Feb 23 2024: Bakkt Holdings, Inc. (NYSE: BKKT), a digital asset marketplace, and Swan Bitcoin, a Bitcoin financial services firm, have announced an expansion of their partnership to offer Bitcoin trading and custody services across 49 states in the United States. This collaboration aims to provide Swan customers with a comprehensive range of Bitcoin services, including fiat onboarding, Bitcoin trading, and secure custody options.
Gavin Michael, CEO of Bakkt, expressed excitement about the progress of the partnership and hinted at potential future endeavors, including international market expansions. This development represents a significant milestone for both companies as they seek to expand their presence in the digital currency landscape.
Established in 2018, Bakkt offers institutional-grade custody and trading services, emphasizing long-term engagement in the crypto economy. Swan Bitcoin is renowned for its user-friendly app, simplifying Bitcoin purchases and catering to high-net-worth individuals, businesses, and financial advisors.
The announcement underscores the increasing collaboration between traditional financial institutions and cryptocurrency service providers, aiming to democratize access to Bitcoin. The strategic alliance between Bakkt and Swan reflects a concerted effort to integrate digital assets into mainstream financial services.
This information is sourced from a press release issued by Bakkt Holdings, Inc.
Following Bakkt Holdings, Inc.’s (NYSE: BKKT) announcement of their expanded partnership with Swan Bitcoin, investors may be interested in assessing the company’s financial standing and market performance. According to data, Bakkt boasts a market capitalization of 250.8 million USD, indicating its position in the current market landscape. Despite experiencing impressive revenue growth over the last twelve months as of Q3 2023, with an increase of 974.24%, the company faces challenges evident in its financials. The gross profit margin during the same period stood at -15.6%, signaling difficulties in maintaining profitability.
Tips highlight Bakkt’s rapid cash burn rate and weak gross profit margins, raising concerns about the company’s ability to sustain operations and growth without incurring further losses. Additionally, the stock has witnessed significant price volatility, with a one-month price total return as of January 2024 showing a decline of -39.41%, aligning with observations of recent stock performance.
