our revenue streams over the long term. As our crypto business matures and we grow both internationally and domestically, we expect that our revenue mix will also evolve, with an increasing share of our revenue coming from subscription-based annual recurring revenue, helping to provide stability during uncertain crypto markets.”

Bakkt will release its third quarter 2023 earnings on Tuesday, November 14, 2023, before market open. Management will host a conference call at 9:00 a.m. ET on the same day to review the results and answer questions. For more details, see here.

About Bakkt

Founded in 2018, Bakkt builds solutions that enable our clients to grow with the crypto economy. Through institutional-grade custody, trading, and onramp capabilities, our clients leverage technology that’s built for sustainable, long-term involvement in crypto.

Bakkt is headquartered in Alpharetta, GA. For more information, visit: https://www.bakkt.com/ | X (Formerly Twitter) @Bakkt | LinkedIn https://www.linkedin.com/company/bakkt/.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20231109487667/en/

Investor Relations

Ann DeVries, Head of Investor Relations

Ann.DeVries@bakkt.com



Media

press@bakkt.com

Source: Bakkt Holdings, Inc.

FAQ

What is Bakkt Holdings, Inc. (NYSE: BKKT) planning to do by year-end?

Bakkt plans to expand its crypto capabilities into Latin American, European, and Asian markets by year-end.

When will Bakkt release its third-quarter 2023 earnings?

Bakkt will release its third-quarter 2023 earnings on November 14, 2023.

Who are Bakkt's partners in the Latin American market?

Bakkt's partners in the Latin American market include Hapi and 3.0verse.

What is Bakkt's focus with institutionally-backed clients?

Bakkt continues to expand domestically with institutionally-backed clients.

What will Bakkt's revenue mix evolve into as the business grows?

As Bakkt's crypto business matures and grows internationally and domestically, the company expects its revenue mix to evolve, with an increasing share of revenue coming from subscription-based annual recurring revenue.