Bakkt, the American institutional platform, has unveiled its Q2 2023 results, marking a remarkable leap in revenue, totaling $348 million. This figure stands in stark contrast to the $14 million reported during the same period in the previous year. However, Bakkt did experience a decline of 51% in trading volume, which settled at $531 million.
The platform also observed a 20% reduction in active accounts and reported a net loss of $50.5 million.
Bakkt attributed the main source of funding to its recently acquired platform, Apex Crypto.
“The completion of the Apex Crypto acquisition early in the quarter was a pivotal moment for us. We’re making successful strides in expanding our footprint within the crypto ecosystem and attracting new clientele,” said Gavin Michael, the company’s CEO.
Despite initially shifting focus to a retail payments application, The Block reports that Bakkt appears to be re-emphasizing its commitment to cryptocurrency custody, buoyed by its relatively positive quarterly report.
“We’ve effectively onboarded new custody clients and are in advanced discussions with numerous potential partners,” Bakkt stated.
In the upcoming period, the firm is aiming to expand its platform by introducing more assets and integrating support for institutional staking.
It’s worth noting that in May, Bakkt’s leadership acknowledged the potential for business expansion in Europe, driven by the strengthening regulatory framework in the region.