According to PANews, Bakkt recently released its financial results for the fourth quarter and full year of 2023. The total revenue for crypto services in the fourth quarter was $199.4 million, with related crypto costs and execution, clearing, and brokerage fees amounting to $197.8 million. The total revenue for the fourth quarter was $214.5 million, while the total operating expenses were $293 million. The total revenue for the full year was $780.1 million.
Looking ahead to 2024, Bakkt expects its total annual revenue to grow significantly, reaching between $32.92 billion and $51.14 billion. The total operating cash flow usage for 2024 is expected to decrease by approximately 70% year-over-year, to between $58 million and $72 million. Additionally, Bakkt plans to launch institutional trading services in the third quarter of 2024.
