Bakkt Reports Q3 Net Revenue Of $12.9 Million
For the third quarter, Bakkt reported a net loss of $1.5 billion, mostly due to its previously disclosed goodwill impairment charge.
Without accounting for impairment charges, the report indicates operating expenses of $60 million, more than double the nearly $30 million reported for the same period in the previous year.
Intercontinental Exchange (ICE), the platform’s largest shareholder, wrote down their investment from $1.5 billion in June to around $400 million in September, which is more than the $1.4 billion anticipated. As a result, the platform recorded a $1.54 billion impairment in the third quarter.
The third quarter’s revenue for the company was $12.9 million, up 41% from the same period last year.
As Coincu reported, Bakkt had acquired Apex Crypto, a crypto trading infrastructure startup, from Apex Fintech Solutions.
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