Q3 2024 Bakkt Holdings Inc Earnings Call Transcript
Key Points
- Bakkt Holdings Inc (BKKT) experienced a significant increase in notional trading volumes, surpassing October's total volume by 114 million in just the first 12 days of November.
- The company successfully commenced trading on the BakktX platform, marking the beginning of a broader rollout strategy to institutional clients.
- Bakkt Holdings Inc (BKKT) onboarded Blackwire onto its brokerage infrastructure solution, expanding its client network and product offerings.
- The company introduced 9 new coins to its Bakkt crypto solutions platform, which contributed to a notable improvement in trading volumes.
- Bakkt Holdings Inc (BKKT) achieved a 39.7% reduction in operating expenditures year-over-year, driven by cost reduction initiatives.
- Q3 crypto and loyalty services revenue was down approximately 8.8% from the same quarter last year.
- The company experienced a 36.2% sequential decline in crypto notional traded volume.
- Bakkt Holdings Inc (BKKT) is considering winding down Bakkt Trust due to its lack of market traction and high cost of capital.
- Total expenses for the quarter were $355.8 million, including $315.0 million of crypto cost in execution, clearing, and brokerage fees.
- The company adjusted its full-year 2024 outlook, forecasting lower loyalty revenue and crypto revenue contributions at the low end of the previously provided range.
greetings, and welcome to the Bakkt third-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded. I will now turn the conference over to Cody Fletcher, Investor Relations Adviser at Bakkt. Please go ahead.
Good morning, and thank you for joining Bakkt's third quarter earnings call. Before we get started, I'd like to remind everyone that today's earnings call includes a separate supplemental presentation that can be found at our Investor Relations website at www.investors.bakkt.com.
During today's call, we will make certain forward-looking statements. These statements are based on management's current expectations and are subject to risks and uncertainties which may cause actual results to differ materially from those expressed or implied in such forward-looking statements. For a more complete discussion on forward-looking statements and the risks and
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
