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Bakkt “Alleviates” from Existence Woes: Ends 2023 with $780M in Revenue

Finance Magnates

Cryptocoins News / Finance Magnates 20 Views

Bakkt, a cryptocurrency platform backed by the New York Stock Exchange (NYSE) owner, has closed the final quarter of 2023 with a revenue of $214.5 million. With this, the annual revenue came in at $780.1 million, thus strengthening the firm’s cash reserves and minimizing the concerns over continuing its operations.

Strong Numbers for 2023

According to the financials published yesterday (Monday), the revenue included its gross crypto and net loyalty streams. Further, the company highlighted that its revenue from crypto services strengthened with the acquisition of Bakkt Crypto (formerly Apex Crypto).

However, the company still ended the year with an adjusted EBITDA loss of $93.9 million. Its net loss narrowed by a significant 89 percent to $225.8 million.

“Our focus for 2024 is on a set of strategic initiatives that will provide our business with efficient scale, including broadening our client network, expanding our product set, and prudently managing expenses,” Bakkt’s incoming President and Chief Executive Officer, Andy Main, said.

Bakkt, set up by Intercontinental Exchange, was founded in 2018 with the initial goal of facilitating Starbucks customers to purchase coffee with Bitcoin. The company gradually moved to offer cryptocurrency trading, primarily with derivatives and is now focusing on crypto custodian services. It even launched a digital wallet in 2021 but discontinued the services last year.

It went public in 2021, taking the reverse merger route with a blank-check company.

Strengthened Cash Flow and Outlook

In a filing with the Securities and Exchange Commission last month, the NYSE-listed warned about its future as it was facing a cash crunch.

“With our newly strengthened balance sheet, which helped put us in a position to alleviate the conditions that raised doubt about our ability to continue as a going concern, and improving crypto market conditions, we are excited about the opportunities in 2024 to execute on our key priorities and drive our company towards profitability,” Main added.

For 2024, the company now expects to generate a total revenue between $3.29 billion and $5.11 billion.

This article was written by Arnab Shome at www.financemagnates.com.
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