Bakkt's total revenue for the full year 2023 is $780.1 million

Bakkt has announced its financial and operating results for the quarter and full year ended December 31, 2023, with quarterly total crypto services revenues of $199.4 million and related crypto costs, as well as execution, clearing and brokerage fees of $197.8 million. Quarterly total revenue was $214.5 million, including gross cryptocurrency revenue and net loyalty revenue; for the full year, total revenue was $780.1 million. Total quarterly operating expenses were $293.0 million. Quarterly operating expenses, which exclude crypto costs, execution, clearing and brokerage fees, and goodwill, intangible and long-lived asset impairments, were $27.8 million, a decrease of 55% year-over-year. Recently completed the initial delivery of $42.4 million in gross proceeds from a concurrently registered direct offering with third-party investors and Intercontinental Exchange ("ICE") to strengthen liquidity and balance sheet position. Recently launched Collaborative Custody, with expanded institutional cryptocurrency capabilities, and expected to launch institutional trading services in Q3 2024. Updated full year 2024 expected outlook. full year 2024 total revenues are expected to increase significantly year over year to $3,292 million to $5,114 million. full year 2024 operating cash flow usage is expected to decline approximately 70% year over year to $58 million to $72 million.