Bakkt is cutting staff after warning earlier this year about the future of the company.The cryptocurrency platform said in a securities filing Friday (May 3) that it is laying off 28 workers, or 13% of its non-call center staff.“The reduction in force is a component of a broader strategic review of the company’s operations that is intended to more effectively align resources with business priorities,” the filing with the Securities and Exchange Commission (SEC) said.The document also notes that Charles Good ...

Bakkt (NYSE:BKKT) stock has been on a wild ride recently as the company’s shares underwent a reverse stock split last week.That reverse stock split took place when markets closed on Friday. As a result, traders are starting to see the effects of this split on Monday morning. That’s resulted in some massive jumps and drops in price as exchanges adjust their prices.The BKKT reverse stock split has Bakkt consolidate 25 shares of its stock into a single share. The company underwent a reverse stock split to boos ...

Bakkt Holdings, Inc. (NYSE:BKKT) Q4 2023 Earnings Call Transcript March 25, 2024 5:00 PM ET Company Participants Ann DeVries - Head, IR Andy Main - Incoming CEO Karen Alexander - CFO Conference Call Participants Andrew Bond - Rosenblatt Securities Peter Christiansen - Citi John Roy - Water Tower Research Operator Greetings, and welcome to the Bakkt Quarter Fourth and Full Year 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow t ...

Unless the context otherwise provides, "we," "us," "our," "Bakkt" and like terms refer to Bakkt Holdings, Inc. and its subsidiaries. Perspectives on the Business CEO perspectives on the business Our products and secure platform are in a good place Our company is at an inflection point We are laser focused on enhancing shareholder value We are well-positioned to capitalize on crypto market opportunities Continuing to build business momentum and executing to scale the business efficiently will drive us toward ...

Bakkt Loyalty Solutions: We operate our Loyalty Solutions business primarily in the United States and in Canada under the legal entities Bridge2 Solutions, LLC, Bridge2 Solutions Canada Ltd and Aspire Loyalty Travel Solutions, LLC. This business enables clients (including financial institutions, airlines and other loyalty sponsors) to enable their customers - who hold their loyalty points - to redeem those points for items including travel and merchandise. To that end, our Loyalty Solutions business enables ...

Financial Performance - Quarterly gross crypto services revenues reached $199.4 million, with associated crypto costs and execution, clearing, and brokerage fees of $197.8 million[2]. - Total revenues for FY23 were $780.1 million, a significant increase from $56.2 million in FY22[24]. - Total revenues for Q4 2023 reached $214.5 million, a significant increase from $15.9 million in Q4 2022, representing a growth of 1,250%[50]. - Crypto services generated $199.4 million in Q4 2023, compared to only $0.3 million in Q4 2022, indicating a substantial increase in demand[50]. - The net loss attributable to Bakkt Holdings, Inc. for FY23 was $74.9 million, an improvement from a net loss of $578.1 million in FY22[50]. - The company reported a net loss of $78.7 million for Q4 2023, an improvement from a net loss of $326.4 million in Q4 2022[38]. - Basic net loss per share for Q4 2023 was $(0.29), an improvement from $(1.23) in Q4 2022[50]. Operating Expenses - Total operating expenses for the quarter were $293.0 million, with operating expenses excluding crypto costs down 55% year-over-year to $27.8 million[2][7]. - Operating expenses decreased to $293.0 million in Q4 2023 from $347.9 million in Q4 2022, reflecting a reduction of approximately 15.8%[50]. - Goodwill and intangible assets impairments were $37.2 million in Q4 2023, down from $274.4 million in Q4 2022, indicating a positive trend[50]. - Goodwill, intangible, and long-lived assets impairments for FY23 were $90.8 million, down 95% from $1,833.6 million in FY22[24]. Future Projections - Full year 2024 revenues are expected to be between $3,292 million and $5,114 million, including gross crypto revenues of $3,239 million to $5,057 million[6]. - Full year 2024 total operating expenses, excluding crypto costs, are projected to be $160 million to $170 million[6]. - The company expects to reduce full year 2024 operating cash flow usage by approximately 70% year-over-year to between $58 million and $72 million[18]. - Free Cash Flow for FY 2024 is projected to be between -$65 million and -$79 million, indicating continued cash outflow[47]. Assets and Liabilities - As of December 31, 2023, total assets increased to $966.9 million from $455.5 million as of December 31, 2022, representing a 112.4% growth[36]. - Total liabilities rose to $831.2 million as of December 31, 2023, compared to $119.4 million as of December 31, 2022, marking a 694.1% increase[36]. - The company’s accumulated deficit increased to $(751.3) million as of December 31, 2023, from $(676.4) million a year earlier[36]. - The total stockholders' equity decreased to $135.7 million as of December 31, 2023, from $336.1 million in the previous year, a decline of 59.6%[36]. Market and Product Development - Crypto-enabled accounts increased to 6.2 million, while transacting accounts decreased by 39% year-over-year to 915,000[7]. - Assets under custody increased by 41% year-over-year to $702 million due to higher coin prices[7]. - The company plans to launch institutional trading services in Q3 2024, enhancing its product offerings[2][19]. - The company plans to continue focusing on new product development and market expansion in the crypto economy[41]. - The company is focusing on expanding its crypto services and improving operational efficiency as part of its future strategy[50].

ALPHARETTA, Ga.--(BUSINESS WIRE)--Bakkt Holdings, Inc. (NYSE: BKKT) today announced that Andy Main has been appointed President and Chief Executive Officer, effective March 26, 2024. He will succeed Gavin Michael, who is stepping down to pursue other opportunities. Michael will serve in an advisory role through March 2025 to assist in the leadership transition and advise the Board and executive team on strategic matters. Andy Main has served on Bakkt’s Board of Directors since its public listing in 2021 an ...

ALPHARETTA, Ga.--(BUSINESS WIRE)--Bakkt Holdings, Inc. (“Bakkt”) (NYSE: BKKT) today announced that the company is available now as a key agent for Unchained’s enterprise collaborative custody product. This collaborative model helps bitcoin holders increase security when safeguarding their assets through the use of a vault secured by multiple institutional key agents. As a part of the network, Bakkt will serve as an institutional signatory for Unchained customers' multi-signature vaults. “ Secure and regula ...

The fundraise comes after dire warnings of insolvency at Wall Street’s once-hot crypto infrastructure play.SOPA Images/LightRocket via Getty ImagesCrypto infrastructure firm Bakkt completed two securities purchase agreements collectively worth $32.4 million on Monday after it warned investors of a cash crunch last month.The first transaction involved the issuance of approximately 35 million shares of Bakkt’s Class A common stock and pre-funded warrants at about 87 cents per share in a registered direct offe ...

ALPHARETTA, Ga.--(BUSINESS WIRE)--Bakkt Holdings, Inc. (“Bakkt”) (NYSE: BKKT) today announced that it has entered into two securities purchase agreements, which relate to: The purchase and sale of 46,136,102 shares of its Class A common stock (or pre-funded warrants to purchase shares of Class A common stock in lieu thereof with an exercise price of $0.0001) and accompanying Class 1 warrants and Class 2 warrants to purchase up to an aggregate of 46,136,102 shares of its Class A common stock in a registere ...