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ALPHARETTA, Georgia – Bakkt Holdings, Inc. (NYSE: BKKT), a digital asset marketplace, and Swan, a Bitcoin financial services company, have announced the expansion of their partnership to enable Bitcoin trading and custody services. in 49 US states. The collaboration aims to provide Swan clients with a range of Bitcoin services, including fiat currency onboarding, Bitcoin trading, and secure custody options.
Bakkt CEO Gavin Michael expressed excitement about the partnership's progress and hinted at possible future projects, including possible international market expansions. This move marks an important milestone for both companies as they seek to increase their footprint in the digital currency space.
Bakkt, established in 2018, offers institutional-grade trading and custody services, with a focus on long-term engagement in the crypto economy. Swan Bitcoin is recognized for its easy-to-use app that simplifies the purchase of Bitcoin and offers a suite of services aimed at high-net-worth individuals, businesses, and financial advisors.
The announcement signals a growing collaboration between traditional financial institutions and cryptocurrency service providers, with the goal of making Bitcoin more accessible to a broader audience. The strategic partnership between Bakkt and Swan shows a concerted effort to integrate digital assets into mainstream financial services.
The information is based on a press release from Bakkt Holdings, Inc.
InvestingPro Insights
Following Bakkt Holdings, Inc.'s (NYSE:BKKT) announcement of its expanded partnership with Swan Bitcoin, investors may be curious about the company's financial health and market performance. According to data from InvestingPro, Bakkt has a market capitalization of $250.8 million, reflecting the size of the company in the current market. Despite impressive revenue growth over the trailing twelve months to Q3 2023, up 974.24%, the company's finances are showing signs of strain. The gross profit margin during the same period was -15.6%, indicating challenges in maintaining profitability.
Advice from InvestingPro suggests Bakkt is rapidly burning through its cash and has suffered weak gross profit margins. This may raise concerns for potential investors considering the company's ability to sustain its operations and growth without incurring further losses. Additionally, the stock has seen significant price volatility, with the one-month total price return to the end of January 2024 showing a drop of -39.41%, which aligns with the indication that the stock has taken a big hit over the last month. .
For investors looking for a deeper dive into Bakkt's financial and performance metrics, InvestingPro offers additional information. There are 11 more InvestingPro tips available, which could provide a more complete understanding of the company's market dynamics. Interested readers can access these tips by visiting Bakkt's InvestingPro site at To enhance the value of their subscription, users can apply the coupon code. FORECASTS24 to receive an additional 10% discount on an annual or bi-annual Pro and Pro+ subscription.
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