Republican presidential nominee and former U.S. President Donald Trump gestures at the Bitcoin 2024 event in Nashville, Tennessee, U.S., July 27, 2024.Trump Media is reportedly in "advanced talks" to buy the cryptocurrency trading firm Bakkt, the Financial Times reported Monday, citing two people with knowledge of the talks.The news sent shares of both companies soaring. Trump Media, the Truth Social operator majority-owned by President-elect Donald Trump, suddenly shot up as much as 15% minutes after the F ...

Financial Data and Key Metrics Changes - Q3 crypto and loyalty services revenue was $13.4 million, down approximately 8.8% year-over-year, primarily due to a normalization of a one-time revenue share adjustment from the previous year [11][39] - Operating expenditures excluding crypto costs were $40.7 million, down 39.7% year-over-year, leading to a 48.2% reduction in operating loss compared to Q3 last year [12][43] - Total revenue for Q3 2024 was $328.4 million, with gross crypto services revenue increasing by 65% year-over-year [38] Business Line Data and Key Metrics Changes - Total initial traded volume was $476.5 million, with $314.9 million attributed to crypto and $161.6 million to loyalty redemptions [35] - Crypto notional traded volume was down 36.2% sequentially but up 64.9% year-over-year, indicating a recovery in trading activity [35] - New tokens introduced in Q3 contributed approximately 10% to overall trading volume, with additional coins launched in November [36] Market Data and Key Metrics Changes - As of November 12, Bakkt traded $279 million in notional volume, exceeding October's total by $114 million, achieving 169% of October's volume in the first 12 days of November [10] - The broader market only reached 78% of its October total during the same period, highlighting Bakkt's strong performance relative to the market [10] Company Strategy and Development Direction - Bakkt is focusing on expanding its client network and product offerings, particularly through BakktX, aimed at institutional clients [14][15] - The company is recalibrating its go-to-market approach to target established companies and international players entering the U.S. market [17] - A strategic decision was made to wind down Bakkt Trust due to lack of traction and high costs, allowing the company to focus on brokerage and institutional trading services [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the favorable market conditions following the U.S. presidential election, which has led to increased trading volumes [7][10] - Regulatory developments, such as the SEC's approval of crypto ETFs, are seen as positive indicators for the industry's growth [23][25] - The company anticipates a lower regulatory capital requirement, which would free up working capital and support its strategic initiatives [21] Other Important Information - Bakkt ended Q3 with $35.7 million in cash and cash equivalents, having utilized $25 million during the quarter [47] - The company expects to end the year with $34 million to $39 million in available cash, considering lower revenue expectations and higher expenses [51][52] Q&A Session Summary Question: What is Bakkt doing to bring its products to the market? - Management emphasized the focus on delivering innovative products, particularly BakktX, to capitalize on institutional interest in crypto trading [53][54] Question: What is the long-term vision for the company? - The long-term vision is to establish Bakkt as a leader in the crypto ecosystem, focusing on delivering value through its retail trading platform and institutional solutions [57][58]

Third Quarter 2024 Earnings November 14, 2024 Important notice Unless the context otherwise provides, "we," "us," "our," "Bakkt" and like terms refer to Bakkt Holdings, Inc. and its subsidiaries. FORWARD-LOOKING STATEMENTS This presentation and accompanying oral presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, but are not limited to, Bakk ...

Financial Performance - Total revenues for the three months ended September 30, 2024, were $328.4 million, an increase of $123.6 million or 60.5% compared to $204.8 million for the same period in 2023 [232]. - Crypto services revenue increased by $124.6 million, or 65.0%, reaching $316.3 million for the three months ended September 30, 2024, driven by increased crypto trading volume [236]. - Loyalty services revenue decreased by $0.9 million, or 7.2%, totaling $12.1 million for the three months ended September 30, 2024, primarily due to a reduction in transaction revenue [237]. - The company reported an operating loss of $27.4 million for the three months ended September 30, 2024, compared to an operating loss of $52.9 million for the same period in 2023 [231]. - The company recorded a gain of $20.0 million from the change in fair value of warrant liabilities for the three months ended September 30, 2024, compared to a loss of $0.2 million in the same period of 2023 [251]. - The company reported a net loss of $6.291 million for the three months ended September 30, 2024, compared to a net loss of $51.749 million for the same period in 2023 [297]. Operational Metrics - As of September 30, 2024, the company had 6.5 million crypto-enabled accounts, up from 6.2 million as of December 31, 2023 [226]. - Unique monthly transacting accounts were 0.6 million for the three months ended September 30, 2024, a decrease from 2.1 million for the nine months ended September 30, 2024 [227]. - Notional traded volume was $476.5 million for the three months ended September 30, 2024, compared to $2,189.5 million for the nine months ended September 30, 2024 [228]. - Assets under custody increased to $938.7 million as of September 30, 2024, from $701.6 million as of December 31, 2023 [229]. - The safeguarding obligation liability related to crypto assets held for other parties was approximately $938.7 million as of September 30, 2024 [223]. Expenses and Costs - Operating expenses for the three months ended September 30, 2024, increased by $98.2 million, totaling $355.8 million, primarily driven by higher crypto trading costs [233]. - Crypto costs increased by $123.4 million, or 65.2%, to $312.8 million for the three months ended September 30, 2024, compared to the same period in 2023, driven by improved trading volume [239]. - Execution, clearing, and brokerage fees rose by $1.5 million, or 216.6%, to $2.2 million for the three months ended September 30, 2024, reflecting increased crypto transaction volume [240]. - Compensation and benefits decreased by $3.5 million, or 14.3%, to $21.1 million for the three months ended September 30, 2024, primarily due to reductions in salaries and non-cash compensation [241]. - Professional services expenses surged by $3.4 million, or 172.5%, to $5.3 million for the three months ended September 30, 2024, mainly due to increased legal fees [243]. Strategic Developments - The acquisition of Bakkt Crypto Solutions was completed on April 1, 2023, enhancing the company's B2B2C growth strategy [203]. - Following the SEC's approval of spot-traded bitcoin and Ethereum ETFs, institutional investor interest in crypto has significantly increased [202]. - Bakkt Crypto Solutions had agreements with over 30 fintech clients at the time of acquisition, expanding its customer base [206]. - The company is enhancing its trading platform to support larger orders and recurring buys, targeting institutional execution [204]. - Bakkt is currently exploring strategic alternatives for Bakkt Trust due to its lack of market traction and high capital costs [190]. Cash Flow and Financing - As of September 30, 2024, the company had $29.0 million in cash and cash equivalents and $35.3 million in restricted cash [271]. - The company raised net proceeds of approximately $46.5 million from Concurrent Offerings in March and April 2024 [272]. - Net cash flows provided by financing activities during the nine months ended September 30, 2024 were $44.1 million, mainly from $46.5 million in proceeds from Concurrent Offerings [285]. - Net cash inflows from changes in operating assets and liabilities for the nine months ended September 30, 2023 were primarily driven by a $24.8 million increase in customer funds and a nonrecurring return of a $15.2 million deposit [282]. - Net cash flows provided by investing activities for the nine months ended September 30, 2023 amounted to $65.7 million, including $163.2 million from the sale of available-for-sale securities and $44.3 million net cash used to acquire Bakkt Crypto [284]. Adjusted Metrics - Adjusted EBITDA loss for the three months ended September 30, 2024 increased by $2.1 million or 9.8% compared to the same period in 2023, primarily due to a $1.3 million decrease in revenue less crypto costs [299]. - Adjusted EBITDA loss for the nine months ended September 30, 2024 decreased by $17.0 million or 22.7% compared to the same period in 2023, attributed to increased revenues and a $16.8 million decrease in compensation and benefits expense [299].

Bakkt Reports Third Quarter 2024 Results • BakktX successfully tested, institutional client rollout to begin Q4'24 • Net loss improved 87.8% year-over-year ALPHARETTA, GA – November 14, 2024 – Bakkt Holdings, Inc. ("Bakkt" or the "Company") (NYSE: BKKT) announced its financial and operational results for the quarter ended September 30, 2024. CEO Comments: "Since the U.S. Presidential election, we've seen a dramatic increase in trading volumes driven by favorable macro sentiment and rising crypto prices," sa ...

Bakkt Holdings, Inc. (BKKT) shares soared 13.8% in the last trading session to close at $10.55. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 7.1% loss over the past four weeks.The stock benefits from the company's advancements in partnerships across both traditional and digital assets, enhancing its deep liquidity offerings and robust analytics, risk management, pricing, and trade-matching engines. This company is expected to ...

Bakkt Holdings, Inc. (NYSE:BKKT) Q2 2024 Earnings Conference Call August 14, 2024 8:00 AM ET Company Participants Andy Main - CEO Ray Kamrath - CCO, Crypto Business Karen Alexander - CFO Olivia Keavey - IR Conference Call Participants Spencer James - Jefferies Operator Greetings, and welcome to the Bakkt Second Quarter 2024 Earnings Conference Call. [Operator instructions] As a reminder, this conference call is being recorded. I will now turn over to Olivia Keavey, Senior Lead of Communications at Bakkt. Pl ...

Bakkt Holdings, Inc. (BKKT) came out with a quarterly loss of $2.67 per share versus the Zacks Consensus Estimate of a loss of $1.77. This compares to loss of $4.75 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -50.85%. A quarter ago, it was expected that this company would post a loss of $2.25 per share when it actually produced a loss of $1.86, delivering a surprise of 17.33%. Over the last four quarters, the company has ...

Second Quarter 2024 Earnings Important notice Unless the context otherwise provides, "we," "our," "Bakkt" and like terms refer to Bakkt Holdings, Inc. and its subsidiaries. FORWARD-LOOKING STATEMENTS This presentation and accompanying oral presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, but are not linrited to, Bakk's guidance and outloo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Emerging growth company ☒ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number: 001-39544 BAKKT HOLDINGS, INC. (Exact name of registrant as specified in its charter) Dela ...