Welcome to our dedicated page for Bakkt Holdings news (Ticker: BKKT), a resource for investors and traders seeking the latest updates and insights on Bakkt Holdings stock.
Bakkt Holdings, Inc. (NYSE: BKKT) is a prominent player in the digital asset industry, striving to unlock the $1.2+ trillion potential held in cryptocurrencies, rewards and loyalty points, gaming assets, and merchant stored value. Established in 2018, Bakkt's mission is to bring trust and transparency to digital assets, serving both institutional and consumer markets.
Bakkt's core offerings include the Bakkt Warehouse and Bakkt® Bitcoin Futures and Options Contracts, providing an end-to-end regulated market with genuine price transparency for institutional clients. This allows for secure storage and seamless trading of digital assets under stringent regulatory standards.
For consumers, Bakkt aggregates digital assets to facilitate instant liquidity and empowers users to trade, transfer, and pay in a flexible manner. This is achieved through an intuitive technology platform that can be accessed via application programming interfaces (APIs) or an embedded web experience, simplifying the process of managing digital assets.
Moreover, merchants within the Bakkt ecosystem benefit from reduced payment acceptance costs, enhanced customer engagement, and minimized loyalty liability through diverse redemption options. Bakkt's solutions enable businesses to efficiently handle loyalty points and provide a full spectrum of content for customers to redeem loyalty currencies effectively.
Financially, Bakkt generates revenue through subscription and service fees and transaction-based activities. Their institutional-grade technology offers a robust custody solution, catering to both experienced market participants and new users, making the buying, selling, and storing of crypto straightforward and secure.
Bakkt continues to innovate and expand its offerings, aiming to enhance the digital asset experience for all stakeholders. The company's commitment to transparency and regulated market practices positions it as a leader in the evolving digital economy.
Bakkt Holdings reported a 41% increase in quarterly net revenue, reaching $12.9 million year-over-year. Digital asset conversion volumes surged by 73%, driven by loyalty redemptions associated with travel. The company announced a definitive agreement to acquire Apex Crypto for up to $200 million, expected to close in the first half of 2023, which will enhance Bakkt's cryptocurrency offerings and client base. Despite revenue growth, Bakkt faced an operating loss of $1,594.9 million due to significant goodwill impairments.
Bakkt Holdings (NYSE: BKKT) has signed an agreement to acquire Apex Crypto from Apex Fintech Solutions for up to
Bakkt Holdings, Inc. (NYSE: BKKT) completed its annual impairment testing of goodwill and intangible assets, announcing a non-cash impairment charge of approximately $1.3 to $1.4 billion related to goodwill and $150 to $160 million for certain intangible assets as of September 30, 2022. Despite this, the company asserts no impact on future operations, liquidity, or cash flows. The decline was attributed to slower crypto product activations and decreased market capitalization. Bakkt plans to release its Q3 2022 earnings on November 10, 2022, followed by a conference call.
Bakkt Holdings, Inc. (NYSE: BKKT) will announce its third quarter 2022 earnings on
Bakkt Holdings, Inc. (NYSE: BKKT) has appointed Chip Goodroe as its new Chief Accounting Officer. He brings over 14 years of accounting experience, notably from Grant Thornton LLP, where he focused on audit and accounting advisory for both public and private entities. Goodroe will report to Karen Alexander, Bakkt's CFO, and lead the accounting function, including SEC and regulatory reporting. His expertise in technology and cryptocurrency aligns with Bakkt's mission to enhance consumer spending and loyalty programs through its digital asset platform.
Bakkt Holdings, Inc. (NYSE: BKKT) announced its participation in the 2nd Annual Needham Virtual Crypto Conference. The virtual fireside chat will feature Gavin Michael, President and CEO, on September 8 at 11:45 AM ET. Interested individuals can access a live audio webcast from the investor relations section of www.bakkt.com, with replays available post-event. Bakkt is a digital asset platform focused on enhancing consumer spending and loyalty through its services.
Bakkt Holdings (NYSE: BKKT) has partnered with Sullivan Bank to enhance customer experience by enabling customers to buy, sell, and hold cryptocurrencies like Bitcoin and Ethereum via the Bakkt® Crypto Connect platform. This collaboration aims to meet increasing consumer demand for digital assets, providing seamless integration into Sullivan Bank's existing digital banking app. Customers will have the ability to view crypto balances alongside traditional banking balances, reinforcing security and regulatory compliance.
Bakkt Holdings reported a 60% year-over-year increase in net revenue for Q2 2022, reaching $13.6 million. The company boasts strong liquidity with over $315 million in available cash and assets. Operating expenses rose 43% to $57.1 million, resulting in a net loss of $27.6 million, down from $31.9 million in Q2 2021. Bakkt updated its 2022 revenue guidance to a range of $57 million - $62 million due to market challenges. Despite losses, the company remains focused on growth initiatives and managing cash usage, expecting a 15-20% decline in cash utilization in the second half of 2022.
Bakkt Holdings, Inc. (NYSE: BKKT) announced the appointment of Karen Alexander as Chief Financial Officer, effective immediately. She has served as Interim CFO since May 23, 2022, after being Chief Accounting Officer since the company’s business combination in October 2021. With over 16 years of experience at GE Capital and earlier roles at Arthur Andersen and Ernst & Young, Alexander's knowledge of the company’s financials is expected to drive future growth. This leadership change is crucial as Bakkt continues to enhance its digital asset platform and loyalty-driven initiatives.
Bakkt Holdings (NYSE: BKKT) will participate in a fireside chat hosted by Water Tower Research LLC on August 16 at 11:00 AM ET. Gavin Michael, President and CEO, will represent the company during this event. Interested listeners can access the live audio webcast via the investor relations section of Bakkt's website. Replays of the event will also be available afterward. Bakkt is a digital asset platform based in Alpharetta, GA, enhancing consumer spending and loyalty through its services.
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