Bakkt Shares Lose 6% Amid Third-Quarter $28.8M Loss
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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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Bakkt Shares Lose 6% Amid Third-Quarter $28.8M Loss

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 Expands Support for Cryptocurrencies with Ether

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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