According to PANews, Bakkt announced its fourth quarter and full-year financial results for 2023. Total crypto services revenue in the fourth quarter was $199.4 million, with related crypto costs and execution, clearing and brokerage fees of $197.8 million. Total fourth-quarter revenue was $214.5 million and total operating expenses were $293 million. Total revenue for the year was $780.1 million. Looking ahead to 2024, Bakkt expects total full-year revenue to increase significantly year-on-year, reaching a range of US$3.292 billion to US$5.114 billion. Full-year 2024 operating cash flow usage is expected to decline approximately 70% year over year to $58 million to $72 million. Bakkt expects to launch institutional trading services in the third quarter of 2024.