Bakkt’s quarterly revenue rises to $348 million

The American institutional platform Bakkt reported its results for the second quarter of 2023, following which its income reached $348 million.

For comparison, for the same period last year, the figure was only $14 million. At the same time, Bakkt’s trading volume decreased by 51% to $531 million.

The firm’s active accounts also dropped by 20%. In addition, the net loss of the project amounted to $50.5 million.

Bakkt representatives noted that the main influx of funds came from the recently purchased Apex Crypto platform.

“The completion of the acquisition of Apex Crypto at the beginning of the quarter was a turning point for us. We are successfully expanding our presence in the crypto ecosystem by attracting new customers,” said Gavin Michael, CEO of the company.

After a series of business and leadership changes, the firm shifted its focus to a retail payment application. However, according to The Block, after a relatively positive quarterly report, the firm is gearing up to re-emphasize the custody of cryptocurrencies.

“We have successfully signed new custody clients and are in late-stage negotiations with numerous potential partners,” Bakkt said.

In the near future, the firm plans to add more assets to the platform and integrate support for institutional staking.

Recall that in May, Bakkt management admitted the possibility of developing business in Europe against the backdrop of strengthening the local regulatory framework.

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