Bakkt unveils total budget for 2021

Yesterday, 17 February, Bakkt Holdings announced its financial statements for the fourth quarter of last year and therefore for the whole of 2021. 

Bakkt’s balance sheet in 2021

During 2021, Bakkt had earnings of $39.5 million but had far greater expenses of over $250 million, so the company is at a net loss to date.

Despite the losses, according to these figures, the company grew by 45% compared to the previous quarter.

In the press release, the company also explained that it expects to grow in 2022 to earnings of between $60 million and $80 million, which is 50% more than in 2021. Also in 2022, the company expects to spend between $150 million and $170 million.

The CEO of the NYSE-listed company, Gavin Michael, explained:

“Our impressive revenue growth in the fourth quarter and full year reflects the strong momentum we are seeing across our platform as we continue to diversify our future revenue streams. We are excited to provide crypto services, loyalty and payments to our growing list of signed partners. We’re working closely with our partners to launch new solutions such as crypto rewards and crypto disbursements in the near-term. In addition, we will be expanding on our offerings to enable open loop crypto wallets and offer additional cryptos on our platform1. We have a strong balance sheet and are well-capitalised to grow our business.”

Bakkt and crypto-related services

In 2021, Bakkt had also made its way into the world of cryptocurrencies with important announcements such as the one related to Bitcoin payments at Starbucks. The famous coffee chain has in fact been a partner of the ICE-founded company since 2018. 

In the press release regarding the 2021 budget, this commitment of Bakkt to the crypto world is highly emphasized considering the numerous partnerships the company has made in the sector, for example Manasquan Bank, Hanover Bank and Valliance Bank to help retail customers buy and sell cryptocurrencies in the banking environment. 

Bakkt also has a partnership with the BringMeThat.com platform to enable crypto payments for customers, and with Nexo for cryptocurrency custody.

Also in 2021, the company was listed on the NYSE in a $2 billion deal.