TechFlow reported that digital asset platform Bakkt saw its revenue increase to $348 million in the second quarter of this year, a significant jump from $14 million in the same period of 2022. The company stated that its financial results include the acquisition of Apex Crypto in April, and noted in its earnings release that the revenue growth reflects "a substantial increase in total crypto services revenue driven by Apex Crypto transaction activity."
Bakkt reported a net loss of $50.5 million for Q2, widening from last year's second-quarter loss of $27.6 million, while trading volume dropped 51% to $531 million.
In addition, the number of the company's trading accounts declined 20% year-on-year. Bakkt attributed the decline in trading volume to the current "slowdown" in the crypto market. The company said assets under custody rose 3% to $660 million, due to the rising value of certain cryptocurrencies.
