Bakkt Shares Fall After Crypto Firm Posts Third-Quarter Loss

The digital asset exchange said it had a loss in the third quarter, though revenue rose from last year’s third quarter.

Nov 12, 2021 at 3:08 p.m. UTC
Updated Nov 12, 2021 at 4:39 p.m. UTC

Publicly traded crypto firm Bakkt (NYSE: BKKT) posted a net loss of $28.8 million for the third quarter, versus a net loss of $18 million in the same period a year ago.

Additionally, Bakkt had an operating loss of $29.9 million in the third quarter, compared with a loss of $17.7 million a year earlier. Shares fell about 7% in premarket trading after the earnings release.

Bakkt posted third-quarter net revenue of $9.1 million, compared with $8.5 million in the second quarter. Bakkt said in a statement its net revenue rose year over year given an increase in customer activity in loyalty redemptions and adding a “large financial institution” on its loyalty platform.

In late October, the company announced two separate partnerships with Mastercard and Fiserv to expand crypto payment capabilities. At the time, Bakkt stock surged a whopping 234% on the news.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Michael Bellusci is CoinDesk's crypto payments reporter.