Bakkt, a cryptocurrencycurrency custody and trading platform listed on the New York Stock Exchange (NYSE), has released its financial report for 2023. It reported revenues of $780 million and a net loss of $226 million, representing an 89% decline from 2022.
The decrease in loss was attributed to the increase in revenue following the April acquisition of Bakkt Crypto. $1,008 million was spent on operating costs associated with the transaction, mostly on acquisition-related fees and increased bitcoin costs.
Notably, Bakkt had a 49% drop in notional traded volume, possibly due to a decline in industry activity and a decline in the usage of Webull Pay, a partner app. Looking ahead, Bakkt projects a rise in cryptocurrencycurrency prices and a notable increase in revenue of up to $5,114 million by 2024.
Strategy plans for 2024 were provided by CEO Andy Main, with a focus on increasing clients, improving product offerings, and controlling costs. However, once the company’s shares fell below $1.00 per share, Bakkt received a warning from the NYSE, leading Andy Main to succeed Gavin Michael as CEO. The stock closed on Monday at $0.54.
Bakkt’s financial performance improved in 2023 as a result of strategic initiatives and revenue growth under new management, showcasing the company’s adaptability and potential for long-term success in the quickly evolving cryptocurrencycurrency market.
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