Bakkt Holdings Inc - BKKT STOCK NEWS

Bakkt Holdings, Inc. (NYSE: BKKT) reported its Q2 2024 financial results, showing total revenues of $509.9 million, a 46.7% increase year-over-year. The company's operating loss improved by 56.9% to $22.0 million, while net loss decreased by 29.7% to $35.5 million. Bakkt's crypto enabled accounts grew to 6.4 million, up 6.7% YoY, and assets under custody increased 47.7% to $975 million. The company updated its 2024 guidance, expecting full-year revenues between $2,568 million and $2,827 million. Bakkt also announced partnerships with Crossover Markets and Hidden Road to enhance its institutional capabilities and risk management.

Bakkt Holdings, Inc. (NYSE: BKKT) has announced its upcoming second quarter 2024 earnings release and conference call. The company will release its earnings on Wednesday, August 14, 2024, before the market opens. Management will host a conference call at 8:30 a.m. ET on the same day to discuss the results and answer questions.

Investors and analysts can participate by dialing (833) 470-1428 or (404) 975-4839, using the access code 865830. Bakkt stockholders can also submit questions through a dedicated platform at https://app.saytechnologies.com/bakkt-2024-q2 from August 7 to August 13. The conference call will be webcast live and archived on Bakkt's corporate website under the 'Events & Presentations' section.

Bakkt Holdings (NYSE: BKKT) has announced a partnership with Crossover Markets to develop BakktX, an advanced crypto Electronic Communication Network (ECN) aimed at institutional traders in the U.S. BakktX will provide sub-10 microsecond trade matching latency, customizable liquidity solutions, and lower trading costs compared to existing crypto brokers. The initiative responds to growing institutional interest in cryptocurrency, positioning Bakkt as a leading, compliant trading venue. The platform will be launched to Bakkt’s liquidity providers and early adopters in the coming months, emphasizing risk management, reliability, and compliance.

Bakkt Holdings announced the appointment of Ray Kamrath as Chief Commercial Officer of its crypto business. Reporting to CEO Andy Main, Kamrath will focus on sales, marketing, strategic partnerships, and operations. He aims to scale Bakkt's crypto platform and drive growth. Kamrath, who joined Bakkt in December 2023, brings 30 years of capital markets experience, including roles at Jefferies and Goldman Sachs. His expertise in institutional solutions and advanced trading algorithms is expected to benefit Bakkt in the next wave of crypto adoption.

Bakkt (NYSE: BKKT) reported its financial results for Q1 2024, achieving total revenues of $854.6 million, largely driven by an increase in gross crypto services revenues. Operating expenses excluding crypto costs decreased by 16% YoY to $48.8 million. The company's net loss improved by 53% YoY to $21.3 million, and its adjusted EBITDA loss decreased by 44% YoY to $16.3 million. The quarter saw a notional traded volume increase of 324% QoQ, reaching $1,041 million. Bakkt also announced a reverse stock split at a ratio of 1-for-25, which took effect on April 29, 2024.

Key initiatives include launching BakktX, an institutional crypto trading venue, and strategic partnerships with Unchained and Swan Bitcoin. Bakkt's updated 2024 guidance projects revenues between $3,002 million and $4,447 million, with gross crypto revenues constituting the bulk. The updated outlook anticipates further reductions in operating expenses due to a strategic restructuring expected to save $13 million annually.

Bakkt Holdings, Inc. (NYSE: BKKT) reschedules its first-quarter 2024 earnings conference call to May 15, 2024, at 5:00 p.m. ET. Investors can join by dialing (833) 470-1428 or (404) 975-4839 with participant access code 239896. The call will address business and financial results, webcast live, and archived on the investor relations section of Bakkt's website.

Bakkt Holdings, Inc. (NYSE: BKKT) will release its first quarter 2024 earnings on May 14, 2024, followed by a conference call to discuss the results. Investors can join the call via phone or online to ask questions. The webcast will be available on the company's investor relations website.

Bakkt Holdings, Inc. (NYSE: BKKT) announced a 1-for-25 reverse stock split of its Class A and Class V common stock, effective April 26, 2024. The new reverse-split adjusted trading will commence on April 29, 2024, aiming to meet NYSE compliance rules. The company will adjust its authorized shares proportionately, while stockholders will receive cash for fractional shares. The reverse stock split will not affect ownership percentages or voting power.

Bakkt Holdings, Inc. (BKKT) reports quarterly gross crypto services revenues of $199.4 million, total revenues of $214.5 million, and full year total revenues of $780.1 million. The company also announced a recent closing of $42.4 million in gross proceeds from offerings with third-party investors and Intercontinental Exchange to enhance liquidity. Bakkt plans to expand institutional crypto capabilities and anticipates significant revenue growth for 2024.