Bakkt’s net loss in 2023 will be US$226 million, a decrease of 89% from the previous year

Digital asset company Bakkt released its financial report, showing a total revenue growth of $780 million in 2023, but a net loss of $226 million, a decrease of 89% compared to the previous year. Bakkt attributed its revenue growth from $56 million in 2022 to the successful acquisition and integration of Bakkt Crypto (formerly known as Apex Crypto) in April of last year. However, due to increased costs related to cryptocurrency trading, the platform's operating expenses skyrocketed to over $1 billion.