Wall Street’s leading crypto infrastructure firm, Bakkt, has struggled to lock onto a viable product offering, and recently warned stockholders that it might not survive. Another pivot is underway.the markets were ecstatic. “Intercontinental Exchange , the owner of the New York Stock Exchange, is now in the bitcoin business,” read thepredicted Bakkt would bring bitcoin to your 401. The promise was that ownership by a highly regulated entity would bring “trust and transparency to digital assets.
Says David Trainer, CEO of investment research firm New Constructs, “It continues to amaze us how much some investors are willing to pour into money-losing enterprises with no real business model.”eizing on the excitement surrounding crypto’s potential as a new alternative asset, Bakkt’s initial strategy, devised by ICE CEO Sprecher and wife Loeffler, was to become the nation’s preeminent regulated marketplace for digital assets.
However, despite promising partnerships like one with hotel loyalty giant Wyndham Rewards and another with food delivery service BringMeThat.com the Bakkt App never gained traction. In 2021, the company lost $304 million on $39 million in revenues.
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