Bakkt shares slide as company explores sale or breakup options

Bakkt Holdings shares have declined following reports that the company was exploring strategic options, including a potential sale or breakup of its operations. On June 7, Bloomberg, citing people familiar with the matter, reported that the company had begun working with a financial advisor to assess these possibilities. However, no decision has been finalized, and […]

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NYSE Parents Crypto Platform Bakkt Considers Potential Sale: Report

Bakkt, a cryptocurrency platform backed by the New York Stock Exchange (NYSE) owner, is exploring a potential sale or even a breakup, Bloomberg reported, citing people familiar with the matter. However, Bakkt did not confirm or deny anything officially.

A Major Decision Incoming?

The report outlined that the Georgia-based company has been working with financial advisors and is considering a range of strategic options, which include a potential sale or a buyout. However, none of the decisions have been finalised yet, and the company could continue to operate independently.

The alleged consideration of the potential sale came after the company closed the first quarter of 2024 with a loss of $21 million on revenue of $855 million. It generated $780.1 million in revenue in 2023 when it narrowed down its net loss by a significant 89 percent to $225.8 million.

In 2024, the company is expected to generate total revenue between $3.29 billion and $5.11 billion.

A Stressed Company

Bakkt, set up by Intercontinental Exchange, was launched 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.

The company went public in November 2020 despite a slowdown after a broad audience, including the mainstream financial services sector, initially recognised cryptocurrencies. The company's share price dropped by 44 percent in the past year, while the year-to-date loss is 64 percent. Interestingly, the company's stocks gained 93.5 percent over the last month.

Earlier this year, Bakkt signalled a stressed future for the company because it had insufficient cash for its operations. However, the situation was mitigated as the company eventually strengthened its cash reserve.

Recently, Bakkt partnered with Crossover Markets to develop a cryptocurrency electronic communication network (ECN). Crossover will provide technology for Bakkt's upcoming crypto ECN, BakktX.

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Bakkt Investors Take Legal Action Over Loss of Webull and Bank of America Contracts

Bakkt Faces Class Action Lawsuit from Webull Users In recent news, Bakkt, a popular cryptocurrency exchange platform, finds itself entangled in a class action lawsuit initiated by users of the trading app Webull. The lawsuit alleges that Bakkt engaged in unfair and deceptive practices that harmed Webull users who transitioned to the platform. The lawsuit, [...]

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Bakkt Joins Unchained's Network for Enhanced Crypto Custody Solutions

Bakkt Holdings, Inc. has joined Unchaineds collaborative custody network, offering increased security and regulated custody for bitcoin assets. (Read More)

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Bakkt's Strategic Expansion Leads to Significant Revenue Growth Amid Crypto Market Recovery

Bakkt Holdings forecasts a substantial revenue increase and a 70% decline in operating cash flow usage for FY 2024, following a robust year of strategic advancements. (Read More)

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

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 firms 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, Bakkts 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.

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Bakkt appoints new co-CEO as focus shifts to cryptocurrency offerings

Bakkt, the renowned cryptocurrency platform, has recently appointed a new Co-CEO as part of its strategy to shift its focus towards digital assets. The decision to name a Co-CEO comes as Bakkt aims to bolster its position in the crypto market and adapt to the evolving landscape of the industry. The newly appointed Co-CEO, whose [...]

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Crypto Firm Bakkt Shakes Up Leadership, Names Board Member Andy Main New CEO

The current CEO Michael will step down to pursue other opportunities.Source: CoinDesk

The post Crypto Firm Bakkt Shakes Up Leadership, Names Board Member Andy Main New CEO appeared first on Crypto Breaking News.

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Cant Happen With Bitcoin: Bakkt Receives Delisting Warning From NYSE

Bakkt's shares closed at $0.6 on Wednesday, with a market cap of around $80M, down from $40 per share in October 2021.

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Bakkt Faces NYSE Delisting Over Low Share Price

Bakkt Holdings, Inc. grapples with NYSE non-compliance notice due to sub-$1 share price, considers reverse stock split among measures to regain compliance. (Read More)

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New Bakkt Study Shows Ongoing Crypto Interest and the Need for Regulation

A recent study by Bakkt Holdings Inc (NYSE: BKKT) reveals that people's interest in cryptocurrencies remains strong despite recent market fluctuations. (Read More)

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Bakkt partners with Caesars Entertainment to bring crypto rewards to the Las Vegas strip | Invezz

Bakkt Holdings, Inc., a company focused on unlocking the crypto economy for partners through commerce and loyalty programs, has announced a partnership with US-based casino-entertainment firm Caesars Entertainment (NASDAQ: CZR). The deal sees the Bakkt Crypto rewards come to the Las Vegas strip, with Caesars not just the leading entertainment company in the United States, ...

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Crypto Firm Bakkt Reports $1.5B in Impairment Losses in Q3

Bitcoin firm, Bakkt announced its Q3 performance report with a loss of $1.5B impairment loss (Read More)

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Bakkt Aims Fintech Expansion with a $200 Million Acquisition Deal

<p>Bakkt Holdings (NYSE: BKKT), the cryptocurrency subsidiary of Intercontinental Exchange, is aiming to bolster its cryptocurrency and expand into other areas like <a href="https://www.financemagnates.com/terms/f/fintech/" target="_blank" id="891edcf3-475e-45f3-a8b8-3ba2e7d37339_1" class="terms__secondary-term">fintech</a>, trading app platforms and neo-banks with its <a href="https://www.financemagnates.com/cryptocurrency/news/siam-commercial-bank-scraps-500m-acquisition-deal-of-crypto-exchange-bitkub/" target="_blank">decision to acquire</a> Apex Crypto.</p><p>Announced on Thursday, the crypto company has already signed a definitive agreement for the <a href="https://www.financemagnates.com/terms/a/acquisition/" target="_blank" id="3180494d-8751-4a02-9476-86dc1cd4d2e2_1" class="terms__main-term">acquisition</a> with Apex Fintech Solutions, which is the present owner of Apex Crypto.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">We’re excited to share we signed a definitive agreement to acquire Apex Crypto from <a href="https://twitter.com/apexfintech?ref_src=twsrc%5Etfw">@ApexFintech</a> <a href="https://t.co/kD54tIpIV6">https://t.co/kD54tIpIV6</a> <a href="https://t.co/229KWMqXfC">pic.twitter.com/229KWMqXfC</a></p>— Bakkt (@Bakkt) <a href="https://twitter.com/Bakkt/status/1588118501490843648?ref_src=twsrc%5Etfw">November 3, 2022</a></blockquote><p>“We found a unique asset in Apex Crypto, which will expand our crypto client base, provide us with faster speed to market for new crypto capabilities, and serve as an additional avenue for continued sales to a crypto-savvy audience through Apex Fintech Solutions,” said the CEO of Bakkt, Gavin Michael.</p><p>The acquisition is expected to diverse <a href="https://www.financemagnates.com/tag/bakkt/" target="_blank">Bakkt</a>’s revenue streams, allowing the company to scale up its business.</p><p>Bakkt agreed to pay a maximum purchase price of $200 million for the acquisition. There will be an initial payment of $55 million in cash at the closing of the deal. Additional sums of up to $45 million and up to $100 million will be paid in Bakkt stocks based on the performance of the acquired business in the fourth quarter of 2022 and achievements of financial targets through 2025, respectively.</p><p>The companies expect to close the acquisition deal by the first half of 2023, but it will depend on the necessary regulatory approvals.</p><p>Diversified Crypto Businesses</p><p>Apex Crypto was established in 2019 to allow investors to transition between trading equities and cryptocurrencies. It offers a turnkey platform for integrated crypto trading. Its services are aimed at more than 30 fintech firms and their customers.</p><p>Michael also believed that adding the complimentary business would make Bakkt a “crypto provider of choice for financial institutions, fintechs, merchants or loyalty programs that want to offer seamless crypto experiences to their customers.” The company is even considering offering 'innovative opportunities' like crypto rewards and <a href="https://www.financemagnates.com/cryptocurrency/why-you-cant-screenshot-nfts-and-is-it-just-a-fad-anyway/" target="_blank">NFTs</a>.</p><p>Apart from the monetary agreement, Bakkt and Apex Fintech Solutions further agreed to commercially partner for offering Bakkt’s crypto solutions to more than 220 clients of Apex.</p><p>“It’s our purpose at Apex to enable frictionless investing for everyone, and Bakkt’s team and platform are a tremendous complement to that,” said William Capuzzi, the CEO of Apex Fintech Solutions.</p> This article was written by Arnab Shome at www.financemagnates.com.

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Digital asset platform Bakkt set to acquire Apex Crypto for $200M

The company said the acquisition is expected to diversify and bolster Bakkt’s revenue as it scales its offerings.

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Bakkt Has Agreed to Acquire Apex Crypto for $200M

Bakkt has announced it has reached an agreement to acquire Apex Crypto (Read More)

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Sullivan Bank partners Bakkt to allow customers buy Bitcoin and Ethereum

Digital assets firm Bakkt Holdings, Inc. (NYSE: BKKT) has partnered with Sullivan Bank in a collaboration that will see the bank’s customers access crypto services via the Bakkt platform.

Sullivan Bank will tap into Bakkt’s Crypto Connect solution to allow its customers buy, sell and hold the cryptocurrencies, the companies said in a press release. As noted in the announcement, the first of the assets accessible to the bank’s customers are Bitcoin (BTC/USD) and Ethereum (ETH/USD).

Customers will access the service via their digital banking app, Bakkt head of marketing and sales Mark Elliot said in a statement.

“To make the experience seamless for Sullivan Bank and its customers, we provide the full strength of Bakkt’s platform including compliance, tax reporting, educational resources and customer care,” Elliot added.

Sullivan Bank was founded in 1895 and is one of several financial institutions to explore new opportunities for its clients. Bakkt, launched in 2018 by the Intercontinental Exchange (ICE), offers crypto payments and digital assets custody and is a great gateway to crypto. The platform has in recent months partnered Nexo (NEXO/USD) for crypto custody services and Mastercard to enable banks explore the burgeoning crypto industry.

With its Bakkt App and customer loyalty programmes among other products, the platform offers those new to crypto an easy and secure way to explore supported digital assets.

And as crypto as an asset class continues to see fresh demand among investors, Sullivan Bank believes using a regulated platform like Bakkt is important to customers. Mallory Farrell, the bank’s COO noted:

“Bakkt’s innovative platform will facilitate this new capability within our existing banking platform and customers will be able to view their crypto balance alongside their checking and savings balance all in the same place.”

Given recent warnings from the Federal Deposit Insurance Corporation (FDIC) to several crypto platforms and caution to the public, customers are reminded that “crypto assets are not FDIC-insured products and may lose value.”

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Bakkt: Nearly 50% of gig workers open to getting paid in crypto

Bakkt’s study carried out in June and July found that 38% of gig workers…

The post Bakkt: Nearly 50% of gig workers open to getting paid in crypto appeared first on CoinJournal.

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Global Payments Partners with Bakkt, Offering Crypto and Loyalty Programmes

The collaboration will enable Global Payments to provide its customers with the ability to pay using digital assets within the Bakkt App. (Read More)

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American Bank Inks Deal with Bakkt, Offering Trading & Holding of Tokens

To offer customers the option of accessing Bitcoin and Ethereum using their bank accounts, American Bank has partnered with Bakkt. (Read More)

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