Bakkt cryptocurrency custody and trading platform, reveals annual revenues of $780.1 million in 2023.
During the fourth quarter of 2023, Bakkt reported generating a cumulative revenue of $214.5 million. This includes net loyalty and gross cryptocurrency revenues.
Gross crypto services revenues increased due to Bakkt’s acquisition of Bakkt Crypto (previously Apex Crypto), according to the report.
After strengthening its balance sheet in 2024, the cryptocurrency custody company intends to expand its operations. Andy Main, the prospective president and CEO of Bakkt, stated that the organization will concentrate on several initiatives this year. Executively, he explained:
“Our focus for 2024 is on a set of strategic initiatives that will provide our business with efficient scale, including broadening our client network, expanding our product set and prudently managing expenses.”
The organization also disclosed its projections for its operational activities in 2024 within the report. The corporation projects annual revenue ranging from $3.2 billion to $5.1 billion, as stated. This comprises between $3.2 billion and $5 billion in gross crypto revenues.
However, it also anticipates that its crypto expenses will be comparable to its crypto revenues, presumably indicating that its crypto business will break even.
According to the report by Main, the implementation of its new balance sheet facilitated the resolution of circumstances that had cast doubt on the organization’s sustainability.
Bakkt submitted a section of an amended quarterly report to the United States Securities and Exchange Commission on February 7 that included a notation that the company might “not be able to continue as a going concern.”
Consequently, the organization was facing a shortage of cash to support its activities in the upcoming year. The conditions that had previously cast doubt on Main’s ability to continue operations were, according to the company’s most recent report, which revealed favorable outcomes.
In addition, the prospective president of the organization was ecstatic about the improving market conditions in the cryptocurrency industry, stating that it would enable them to execute their top priorities and propel the business toward profitability.
