Bakkt: Total revenue in 2023 will be US$780.1 million, and institutional-grade trading services are expected to be launched in Q3

Bakkt announced financial and operating results for the quarter and full year ended December 31, 2023, including: Total quarterly crypto services revenue was $199.4 million, with related crypto costs and execution, clearing and brokerage fees of $197.8 million; Quarterly total revenue was $214.5 million, including gross cryptocurrency revenue and net loyalty revenue, and full-year total revenue was $780.1 million; Total quarterly operating expenses were $293 million, excluding crypto costs, execution, clearing and brokerage fees, and goodwill, intangible and long-lived asset impairments, quarterly operating expenses were $27.8 million, down 55% year over year; Recently completed preliminary closing of $42.4 million in gross proceeds from a simultaneous registered direct offering with third-party investors and Intercontinental Exchange (ICE) to strengthen liquidity and balance sheet position; Expanding institutional crypto-grade currency capabilities with the recent launch of collaborative custody and anticipating the launch of institutional-grade trading services in Q3 2024. In addition, Bakkt updated its full-year expected outlook for 2024: total revenue for the full year of 2024 is expected to increase significantly year-on-year, reaching US$3.292 billion to US$5.114 billion, and operating cash flow usage for the full year of 2024 is expected to decline by approximately 70% year-on-year. to $58 million to $72 million. (BusinessWire)