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Bakkt Shares Fall After Crypto Firm Posts Third-Quarter Loss

The digital asset exchange said it had a loss in the third quarter, though revenue rose from last year’s third quarter.

By Michael Bellusci
Updated May 11, 2023, 5:46 p.m. Published Nov 12, 2021, 3:08 p.m.
Bakkt Holdings, Inc. (NYSE: BKKT) Rings The Closing Bell® The New York Stock Exchange welcomes executives and guests from Bakkt Holdings, Inc. (NYSE: BKKT), today, Friday, October 22, 2021, in celebration of its recent listing and merger with VPC Impact Acquisition Holdings. To honor the occasion, Gavin Michael, CEO of Bakkt, joined by NYSE President Stacey Cunningham, rings The Closing Bell®. Photo Credit: NYSE
Bakkt Holdings, Inc. (NYSE: BKKT) Rings The Closing Bell® The New York Stock Exchange welcomes executives and guests from Bakkt Holdings, Inc. (NYSE: BKKT), today, Friday, October 22, 2021, in celebration of its recent listing and merger with VPC Impact Acquisition Holdings. To honor the occasion, Gavin Michael, CEO of Bakkt, joined by NYSE President Stacey Cunningham, rings The Closing Bell®. Photo Credit: NYSE

Publicly traded crypto firm Bakkt (NYSE: BKKT) posted a net loss of $28.8 million for the third quarter, versus a net loss of $18 million in the same period a year ago.

Additionally, Bakkt had an operating loss of $29.9 million in the third quarter, compared with a loss of $17.7 million a year earlier. Shares fell about 7% in premarket trading after the earnings release.

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Bakkt posted third-quarter net revenue of $9.1 million, compared with $8.5 million in the second quarter. Bakkt said in a statement its net revenue rose year over year given an increase in customer activity in loyalty redemptions and adding a “large financial institution” on its loyalty platform.

In late October, the company announced two separate partnerships with Mastercard and Fiserv to expand crypto payment capabilities. At the time, Bakkt stock surged a whopping 234% on the news.

Read more: Bakkt Expands Cryptocurrency Offering Beyond Bitcoin With Addition of Ether

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