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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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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.