A crypto custody and trading platform, listed on the NYSE, disclosed its 2023 financial report, showing a $780M revenue with a $226M net loss, marking an 89% improvement from 2022.
This decrease in loss was attributed to increased revenue from Bakkt Crypto, acquired in April, which contributed significantly to its $1,008 million operating expenses due to higher crypto costs and acquisition-related fees.
Notably, Bakkt experienced a 49% decline in notional traded volume, partly due to reduced industry-wide activity and less usage of Webull Pay, its partner app. Looking ahead, Bakkt projects a substantial revenue increase of up to $5,114 million for 2024, accompanied by corresponding growth in crypto costs.
CEO Andy Main outlined strategic plans for 2024, focusing on expanding clientele, product offerings, and cost management. However, Bakkt faced a NYSE warning due to its stock price falling below $1.00 per share, leading to CEO Gavin Michael’s replacement by Andy Main. The stock closed at $0.54 on Monday.
Bakkt’s improved financial performance in 2023, driven by revenue growth and strategic initiatives under new leadership, reflects its resilience and potential for long-term success in the evolving cryptocurrency market.
Also Read: Bakkt Appoints Andy Main as CEO Amid NYSE Delisting Risk
