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Dozens of companies in the crypto sector are attracting big money. Bakkt is one of the biggest crypto-based firms with a market capitalization of $176.50 Million.
As per the company’s website, Bakkt Holdings, Inc. is engaged in the intersection of crypto assets, loyalties, and rewards. It also offers services such as payment offerings, creating new revenue streams, and others.
The company released its last quarter report, 2023, with a detailed yearly revenue and income overview. In Q4 2023, the estimated EPS (earning per share) was negative 0.26. However, the reported EPS was $-0.29.
However, the company’s reported revenue grew by 1300.41%, as the reported revenue was $214.50 million. As per the claims, the company’s estimated revenue in the first quarter of 2024 is $17.00 Million.
In terms of annual revenue, the estimate was $57.19 Million, although the reported revenue was $780.10 Million. The reported revenue in 2023 is 1263% greater than the forecast.
According to TradingView, in the short term, Bakkt Holdings, Inc.’s total assets are $326.47 Million, and Liabilities are $92.13 Million. Over 90% of Bakkt’s revenue is gathered from its loyalty redemption program and crypto service platform.
Some related executives note that, following the profit and skyrocketing crypto prices, the ecosystem is planning to expand its crypto all over the globe in 2024.
After the release of revenue and earnings of last quarter, Andy Main, the yet-to-be CEO and president of the company, says the company is working on several initiatives with an expansion aim.
Our focus for 2024 is on a set of strategic initiatives that will provide our business with efficient scale, including broadening our client network, expanding our product set, and prudently managing expenses, Andy said.
Bakkt Holdings, Inc (BKKT) Price Overview
BKKT stock showed no significant improvements in the past 52 weeks when writing. It was trading at $0.5623. In the weekly time frame, its prices slipped 5.02%, 36.6% monthly, and 75.87% YTD.
BKKT’s yearly stock price target is $1.31, 133% greater than its press time trading price. However, there are speculations that the company’s stock might open above its previous closing after it released its Q4 2023 revenue.
The stock price of Bakkt reached $2.75, the highest in the past 52 weeks.
Crypto Market Overview
Since the past few months, the cryptocurrency market has been skyrocketing, and the market capitalization marked an attempt to break the milestone of $3 Trillion. When writing, the crypto market capitalization was $2.69 Trillion; it grew 5.08% intraday.
The market leader, Bitcoin price, has also shown significant moments; it recently achieved its all-time high. At the time of writing, it was trading at $70,955, with a growth of 5.70% in the past 24 hours. The price of Bitcoin and sector growth got a filip due to the BTC spot ETF approval.
Toncoin and Bitcoin Cash are competing for the topper position of the intraday gainer’s list; Gala price grew 15.28%, Worldcoin 11.56%, Dogecoin 10.82%, and Floki 9.37%.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
