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CDS Crypto News Analysis Predicts Bakkt’s Possible Collapse Within a Year, According to Recent Report

Crypto News

Analysis Predicts Bakkt’s Possible Collapse Within a Year, According to Recent Report

The exchange supported by ICE has declared its struggle to maintain financial viability.

sevval08/02/20241 Mins read357

The Exchange Supported By Ice Has Declared Its Struggle To Maintain Financial Viability.

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.

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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.

Analysis Predicts Bakkt's Possible Collapse Within A Year, According To Recent Report

Sources:cryptopotato

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sevval

Şevval has been actively writing since 2022 and is a third-year mathematics student at Ankara University. Her interest in writing is shaped particularly around innovative technologies such as Web3, artificial intelligence, and blockchain. She closely follows developments in these fields and aims to convey complex topics to readers in a clear and engaging manner. She enjoys combining her mathematical knowledge with technology to create content and strives to raise awareness about the digital world of the future.

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