On November 14, 2024, Bakkt Holdings, Inc. released its financial results for the third quarter ending September 30, 2024. The company reported a significant improvement in net loss, which decreased by 87.8% year-over-year to $6.3 million. This improvement was attributed to a $20.0 million gain on the fair value of warrant liability. Total revenues for the quarter reached $328.4 million, a 60.4% increase from the previous year, driven by higher gross crypto services revenues from Bakkt Crypto. Operating expenses rose to $355.8 million, with crypto costs and execution, clearing, and brokerage fees being the major contributors. However, excluding these costs, operating expenses decreased by 39.7% to $40.8 million due to lower compensation expenses and a reduction in headcount. Adjusted EBITDA loss widened slightly by 9.7% to $23.7 million. The company also highlighted...Show More

On November 14, 2024, Bakkt Holdings, Inc. released its financial results for the third quarter ending September 30, 2024. The company reported a significant improvement in net loss, which decreased by 87.8% year-over-year to $6.3 million. This improvement was attributed to a $20.0 million gain on the fair value of warrant liability. Total revenues for the quarter reached $328.4 million, a 60.4% increase from the previous year, driven by higher gross crypto services revenues from Bakkt Crypto. Operating expenses rose to $355.8 million, with crypto costs and execution, clearing, and brokerage fees being the major contributors. However, excluding these costs, operating expenses decreased by 39.7% to $40.8 million due to lower compensation expenses and a reduction in headcount. Adjusted EBITDA loss widened slightly by 9.7% to $23.7 million. The company also highlighted the successful test of BakktX, its institutional trading platform, with plans to begin rolling it out to clients in Q4 2024. Bakkt Holdings also noted a surge in trading volumes in November 2024, with $279 million transacted by November 12, already surpassing October's total. The company's CEO, Andy Main, expressed optimism about the future, citing the upcoming rollout of BakktX and the improving macro landscape. Despite challenges faced in 2024, Bakkt Holdings is focusing on its core business areas and exploring strategic alternatives for Bakkt Trust, which has seen limited market traction.