© Reuters.
ALPHARETTA, Ga. – Bakkt Holdings, Inc (NYSE: BKKT), a digital asset marketplace, and Swan Bitcoin, a Bitcoin financial services company, announced the expansion of their partnership to enable exchanges and services of custody of Bitcoin in 49 states of the United States.
Gavin Michael, CEO of Bakkt, was enthusiastic about the evolution of the partnership and hinted at future plans, including possible expansion into the international market. The move marks an important step for both companies looking to increase their footprint in the digital currency space.
Bakkt, established in 2018, offers institutional-grade custody and trading services, with a focus on long-term engagement in the crypto economy. Swan Bitcoin is known for its user-friendly app that simplifies the purchase of bitcoin and offers a suite of services for high net worth individuals, businesses and financial advisors.
This announcement signals a growing collaboration between traditional financial institutions and cryptocurrency service providers, aimed at making bitcoin more accessible to a wider audience. The strategic partnership between Bakkt and Swan demonstrates a concerted effort to integrate digital assets into traditional financial services.
The information is based on a press release from Bakkt Holdings, Inc.
InvestingPro Insights
Following Bakkt Holdings, Inc.’s (NYSE: BKKT) announcement of its expanded partnership with Swan Bitcoin, investors may be curious about the company’s financial health and market performance. According to data from InvestingPro, Bakkt has a market capitalization of $250.8 million, which reflects the size of the company in today’s market. Despite impressive revenue growth over the last twelve months (Q3 2023), with an increase of 974.24%, the company’s finances are showing signs of strain. The gross profit margin during the same period was -15.6%, indicating challenges in maintaining profitability.
Advice from InvestingPro suggests that Bakkt is burning through cash quickly and has suffered from low gross profit margins. This may worry potential investors about the company’s ability to maintain operations and growth without incurring further losses. Additionally, the stock has seen significant volatility, with the one-month total return to the end of January 2024 showing a decline of -39.41%, consistent with the idea that the stock has been heavily impacted over the past month.
For investors who want to dig deeper into Bakkt’s financial data and performance indicators, InvestingPro Insights offers additional insights. There are 11 other InvestingPro tips available, which could provide a more comprehensive understanding of the company’s market dynamics. Interested readers can access this advice by visiting the InvestingPro site for Bakkt at https://www.investing.com/pro/BKKT. To increase the value of their subscription, users can apply the coupon code PRONEWS24 to receive an additional 10% off an annual or bi-annual Pro and Pro+ subscription.
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