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Bakkt Warns It May Not Be Able to Continue as a Going Concern

08/02/2024 07:11

According to CoinDesk, Bakkt, a crypto platform launched in 2018 by the owner of the New York Stock Exchange, warned on Wednesday that it might not be able to continue its operations. In a document filed with the U.S. Securities and Exchange Commission, the company stated that its cash and restricted cash may not be sufficient to fund its operations for the next 12 months. Bakkt was established by Intercontinental Exchange, which owns large derivatives exchanges and the NYSE, with the initial goal of helping Starbucks customers buy coffee with bitcoin (BTC). Future U.S. Senator Kelly Loeffler served as its first CEO. The company introduced a digital wallet in 2021, but it was discontinued last year as Bakkt shifted its focus to business-to-business technology services. Efforts to use bitcoin and the Bitcoin blockchain for payments have seen little success, although the Lightning Network, a layer-2 blockchain where Bitcoin transactions can be offloaded for more-efficient processing, aims to change that. Bakkt went public in 2021, and its stock closed at $1.45 on Wednesday, down from over $40 in 2021.

Bullish

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