Bakkt Has Reported a Net Loss of $1.5 Billion for the Third Quarter

Bakkt has reported a net loss of $1.5 billion for the third quarter, driven mostly by its previously announced $1.5 billion goodwill impairment charge.

The platform reported a $1.54 billion impairment in the third quarter after its majority stakeholder, Intercontinental Exchange (ICE), brought down its investment from $1.5 billion in June to about $400 million in September, is above the $1.4 billion expected.

Bakkt’s revenue for the third quarter was $12.9 million, up 41% from the year previous. "We are pleased with the momentum we are building with net revenue up 41% year-over-year and digital asset conversion volumes up 73% year-over-year." CEO Gavin Michael said.