Bakkt Faces Financial Crisis, Warns of Potential Shutdown
The digital asset firm linked to the NYSE owner struggles with liquidity, raising doubts about its future amid a plummeting share price and a challenging crypto market.
- Bakkt, a digital asset company linked to the New York Stock Exchange, faces a financial crisis with insufficient liquidity to sustain operations over the next year.
- The company issued a 'going concern' notice, indicating it may not be able to continue business due to a lack of cash and the rapidly evolving crypto market.
- Bakkt's share price has plummeted nearly 90% over the past year, with recent trading below $1, down from over $40 in 2021.
- The firm is seeking additional financing and exploring new markets to increase revenue, amidst the broader crypto industry's downturn and regulatory challenges.
- Bakkt's transition from a consumer-focused platform to providing crypto trading and custody services for financial institutions has increased its operational risks and uncertainties.
Benzinga 
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