Digital asset platform, Bakkt Holdings, which is majority-owned by Intercontinental Exchange (ICE), generated quarterly net revenue of $13.6 million, an increase of 60% year over year (YoY).
Despite the bearishness in the market, Bakkt managed to trim its net loss to $27.6 million in the second quarter of the year, as per its latest financial report. This is an almost 13% upswing compared to the $31.9 million loss that it had registered during the same period last year.
“We are proud of our second quarter performance where we delivered robust revenue growth, with 2Q net revenues up 60% year-over-year, and maintained a strong balance sheet, with over $315 million in available cash and other highly liquid assets.
Our strong platform and compliance-first approach enable us to withstand challenging markets and continue to execute against our roadmap, working closely with our partners to fully integrate our capabilities and help bring them to market.”