Shares of cryptocurrency marketplace Bakkt (NYSE: BKKT) fell by almost 6% Friday after the company released results for the third quarter ended September 30, 2021. According to the report, the company's net loss in Q3 was $28.8 million, up from $18 million (+55%) in the same quarter last year. As of press time, BKKT is trading at $25.10 with a market cap of $637.7 million.
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The company's revenue in the third quarter jumped by 38% to $9.1 million, compared to $6.6 million in the third quarter of 2020. Bakkt CEO, Gavin Michael, says the company has made "tremendous strides" in proving its business model. He also said the Georgia-based company plans will invest the proceeds from its recent business combination "to activate our partnerships, further deploying our capabilities with consumers, businesses and institutions."
Bakkt became a publicly-traded company on the New York Stock Exchange in October this year through a business combination with VPC Impact Acquisition Holding. From the deal, the company received gross proceeds of approximately $448 million.
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