Crypto News– Bakkt, a publicly-traded company specializing in software solutions for cryptocurrency trading and ownership, along with non-crypto-related loyalty point redemption, has recently announced concerns about its cash reserves, indicating it may not have sufficient funds to sustain operations for the next twelve months.
Analysis Predicts Bakkt’s Possible Collapse Within a Year, According to Recent Report
Initially founded by the Intercontinental Exchange (ICE), which also owns the New York Stock Exchange, Bakkt saw its shares enter public trading. Despite this, ICE still maintains a significant 68% ownership stake in the company, as indicated in a statement from 2021, the year Bakkt went public.
Established in 2018 with a mission to enable corporations like Starbucks to accept cryptocurrency payments from customers, Bakkt was positioned as a gateway for large businesses to engage with Bitcoin, offering a means of purchasing crypto that would appeal to investors.
Revised Quarterly Statement
In an amendment recently submitted by Bakkt to its quarterly report filed with the SEC, the company revealed its current financial strain and cautioned the regulatory agency about the potential inability to sustain operations for the next twelve months or longer.
The firm expressed considerable uncertainty regarding its expansion into new markets and the growth of its revenue base, citing the rapidly evolving nature of the crypto asset landscape as a significant factor.
Leave a comment