Bakkt’s quarterly revenue rises to $348 million

Bakkt, the US institutional platform, reported results for the second quarter of 2023, with revenue reaching $348 million.

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

The number of active accounts at the firm also declined by 20%. In addition, the project’s net loss stood at $50.5 million.

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

“The completion of the deal to acquire Apex Crypto at the start of the quarter was a turning point for us. We are successfully expanding our presence in the crypto ecosystem, attracting new customers,” said Gavin Michael, the company’s chief executive.

After a series of changes in the business and leadership, the firm shifted its focus to a consumer payments app. However, according to The Block, after a relatively positive quarterly report the company is preparing to once again emphasise crypto custody.

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

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

In May, Bakkt management allowed the possibility of expanding its business in Europe amid a strengthening local regulatory framework.