Bakkt Eyes Double Revenue Growth in 2022

Bakkt set a goal to grow revenue from $39.4 million last year to $60 million–$80 million for 2022. Such expectations were presented by the management of the institutional platform after the publication of the financial results.

On October 14, shareholders of VPC Impact Acquisition Holdings, at an extraordinary meeting approved the merger with Bakkt.

The combined company’s revenue rose 38% for the full year 2021. The driver was a substantial rise in transactional revenue from loyalty programs.

In the fourth quarter, year-on-year, the volume of digital asset conversions rose 34%, to 222 million. The number of accounts on the platform that conducted at least one transaction increased by 13% to 867,000.

The company warned that in 2022 it would remain unprofitable due to active investment in business development. For these purposes Bakkt will allocate $150 million–$170 million from its cash cushion of $390 million (as of the end of 2021).

“We are working with our partners to roll out in the near term new solutions such as rewards and crypto payouts,” said Gavin Michael, CEO of Bakkt.

In the fourth quarter, the platform’s partner network added Manasquan Bank, Hanover Bank and Valliance Bank, BringMeThat.com, Nexo and Wyndham Rewards.

Earlier, Valliance Bank announced the ability to buy, sell and store digital assets thanks to Bakkt.

In November 2021, the platform announced the integration of Ethereum into its services.

Earlier, Bakkt launched a mobile app that lets users store, buy and sell Bitcoin. The digital wallet is available on iOS and Android.

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