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ALPHARETTA, Ga. - Bakkt Holdings, Inc. (NYSE:BKKT) shares jumped 33.1% after the crypto platform reported a massive revenue surge and announced strategic moves including a new co-CEO.
The company posted fourth quarter revenue of $1.79 billion, skyrocketing 737.9% YoY from $214.5 million. Bakkt reported earnings per share of $2.95 for the quarter.
The revenue explosion was driven by a 778% YoY increase in notional crypto trading volume to $1.78 billion in Q4. Assets under custody grew 228.1% YoY to $2.3 billion.
"2024 was a pivotal year for Bakkt as we successfully executed on our strategic priorities, delivered strong year-end results, and capitalized on the favorable macro conditions for the crypto industry," said CEO Andy Main.
Bakkt announced Akshay Naheta will join as co-CEO alongside Main. The company also entered a strategic partnership with Distributed Technologies Research to integrate stablecoin payment technology.
For Q1 2025, Bakkt expects revenue between $1.03 billion and $1.28 billion.
However, the company faces headwinds, including the loss of key client Webull, which represented 74% of 2024 crypto revenues. Bakkt’s auditor also expressed "significant doubt" about its ability to continue as a going concern.
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