Quarterly net revenues of $15.6 million,
increased 14% year over year; full year net revenues of $54.6
million, increased 38% year over year
Strong customer activity with fourth quarter
digital asset conversion volume up 19% year over year and full year
digital asset conversion volume up 51% year over year
Available cash, cash equivalents and
available-for-sale securities1 of $239.4 million and
disciplined expense management, including recent corporate
restructurings that are expected to reduce headcount2 ~40%
by year-end 2023, provide significant liquidity
Full year 2023 outlook3 includes net revenues
of $62 million - $72 million, an increase of ~15% - 30% from 2022;
net cash used in operating activities of ($100 million) – ($110
million), improving ~5% - 15% from 2022; free cash flow (non-GAAP)
of ($105 million) – ($115 million), improving ~25% - 30% from
2022
Bakkt Holdings, Inc. (“Bakkt”) (NYSE: BKKT) announced its
financial and operational results for the quarter and full year
ended December 31, 2022.
“We are proud of all that we accomplished throughout 2022
despite an incredibly difficult market environment,” said Gavin
Michael, President and CEO of Bakkt. “We delivered on our product
roadmap, worked closely with our partners to go-to-market, added
leading industry players to our partner network and announced our
acquisition of Apex Crypto. While market conditions continue to be
challenging, we are optimistic that our differentiated platform,
regulatory and compliance-first approach, balance sheet strength
and broad partner network will position us well for success. Our
priorities for 2023 will appropriately balance growth and
discipline, enabling us to be one of the best positioned crypto
companies when market conditions improve.”
Our priorities for 2023 are focused on a set of activities
that appropriately balance growth and discipline and that we expect
will drive value for Bakkt:
- Expand crypto platform with the following initiatives
- Invest in custody - expand flexibility and build upon our core
approach which is underpinned by proven sound infrastructure
centered around safety
- Expand through Apex Crypto - close the deal and integrate onto
our platform expeditiously. Plan to extend into new international
markets leveraging their existing partners
- Drive crypto to utility – enabling new ways to earn, reward and
pay, including through layer 2 protocols such as Bitcoin’s
Lightning Network
- Activate and broaden partner network – we continue to
collaborate closely and align roadmaps with our partners to
collectively bring platform capabilities to market. We will focus
on continuing to broaden our network with new partners and pipeline
of potential prospects. We recently announced a multi-faceted
strategic alliance with Caesars Entertainment. Our platform
will enable millions of Caesars Rewards® members to redeem their
rewards credits through Bakkt® Crypto Rewards4. As part of this
partnership, we are proud to sponsor the Bakkt Theater at Planet
Hollywood.
- Business simplification and expense management - remain
highly focused on prudently managing expenses and capital
allocation decisions. We will appropriately balance priorities to
invest in growth opportunities with overall firmwide expense
management. We recently simplified our business to focus on areas
that provide scalability and accelerate our path to profitability.
This resulted in corporate restructurings, which were implemented
in December 2022 and today. The recent restructurings are expected
to result in an approximately 40% decline in headcount2 (year-end
2022 vs. year-end 2023), $29 million in cash savings in 2023 and an
incremental $7 million in cash savings in 2024. As a result of
today’s restructuring, we expect a restructuring charge in first
quarter 2023 of ~$3.7 million – $4.1 million, which includes ~$2.3
million – $2.7 million of cash payments
_____________________
1
Includes other highly liquid assets such
as Treasury bills and notes; excludes restricted cash
2
Headcount includes exempt employees and
contractors, and excludes all headcount related to call centers
3
Outlook estimates exclude the net revenue
and expenses from Apex Crypto since the acquisition is subject to
regulatory approval
Full Year 2023 Outlook
- FY 2023 net revenues3 expected to grow to $62 million - $72
million, up ~15% - 30% from 2022.
- FY 2023 net cash used in operating activities expected to be
($100 million) – ($110 million), improving ~5% - 15% from
2022.
- FY 2023 free cash flow (non-GAAP) expected to be ($105 million)
– ($115 million), improving ~25% - 30% from 2022
- Our Apex Crypto acquisition, which is subject to regulatory
approval, is expected to close in the first half of 2023. We expect
to provide financial outlook after the close.
Fourth Quarter Financial Highlights (unaudited)
Successor
Predecessor
4Q21
$mm’s
4Q22
10/15/21 – 12/31/21
10/1/21
– 10/14/21
Increase/
(decrease)
Net revenues
$15.6
$11.5
$2.2
14%
Goodwill and intangible assets
impairments
271.9
-
-
NM
Operating expenses, other than goodwill
and
intangible assets impairments
73.2
86.0
52.6
(47)%
Total operating expenses
345.1
86.0
52.6
NM
Operating loss
(329.5)
(74.5)
(50.5)
NM
Net loss
(323.9)
(164.8)
(49.7)
NM
Adjusted EBITDA loss (non-GAAP)
$(30.5)
$(20.5)
$(2.9)
31%
Note: “NM” denotes Not Meaningful
- Net revenues of $15.6 million increased 14% year-over-year,
primarily driven by transaction revenue from the loyalty redemption
business.
- Transacting accounts of approximately 958,000 increased 11%
year-over-year. Digital asset conversion volume of $263 million
increased 19% year-over-year due to loyalty redemption related to
increased travel activity.
- Total operating expenses of $345.1 million increased
year-over-year, primarily driven by a non-cash goodwill and
intangible assets impairment charge of $271.9 million. Total
operating expenses include restructuring costs of $2.3
million.
- Net loss of $(323.9) million increased year-over-year.
- Adjusted EBITDA loss (non-GAAP) of $(30.5) million increased
31% year-over-year, due to higher compensation and benefits,
excluding share-based and unit-based compensation.
_____________________
4
These products are under development and
subject to regulatory approval
Full Year Financial Highlights (unaudited)
Successor
Predecessor
FY21
$mm’s
FY22
10/15/21 – 12/31/21
1/1/21
– 10/14/21
Increase/
(decrease)
Net revenues
$54.6
$11.5
$28.0
38%
Goodwill and intangible assets
impairments
1,819.6
-
-
NM
Operating expenses, other than goodwill
and
intangible assets impairments
251.4
86.0
168.0
(1)%
Total operating expenses
2,071.0
86.0
168.0
NM
Operating loss
(2,016.4)
(74.5)
(140.1)
NM
Net loss
(1,987.5)
(164.8)
(139.2)
NM
Adjusted EBITDA loss (non-GAAP)
$(119.7)
$(20.5)
$(68.7)
34%
Note: “NM” denotes Not Meaningful
- Net revenues of $54.6 million increased 38% year-over-year,
primarily driven by higher customer activity in our loyalty
redemption business.
- Transacting accounts of 3.0 million increased 16%
year-over-year. Digital asset conversion volume of $832.3 million
increased 51% year-over-year due to loyalty redemption related to
increased travel activity.
- Total operating expenses of $2,071.0 million increased
year-over-year, primarily driven by non-cash goodwill and
intangible assets impairment charges. In accordance with GAAP, we
conducted a quantitative test of goodwill and intangible assets for
impairment. Given the elongated timing for expected cryptoasset
product activations and the decline in our market capitalization,
as well as our decision to sunset the consumer app, it was
determined that our goodwill and intangible assets were impaired,
which resulted in non-cash impairment charges totaling $1,819.6
million.
- Net loss of $1,987.5 million increased year-over-year.
- Adjusted EBITDA loss (non-GAAP) of $(119.7) million increased
34% year-over-year, due to higher compensation and benefits,
excluding share-based and unit-based compensation.
Webcast and Conference Call Information
Bakkt will host a conference call at 5:00 PM ET, March 9, 2023.
The live webcast of Bakkt’s earnings conference call can be
accessed at https://investors.bakkt.com, along with the earnings
press release and accompanying slide presentation. Investors and
analysts interested in participating in the call are invited to
dial (844) 200-6205 or (646) 904-5544, and reference participant
access code 460923 approximately ten minutes prior to the start of
the call. A replay will be available promptly after the call and
can be accessed by dialing (866) 813-9403 and entering the access
code 905479. The replay will be available through April 8,
2023.
About Bakkt
Founded in 2018, Bakkt builds technology that connects commerce.
Our vision is to connect the digital economy by offering one
platform for cryptocurrency, loyalty, and commerce. We enable our
partners and clients to deliver new opportunities to their
customers through SaaS and API solutions that unlock crypto and
drive loyalty, powering engagement and performance. Bakkt is
headquartered in Alpharetta, GA. For more information, visit:
https://www.bakkt.com/ | Twitter @Bakkt | LinkedIn
https://www.linkedin.com/company/bakkt/.
Bakkt-E
Source: Bakkt Holdings, Inc.
Basis of Presentation
“Predecessor” information represents the results of Bakkt
Holdings, LLC prior to the business combination with VPC Impact
Acquisition Holdings (VIH), which closed on October 15, 2021.
“Successor” information represents the results of Bakkt Holdings,
Inc. from the date the business combination closed through the end
of the applicable period.
Note on Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such statements include, but are not limited to,
statements regarding the closing of the Apex Crypto acquisition and
the resulting impacts from that acquisition and Bakkt’s guidance,
plans, objectives, expectations and intentions with respect to
future operations, products, services and the application of
Bakkt’s available cash, among others. Forward-looking statements
can be identified by words such as “will,” “likely,” “expect,”
“continue,” “anticipate,” “estimate,” “believe,” “intend,” “plan,”
“projection,” “outlook,” “grow,” “progress,” “potential” or words
of similar meaning. Such forward-looking statements are based upon
the current beliefs and expectations of Bakkt’s management and are
inherently subject to significant business, economic and
competitive uncertainties and contingencies, many of which are
difficult to predict and beyond Bakkt’s control. Actual results and
the timing of events may differ materially from the results
anticipated in such forward-looking statements as a result of the
following factors, among others: Bakkt’s ability to grow and manage
growth profitably; changes in Bakkt’s business strategy; changes in
the market in which Bakkt competes, including with respect to its
competitive landscape, technology evolution or changes in
applicable laws or regulations; changes in the digital asset
markets that Bakkt targets; the possibility that Bakkt may be
adversely affected by other economic, business, and/or competitive
factors; changes to Bakkt’s relationships within the payment
ecosystem; the inability to launch new services and products or to
profitably expand into new markets and services; the inability to
execute Bakkt’s growth strategies, including identifying and
executing acquisitions and Bakkt’s initiatives to add new partners
and customers; Bakkt’s ability to obtain all the necessary
approvals to close its acquisition of Apex Crypto and successfully
integrate the Apex Crypto business and employees and to achieve the
expected benefits from the acquisition; the inability to develop
and maintain effective internal controls and procedures; the
exposure to any liability, protracted and costly litigation or
reputational damage relating to Bakkt’s data security; the impact
of any goodwill or other intangible assets impairments on Bakkt’s
operating results; the impact of any pandemics or other public
health emergencies, including the COVID-19 pandemic; Bakkt’s
inability to maintain the listing of its securities on the New York
Stock Exchange; and other risks and uncertainties indicated in
Bakkt’s filings with the Securities and Exchange Commission. You
are cautioned not to place undue reliance on such forward-looking
statements. Such forward-looking statements relate only to events
as of the date on which such statements are made and are based on
information available to us as of the date of this press release.
Unless otherwise required by law, we undertake no obligation to
update any forward-looking statements made in this press release to
reflect events or circumstances after the date of this press
release or to reflect new information or the occurrence of
unanticipated events.
Definitions
Digital asset conversion volume:
Dollar value of transaction volume across loyalty redemption,
crypto buy/sell and gift card purchases
Transacting accounts: Unique
accounts that perform transactions on the Bakkt platform each
month
Non-GAAP Financial Measures
Adjusted EBITDA is a non-GAAP financial measure, which we define
as earnings before interest, income taxes, depreciation,
amortization, acquisition-related expenses, share-based and
unit-based compensation expense, goodwill and intangible assets
impairments, restructuring charges, changes in the fair value of
our warrant liability and certain other non-cash and/or
non-recurring items that do not contribute directly to our
evaluation of operating results and are not components of our core
business operations. Adjusted EBITDA provides management with an
understanding of earnings before the impact of investing and
financing transactions and income taxes, and the effects of
aforementioned items that do not reflect the ordinary earnings of
our operations. This measure may be useful to an investor in
evaluating our performance. Adjusted EBITDA is not a measure of our
financial performance under GAAP and should not be considered as an
alternative to net income (loss) or other performance measures
derived in accordance with GAAP. Our definition of Adjusted EBITDA
may not be comparable to similarly tied measures used by other
companies.
Non-GAAP financial measures like Adjusted EBITDA have
limitations, should be considered as supplemental in nature and are
not meant as a substitute for the related financial information
prepared in accordance with GAAP. The non-GAAP financial measures
should be considered alongside other financial performance
measures, including net loss and our other financial results
presented in accordance with GAAP.
Reconciliation of GAAP Net Loss to Non-GAAP Adjusted EBITDA
Loss ($ in millions) (unaudited)
Successor
Predecessor
4Q22
10/15/21 - 12/31/21
FY
2022
10/1/21
- 10/14/21
1/1/21
- 10/14/21
Net loss
$(323.9)
$(164.8)
$(1,987.5)
$(49.7)
$(139.2)
Depreciation and amortization
7.0
5.4
25.4
0.5
9.6
Interest (income) expense
(1.0)
-
(1.9)
-
0.2
Income tax (benefit) expense
(2.5)
11.8
(11.3)
(0.8)
(0.6)
EBITDA
$(320.4)
$(147.7)
($1,975.3)
$(49.9)
$(130.0)
Acquisition-related expenses
4.5
1.6
5.7
12.7
24.8
Share-based and unit-based compensation
expense
2.9
45.9
32.1
30.7
33.9
(Gain) loss from change in fair value of
warrant liability
(3.5)
79.4
(16.6)
-
-
Goodwill and Intangible assets
impairments
271.9
-
1,819.6
-
-
Impairment of long-lived assets
11.5
1.2
11.5
3.6
3.6
Restructuring expenses
2.3
-
2.3
-
-
Other¹
0.3
(0.9)
1.0
-
(1.0)
Adjusted EBITDA loss
$(30.5)
$(20.5)
$(119.7)
$(2.9)
$(68.7)
1
Other comprised of ICE transition services
expense and cancellation of common units in the quarterly and
annual 2021 and 2022 periods, as well as gain on extinguishment of
software license liability in the quarterly and annual 2021
periods, and non-recurring bitcoin sale income in the annual 2021
period.
Free Cash Flow is a non-GAAP financial measure. Free Cash Flow
is cash flow from operations adjusted for “capitalized internal use
software development costs and other capital expenditures” and
“interest income.” We adjust for capitalized expenses associated
with internally developed software for our technology platforms
given they are a large component of our ongoing expense base given
our position as a technology platform company.
Information reconciling forward-looking Free Cash Flow to the
comparable GAAP financial measure is unavailable to us without
unreasonable effort. We are not able to provide a reconciliation of
forward-looking Free Cash Flow to the comparable GAAP financial
measure because certain items required for such reconciliations are
outside of our control and/or cannot be reasonably predicted, such
as timing of customer payments for account receivables and payment
terms for operating expenses. Preparation of such reconciliations
would require a forward-looking statement of income and statement
of cash flow, prepared in accordance with GAAP, and such
forward-looking financial statements are unavailable to us without
unreasonable effort (as specified in the exception provided by Item
10(e)(1)(i)(B) of Regulation S-K). We provide a range for our Free
Cash Flow forecast that we believe will be achieved, however we
cannot accurately predict all the components of the Free Cash Flow
calculation. We provide a Free Cash Flow because we believe that
Free Cash Flow, when viewed with our results under GAAP, provides
useful information for the reasons noted above. However, Free Cash
Flow is not a measure of liquidity under GAAP and, accordingly,
should not be considered as an alternative to net cash used in
operating activities as an indicator of liquidity.
Reconciliation of Operating Cash Flow to Non-GAAP Free Cash
Flow ($ in millions) (unaudited)
Successor
Predecessor
FY22
10/15/21-
12/31/21
1/1/21/
-
10/14/21
Net cash used in operating activities
$(118.0)
$(83.4)
$(50.9)
Capitalized internal-use software
development costs and other capital expenditures
(30.5)
(3.6)
(12.1)
Interest (income) expense, net
(1.9)
-
0.2
Free cash flow
$(150.4)
$(87.0)
$(62.8)
Consolidated Balance Sheet ($ in millions)
Successor
As of
12/31/22
As of 12/31/21
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$98.3
$391.4
Restricted cash
16.5
16.5
Customer funds
0.6
0.6
Available-for-sale securities
141.1
-
Accounts receivable, net
25.3
18.1
Prepaid insurance
22.8
32.2
Safeguarding asset for cryptoassets
15.8
-
Other current assets
6.1
4.8
Total current assets
326.5
463.5
Property, equipment and software, net
19.7
6.1
Goodwill
18.3
1,527.1
Intangible assets, net
55.8
388.5
Deposits with clearinghouse
15.2
15.2
Other assets
22.5
13.9
Total assets
$458.0
$2,414.3
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable and accrued
liabilities
$66.8
$64.1
Customer funds payable
0.6
0.6
Deferred revenue, current
4.0
4.6
Due to related party
1.2
0.6
Safeguarding obligation for
cryptoassets
15.8
-
Other current liabilities
3.8
3.7
Total current liabilities
92.1
73.6
Deferred revenue, noncurrent
3.1
4.8
Warrant liability
0.8
17.4
Deferred tax liabilities, net
-
11.6
Other noncurrent liabilities
23.4
12.7
Total liabilities
$119.4
$120.1
Stockholders’ equity:
Class A common stock ($0.0001 par value,
750,000,000 shares
authorized, 80,926,843 shares issued and
outstanding as of 12/31/22,
57,164,388 shares issued and outstanding
as of 12/31/21)
-
-
Class V common stock ($0.0001 par value,
250,000,000 shares
authorized, 183,482,777 shares issued and
outstanding as of 12/31/22,
206,271,792 shares issued and outstanding
as of 12/31/21)
-
-
Additional paid-in capital
773.0
566.8
Accumulated other comprehensive loss
(0.3)
(0.1)
Accumulated deficit
(675.7)
(98.3)
Total stockholders’ equity
97.0
468.4
Noncontrolling interest
241.5
1,825.8
Total equity
338.6
2,294.2
Total liabilities and stockholders’
equity
$458.0
$2,414.3
Consolidated Statement of Operations ($ in millions)
(unaudited)
Successor
Predecessor
4Q22
10/15/21 - 12/31/21
FY22
10/1/21
- 10/14/21
1/1/21
- 10/14/21
Revenues:
Net revenues¹
$15.6
$11.5
$54.6
$2.2
$28.0
Operating expenses:
Compensation and benefits
31.9
62.2
139.0
33.9
91.3
Professional services
2.2
3.0
11.5
0.2
5.2
Technology and communication
4.4
3.1
17.1
0.5
10.4
Selling, general and administrative
8.4
8.5
35.4
0.8
20.3
Acquisition-related expenses
4.5
1.6
5.7
12.7
24.8
Depreciation and amortization
7.0
5.4
25.4
0.5
9.6
Related party expenses (affiliate in
Predecessor periods)²
0.3
0.6
1.2
0.1
1.5
Goodwill and intangible assets
impairments
271.9
-
1,819.6
-
-
Impairment of long-lived assets
11.5
1.2
11.5
3.6
3.6
Restructuring expenses
2.3
-
2.3
-
-
Other operating expenses
0.6
0.4
2.3
0.3
1.4
Total operating expenses
345.1
86.0
2,071.0
52.6
168.0
Operating loss
(329.5)
(74.5)
(2,016.4)
(50.4)
(140.1)
Interest income (expense), net
1.0
-
1.9
-
(0.2)
Gain (loss) from change in fair value of
warrant liability
3.5
(79.4)
16.6
-
-
Other income (expense), net
(1.5)
0.8
(0.9)
-
0.5
Loss before income taxes
(326.4)
(153.1)
(1,998.8)
(50.4)
(139.8)
Income tax benefit (expense)
2.5
(11.8)
11.3
0.8
0.6
Net loss
(323.9)
(164.8)
(1,987.5)
(49.7)
(139.2)
Less: Net loss attributable to
noncontrolling interest
(227.4)
(120.8)
(1,410.1)
Net loss attributable to Bakkt
Holdings, Inc.
$(96.5)
$(44.0)
$(577.4)
Net loss per share attributable to Class A
common
stockholders
Basic
$(1.22)
$(0.81)
$(8.11)
Diluted
$(1.24)
$(0.81)
$(8.11)
Note: Basic and diluted loss per share is
not presented for the Predecessor period due to lack of
comparability with the Successor periods.
1 Includes related party net revenues (in
thousands) of $2, $71, and $42, as well as affiliate net revenues
of $290 and $136, respectively
2 As a result of the VIH Business
Combination, ICE and its affiliates are no longer our
affiliates.
Consolidated Statement of Cash Flows ($ in millions)
(unaudited)
Successor
Predecessor
FY22
10/15/21 -12/31/21
1/1/21-
10/14/21
Cash flows from operating
activities:
Net loss
$(1,987.5)
$(164.8)
$(139.2)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation and amortization
25.4
5.4
9.5
Non-cash lease expense
2.7
0.2
0.9
Share-based compensation expense
31.6
1.0
-
Unit-based compensation expense
0.6
44.9
33.9
Forfeiture and cancellation of common
units
(0.2)
(0.2)
-
Recognition of affiliate capital
contribution
-
-
0.2
Amortization of customer consideration
asset
-
-
1.7
Deferred income taxes
(11.6)
11.7
-
Impairment of long-lived assets
11.5
1.2
3.6
Goodwill and intangible assets
impairments
1,819.6
-
-
Loss on disposal of assets
3.8
-
-
Loss on sale of shares of affiliate
stock
-
-
0.1
(Gain) loss from change in fair value of
warrant liability
(16.6)
79.4
-
(Gain) on extinguishment of software
license liability
-
(1.3)
-
Modification and vesting of Class C
warrant
-
-
1.0
Other
0.3
(0.1)
0.7
Changes in operating assets and
liabilities:
Accounts receivable
(7.2)
(1.1)
(6.6)
Prepaid insurance
9.4
(31.1)
(0.4)
Deposits with clearinghouse
-
-
20.2
Accounts payable and accrued
liabilities
0.7
(19.7)
23.3
Due to related party (affiliate in
Predecessor period)(1)
0.6
(1.7)
0.5
Deferred revenue
(2.4)
-
1.0
Operating lease liabilities
4.2
-
(0.8)
Customer funds payable
-
0.1
0.3
Other assets and liabilities
(2.8)
(7.3)
(0.8)
Net cash used in operating activities
(118.0)
(83.4)
(50.9)
Cash flows from investing
activities:
Capitalized internal-use software
development costs and other capital expenditures
(30.5)
(3.6)
(12.1)
Purchase of available-for-sale
securities
(306.6)
-
-
Proceeds from the maturity of
available-for-sale securities
165.2
-
-
Interest earned on marketable
securities
0.4
-
-
Proceeds from disposal of assets
-
-
-
Proceeds from sale of shares of affiliate
stock
-
-
1.8
Cash acquired through business
combination
-
30.8
-
Net cash provided by (used in) investing
activities:
(171.5)
27.3
(10.3)
Cash flows from financing
activities:
Payment of finance lease liability
-
(0.4)
(0.1)
Repurchase of redeemed Class A common
stock
-
(84.5)
-
Repurchase and retirement of Class A
common stock
(2.6)
-
-
Payment of deferred underwriting fee
-
(7.3)
-
Proceeds from the exercise of warrants
-
37.1
-
Proceeds from PIPE, net of issuance
costs
-
312.0
-
Net cash provided by (used in) financing
activities:
(2.6)
256.9
(0.1)
Effect of exchange rate changes.
(0.9)
(0.3)
0.2
Net increase (decrease) in cash, cash
equivalents, restricted cash and customer funds
(293.0)
200.5
(61.1)
Cash, cash equivalents, restricted cash
and customer funds at the beginning of the period
408.4
207.9
91.9
Cash, cash equivalents, restricted cash
and customer funds at the end of the period
$115.4
$408.4
$30.8
1 As a result of the VIH Business
Combination, ICE and its affiliates are no longer our
affiliates
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230309005211/en/
Investor Relations Ann DeVries, Head of Investor
Relations Ann.DeVries@bakkt.com
Media Lauren Post, Head of Communications
Lauren.Post@bakkt.com
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