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Bakkt Holdings | ARS: Annual Report to Security Holders

SEC announcement ·  Apr 19 09:29
Summary by Moomoo AI
Bakkt Holdings, Inc., a financial technology company, completed the acquisition of Apex Crypto LLC, now known as Bakkt Crypto Solutions, LLC, on April 1, 2023. The acquisition, valued at approximately $80.2 million, included cash, Class A common stock, and contingent consideration based on future financial targets. Bakkt Crypto's proprietary trading platform and relationships with liquidity providers are expected to enhance Bakkt's crypto services and expand its business partnerships. The acquisition aligns with Bakkt's B2B2C growth strategy and broadens its client base to include fintechs and neobanks. Bakkt Crypto offers customers the ability to purchase, sell, store, and in approved jurisdictions, deposit and withdraw approved crypto assets. The acquisition has significantly increased Bakkt's crypto services revenue, contributing to a total revenue...Show More
Bakkt Holdings, Inc., a financial technology company, completed the acquisition of Apex Crypto LLC, now known as Bakkt Crypto Solutions, LLC, on April 1, 2023. The acquisition, valued at approximately $80.2 million, included cash, Class A common stock, and contingent consideration based on future financial targets. Bakkt Crypto's proprietary trading platform and relationships with liquidity providers are expected to enhance Bakkt's crypto services and expand its business partnerships. The acquisition aligns with Bakkt's B2B2C growth strategy and broadens its client base to include fintechs and neobanks. Bakkt Crypto offers customers the ability to purchase, sell, store, and in approved jurisdictions, deposit and withdraw approved crypto assets. The acquisition has significantly increased Bakkt's crypto services revenue, contributing to a total revenue increase of $723.9 million for the year ended December 31, 2023, compared to the previous year. Bakkt Holdings, Inc. also acquired Bumped Financial, LLC, a registered broker-dealer, for $0.6 million in cash, which has been renamed Bakkt Brokerage, LLC. However, Bakkt Brokerage is not currently engaged in any business activities, and there are no plans for future business activities. The financial results for the year ended December 31, 2023, also reflect a net loss of $225.8 million and a cash use of $60.7 million in operations. Bakkt Holdings, Inc. has raised net proceeds from concurrent registered direct offerings of approximately $40.0 million and may raise an additional $7.6 million, subject to stockholder approval and other customary closing conditions. The company's strategic plan includes optimizing capital allocation and reducing expenses to align with current market demand.

This announcement is a separate document:

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