Summary by Moomoo AI
Bakkt Holdings, a technology platform that connects the digital economy, has released its quarterly financial report for the period ending June 30, 2024. The company reported a significant increase in revenue, primarily driven by an uptick in crypto trading volume. Specifically, crypto services revenue surged by 48.3% to $497.1 million compared to the same period last year. Loyalty services revenue also saw a modest rise of 3.7%. Despite the revenue growth, Bakkt faced a net loss of $35.5 million for the quarter, although this was an improvement from the $50.5 million loss in the previous year. The company's operating expenses rose in line with revenue, largely due to increased crypto trading costs. Bakkt also reported a loss from the change in fair value of warrant liability...Show More