Bakkt Reports Second Quarter 2024 Results

ALPHARETTA, Ga.--(BUSINESS WIRE)--Bakkt Holdings, Inc. (“Bakkt” or the “Company”) (NYSE: BKKT) announced its financial and operational results for the quarter ended June 30, 2024.

CEO Comments:

“We continue to make solid progress against our three key strategic priorities,” commented Andy Main, President and CEO of Bakkt. “Since last quarter, we have made significant strides in partnerships across traditional and digital assets to enable Bakkt’s solutions, which offer deep liquidity and strong analytics, risk management, pricing, and trade matching engines. Recently, we signed a letter of intent to work with Hidden Road to provide risk management and back-office functionality, which we believe will enhance our ability to manage and minimize counterparty and credit risk for institutional clients using BakktX. We expect this strategic partnership to strengthen our competitive advantage, positioning us to better serve our client base and drive future growth.”

Key Performance Indicators:

• Crypto enabled accounts grew to 6.4 million, up 6.7% YoY.
• Transacting accounts decreased 39.1% year-over-year to approximately 719,281, primarily due to a large customer’s reduced activity in international markets.
• Notional traded volume increased 26.6% year-over-year to $672 million, primarily due to higher trading prices for crypto assets.
• Assets under custody increased 47.7% year-over-year to $975 million, primarily due to higher trading prices for crypto assets.