Crypto custody and trading firm BAKKT Holdings has appointed a new co-COO and cut down some of its services to focus on crypto offerings after the two major clients disappeared.
Akshay Naida, the founder of Stablecoin Infrastructure payment infrastructure infrastructure distributed research (DTR), will join BAKKT CEO Andy Main on paper, the company Says on March 19.
BAKKT added that it would enter into a DTR agreement to include Stablecoin-based payment infrastructure with BAKKT trading and brokerage technology, subject to regulatory approval.
BAKKT said the cooperation of new income streams will open with stablecoin and crypto trading payments while increasing efficiency in cross-border payments, a popular case of use for crypto.
NaTa founded DTR in 2022 after nearly six -year stint in various executive roles in giant investment management softbank groups, which have a history of investment in crypto companies.
In a separate statement Reporting Fourth quarter and whole year 2024 results, BAKKT said it wanted to “focus on resources in major crypto offerings” and potentially seeking to sell or overthrow the loyalty services business, allowing clients to offer trips and goods.
BAKKT recently shared its acquisition with Stablecoins, its sharing partners with DTR. Source: Bakkt
BAKKT added that it sells a Crypto custody subsidiary, BAKKT trust, to its parent company, Intercontinental Exchange, for $ 1.5 million. It said the sale would cut operating costs of $ 3.8 million a year and free around $ 3 million for investment in its crypto business.
The firm added that this will maintain the solutions of caution “through a stable network of respectable care providers.”
Its motions will come after BAKKT disclosed on March 17 that major clients, Bank of America and Trading Platform Webull, do not renew contacts The firm was included when they expired in April and June, respectively.
Bank of America costs about 16% of the revenue of BAKKT loyalty services in 2023 and 2024, while Webull represents 74% of crypto revenues at the same time.
The disclosure sent its sharing price collapse on March 18, closing the day of trading up to 27% to $ 9.33.
BAKKT improves revenues on top and bottom line
BAKKT reported on March 19 that a total of 2024 income came to $ 3.49 billion, Up to almost 350% year-on-year, while its annual net loss stopped at $ 103.4 million.
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The fourth quarter income rose more than seven-fold from 2024, up to $ 1.8 billion, while its net loss was narrowed to $ 40.4 million.
Forecasting revenues between $ 1.03 billion to $ 1.28 billion for the first quarter of 2025, which will be about 50% bump from the first quarter of 2024.
Shares to BAKKT (BKKT) closed a flat at $ 9.31 on March 19 after a dip of $ 8.50 during trading; It reached a top $ 9.88 after the bell but since fixed around its closing price, According to In Google Finance.
The BAKKT shares closed almost flat on March 19 and lived after the bell. Source: Finance on Google
BAKKT has dropped almost 62.5% to this year and essentially lost all value from the release of more than $ 1,000 in October 2021.
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