reports
- John Roy
- Ph.D
New CEO & CFO Highlight Significant Uptick in 2024 Activity and Plans ...
On March 28, 2024, WTR held a fireside chat with new CEO Andy Main and CFO Karen Alexander. This report contains a transcript of the conversation, which can be accessed on demand. The link is accessible in our full report. CEO Main began the call by discussing his overall experience leading and growing companies like Ogilvy and Deloitte Digital. He then highlighted that during the years on the Bakkt board (which continues), he has been actively engaged in the company’s strategy and operations. C...
- John Roy
- Ph.D
New CEO Comments on 4Q23 Earnings and the Way Forward
Bakkt’s new President and CEO Andy Main led the earnings call, where net revenue of $16.7 million was better than pre-announced, while the GAAP EPS loss of $0.29 was worse than our expectation of a $0.19 loss, driven by higher restructuring and goodwill write-downs. While 4Q23 was pretty much old news, Main highlighted how strong tailwinds in 1Q24 have led to significant notional crypto trading volume increases. He stated that, “QTD notional traded volumes have been very strong, with March QTD u...
- John Roy
- Ph.D
Total Capital Raise of $50MM Includes Support from ICE; Prelim 2023 Re...
Bakkt announced a $40 million registered direct offering with institutional investors and a $10 million concurrent registered direct offering with ICE. The raise is in line with the company’s long-term plan to achieve adjusted EBITDA break-even in year 3 after the IPO (2024) and raise capital at that time. The proceeds will be used to fund the business. The company’s recent filings disclosed a going concern issue. Today’s capital raise is intended to help the company meet its cash requirements a...
- John Roy
- Ph.D
Water Tower Hour Recap: Bakkt Discusses How SEC Approvals Likely Accel...
Founded in 2018, Bakkt builds solutions that enable its clients to grow with the crypto economy. Through institutional-grade custody, trading, and on-ramp capabilities, its clients leverage technology that is built for sustainable, long-term involvement in crypto. Bakkt Head of Institutional Solutions Ray Kamrath joined WTR’s Jesse Redmond and Dr. John Roy to discuss the company’s institutional crypto business, what the recent SEC Bitcoin ETF approval means, and what might be ahead for Bakkt and...
- John Roy
- Ph.D
Broadens Latin American Footprint While Entering Asia
In its continuing push in international markets, Bakkt announced on January 24 that it activated its crypto capabilities in several new international markets in Asia, Europe, North America, and South America with existing clients Hapi and SogoTrade. Bakkt crypto trading is now live in Hong Kong and Singapore with SogoTrade. Bakkt is excited about its entry into these markets given the rapid growth in their crypto economies. There are also plans to launch in additional international markets in th...
- John Roy
- Ph.D
Product Team Discusses Relaunch of Custody and How It Forms the Founda...
On December 14, WTR held a fireside chat with Andrew Sabola, Senior Director of Business Development, Ray Kamrath, Head of Institutional Solutions, and Sam Auch, Group Product Manager for Institutional Services. The conversation can be accessed on-demand and is accessible in our full report. On the call, the team highlighted the relaunch of Bakkt’s industrial strength crypto custody platform and its continued focus on enhancing its crypto capabilities for institutional clients. Its relaunched cu...
- John Roy
- Ph.D
Adding New Accounts as SoFi Migrates to Partner Blockchain.com
On November 29, 2023, Blockchain.com announced it is partnering with SoFi so users can migrate their crypto accounts to the Blockchain.com platform. Bakkt provides the platform for Blockchain.com in seven states: HI, LA, NJ, NV, TN, TX, and VA. The additional SoFi accounts in these states will come onto the Bakkt platform for crypto trading. Bakkt announced Blockchain.com as a new client during its 2Q23 earnings call in August. The company’s ability to quickly onboard, activate, and expand its ...
- John Roy
- Ph.D
CEO and CFO Highlight Growth Plans for 2024 and Success in Expense Man...
On November 16, WTR held a fireside chat with CEO Gavin Michael, and CFO Karen Alexander. The conversation can be accessed on demand. Overall, the discussion highlighted the company’s success in expense management, its ability to navigate the tough trading environment, and its confidence in the rest of 2023 and into 2024. Michael highlighted the results of Bakkt’s recent 3Q23 earnings, including: (1) a focus on international efforts and rollouts to take place by the end of this year (Latin Ameri...
- John Roy
- Ph.D
3Q23 Earnings Show Solid Execution in a Challenging Environment
Bakkt reported a 3Q23 loss of $0.19/share on net revenue of $14.6 million, slightly below our estimates of a loss of $0.18/share loss on net revenue of $15.5 million (consensus was for a loss of $0.17/share on $16.1 million). The crypto environment continues to be challenging. President and CEO Gavin Michael said the quarter “clearly demonstrated our ability to execute” in a tough market. Michael also highlighted the company’s push and significant progress in expanding outside the US, which is i...
- John Roy
- Ph.D
Announcements Highlight Progress in International Markets and Custody
On November 9, Bakkt announced the expansion of its international footprint and custody client base. Key to its international efforts is expectations to be live with crypto capabilities across new Latin American, European, and Asian markets by year-end. CEO Gavin Michael said the company was “working efficiently to expand into international regions with more regulatory clarity and sizeable addressable markets.” Specifically, Bakkt is initially launching in three geographies: (1) Latin America: B...
- John Roy
- Ph.D
Lightning Network Going Mainstream
On October 23, Bakkt announced that it was supporting the new Universal Money Address (UMA) open standard for money transmission. This is being done in collaboration with Lightspark, where Bakkt will be one of its initial partners. The initial launch of the UMA-capable Lightning service will support cross-border remittances, B2B settlement, instantaneous deposits and withdrawals for trading, or globally interoperable P2P. Bakkt’s Chief Product Officer, Bitcoin & Crypto Dan O’Prey mentioned that ...
- John Roy
- Ph.D
Water Tower Hour Recap: Bakkt Highlights the Latest in Cryptocurrencie...
Founded in 2018, Bakkt builds solutions that enable its clients to grow with the crypto economy. Through institutional-grade custody, trading, and on-ramp capabilities, its clients leverage technology that’s built for sustainable, long-term involvement in crypto. Bakkt Chief Product Officer Dan O’Prey joined us on The Water Tower Hour podcast to discuss Bakkt’s crypto infrastructure business, its history as part of ICE, cryptocurrency differences, its custody focus, and why it is different. The ...
- John Roy
- Ph.D
CEO and CFO Highlight Closing of Apex Acquisition, Expense Management ...
On August 16, WTR held a fireside chat with Bakkt CEO Gavin Michael and CFO Karen Alexander. The conversation can be accessed on demand on our website or the link in our full report. A transcript is included in this report. CEO Michael highlighted the results of Bakkt’s recent 2Q23 earnings, including: (1) the closing of the Apex Crypto acquisition; (2) new strategic alliances with Plaid and Fireblocks; (3) moves into international markets (Latin America, with the UK, the EU, Hong Kong, and Aust...
- John Roy
- Ph.D
2Q23 Revenues Jump on Apex Crypto Acquisition Closing; Adjusted EBITDA...
2Q23 revenue of $347.6 million now includes the Apex Crypto acquisition (rebranded as Bakkt Crypto Solutions). Net loyalty revenues of $12.3 million were down 8% Y/Y, driven by a reduction in volume-based service revenues. Adjusted EBITDA loss was down 17% Y/Y (from a $29.6 million loss to a $24.5 million loss) as the company has taken expense management steps. It expects operating cash flow usage for the full-year 2023 to be $78-84 million, down more than 20% from previous guidance. 2H23 opera...
- John Roy
- Ph.D
Chief Sales and Marketing Officer Highlights Continued Demand for Cryp...
On July 6, WTR held a fireside chat with Bakkt Chief Sales & Marketing Officer Mark Elliot. This report contains a transcript of the conversation, which can be accessed on demand. Elliot highlighted the results of Bakkt’s recent crypto sentiment survey, which revealed that despite all the recent negative crypto headlines and market turbulence, consumers’ overall purchase considerations generally are holding pretty steady... Elliot remains confident in Bakkt’s position as a B2B2C provider. The co...
- John Roy
- Ph.D
CEO and CFO Talk Apex Crypto Acquisition, 1Q23 Earnings, and the Outlo...
On May 17, we held a fireside chat with Bakkt CEO Gavin Michael and CFO Karen Alexander. This report contains a transcript of the conversation, which can be accessed on demand. Michael highlighted how impactful the Apex Crypto acquisition will be and how this is a pivotal time for Bakkt. He sees the combination of Bakkt's secure custody solutions with Apex Crypto's advanced trading capabilities making Bakkt the crypto infrastructure provider of choice. Through Apex, the company serves significan...
- John Roy
- Ph.D
Regulatory Panel with Former SEC Counsel and Bakkt General Counsel
On May 10, Bakkt hosted a webinar, "The Race to Crypto Regulation and How We Stay Innovative." On the panel were Steptoe & Johnson Partner and Former SEC Counsel Coy Garrison and Bakkt General Counsel and Secretary Marc D'Annunzio. The panel was moderated by Bakkt Head of Communications Lauren Post. The webinar is available on-demand. Garrison pointed to a Congressional hearing that was held on May 10 as a sign that the US is working on crypto regulation, but a number of federal agencies are cla...
- John Roy
- Ph.D
1Q23 Revenue Grew 4% Y/Y; Apex Acquisition Closes Bringing Nearly 6 Mi...
1Q23 revenue grew 4% Y/Y in a tough market. Expense control improved with opex, excluding a non-recurring restructuring charge, down 11% Y/Y. These results do not include Apex Crypto, but the 2Q23 report and beyond will include it. The acquisition of Apex Crypto closed on April 1 and significantly changes Bakkt's trajectory. With the combined custody solutions from Bakkt and trading capabilities from Apex, the company will be positioned to become the crypto infrastructure provider of choice. Add...
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