Bakkt Holdings Inc - BKKT STOCK NEWS

Bakkt Holdings reported Q4 2021 net revenue of $13.7 million, a 45% increase year-over-year. 2022 projections estimate revenue growth to $60-$80 million. The company emphasizes strong growth in crypto services and partnerships with banks and loyalty programs. Despite significant non-cash charges related to their business combination, Bakkt holds over $390 million in cash for expansion. Notable partnerships include Manasquan Bank and Wyndham Rewards. Operating losses were substantial, reflecting the costs of business combination activities.

Bakkt Holdings has released its "Bakkt Loyalty and Rewards 2022 Outlook Study," revealing key trends in consumer attitudes towards crypto rewards. The study, which surveyed 1,000 U.S. consumers, indicates a significant shift: 72% of recent crypto buyers are open to redeeming loyalty points for cryptocurrency. About half prefer earning crypto over traditional points. High-income consumers (58% of those earning over $100,000) show strong interest in crypto rewards. This growing consumer interest indicates a transformative trend in loyalty programs, emphasizing the importance of crypto education to bridge understanding gaps.

Bakkt Holdings, Inc. (NYSE: BKKT) has announced a partnership with Valliance Bank to provide bank customers with access to buy, sell, and hold cryptocurrencies like Bitcoin and Ethereum through the bank's mobile app. This partnership aims to simplify cryptocurrency access within a trusted banking environment, leveraging Bakkt's secure crypto connect solution. Valliance Bank has over $580 million in assets and operates in Oklahoma and Texas, with plans to integrate Bakkt's offering in Q2 2022.

Bakkt Holdings, Inc. (NYSE: BKKT) announced preliminary financial results for Q4 2021, reflecting the impacts of its business combination with VPC Impact Acquisition Holdings that closed on October 15, 2021.

Intercontinental Exchange (NYSE: ICE) anticipates a $92 million loss related to its equity investment in Bakkt for the same period. Bakkt expects a pre-tax loss between $150 million and $155 million, including non-cash charges of $45-$50 million for compensation and $79 million for mark-to-market expenses. Final Q4 results will be disclosed on February 17, 2022.

Bakkt Holdings, Inc. (NYSE: BKKT) will release its fourth quarter and full year 2021 earnings on February 17, 2022, before market open. A conference call is scheduled for 9:00 a.m. EST on the same day for management to discuss results and answer questions. To enhance shareholder engagement, a Q&A platform developed by Say Technologies will allow verified shareholders to submit and upvote questions from February 10 to February 16. Details for call attendance and replay options are provided via their investor relations section.

Bakkt Holdings (NYSE: BKKT) announced that Hanover Community Bank has joined its early adopter program, allowing bank customers to buy, sell, and hold cryptocurrencies like Bitcoin and Ethereum via the bank's mobile app. This partnership aims to lower barriers for clients interested in cryptocurrency investments. Hanover Bank, operating with $1.5 billion in total assets, emphasizes technological advancement for superior client service. Bakkt's crypto connect solution is expected to launch in Q2 2022, pending integration with the bank's systems.

Bakkt Holdings, Inc. (NYSE: BKKT) has partnered with Nexo to provide cryptocurrency custody services through the Bakkt Warehouse. This partnership aims to enhance asset security and credibility in the rapidly evolving cryptocurrency market. Bakkt’s infrastructure includes both warm and cold storage solutions, ensuring a robust safety framework. The Bakkt Warehouse is regulated by the New York Department of Financial Services, ensuring compliance and security for users. Both companies aim to address the growing institutional demand for digital assets, positioning themselves for future opportunities.

Bakkt Holdings, Inc. (NYSE: BKKT) announced that Manasquan Bank, a New Jersey community bank with $2.7 billion in assets, will join its early adopter program for cryptocurrency services. This collaboration aims to enable retail clients to buy, sell, and hold cryptocurrencies through the bank's mobile app, enhancing client access to digital assets. The launch is anticipated in Q2 2022, pending the adoption by the bank's core financial service provider. This partnership reflects a growing trend of integrating cryptocurrency into traditional banking services.

Bakkt Holdings (NYSE: BKKT) announced its partnership with BringMeThat.com, expanding payment options for customers and gig economy workers. Customers can utilize crypto or rewards points for their food delivery orders, while drivers can opt for crypto payments. Chief Revenue Officer Sheela Zemlin highlighted this collaboration as a significant diversification for Bakkt, potentially enhancing digital asset utilization among gig workers. This development positions Bakkt favorably in the competitive gig economy landscape.