Digital asset platform Bakkt's revenue soars to $348 million, but trading volumes fall

Odaily Planet Daily News Digital asset platform Bakkt reported that its total revenue increased to $348 million in the second quarter of this year, a huge increase from $14 million in the same quarter in 2022. According to GAPP, the $348 million in the second quarter of this year included gross revenue, while last year's $14 million was gross revenue on a net basis, a company spokesperson said by email. The New York City-based company said its earnings figures included Bakkt's acquisition of Apex Crypto in April. This reflected "significant growth in gross crypto services revenue due to trading activity in Apex Crypto," the company said in an earnings statement. “Our acquisition of Apex Crypto earlier this quarter was a pivotal moment for us,” Bakkt CEO Gavin Michael said in a statement. "We have successfully expanded our broad reach across the crypto ecosystem and achieved strong momentum in new client signings."