Digital asset platform Bakkt (BKKT) expects to incur quarterly net losses this year as the company invests in and grows its business, according to its fourth quarter and 2021 results.

The company, which went public in October via a special purpose acquisition company (SPAC) merger, said it expects to spend $150 million to $170 million this year to invest in future growth; Bakkt had roughly $390 million in cash on hand as of Dec. 31, 2021.

Among the areas it is investing in near term are crypto rewards and crypto reimbursements solutions. Bakkt is also working to expand offerings to enable open loop crypto wallets and offer more cryptos on its platform.

Bakkt shares fell almost 16% in early trading on Thursday.

For the fourth quarter, Bakkt reported net revenue (non-GAAP) of $13.7 million, up 45% year-over-year. The company said it sees net revenue of $60 million to $80 million in 2022, an increase of about 50%-100% over 2021.

Bakkt incurred significant non-cash charges related to the closing of its business combination with VPC Impact Acquisition Holdings to go public. One of those charges was for $79.4 million in a mark-to-market expense in the successor company related to the fair value of warrant liabilities issued by VPC prior to the merger.

Bakkt also took a non-cash compensation charge of $36 million for the predecessor firm and $47.2 million for the successor firm relating to the issuance of Class V common Bakkt stock and units of the former Bakkt parent company. Lastly, there were acquisition-related expenses of $12.7 million for the predecessor firm and $1.5 million for the successor firm.

Transacting accounts in the fourth quarter reached 867,000, up 13% year-over-year.