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Alpharetta, Georgia – Digital asset marketplace Bakkt Holdings, Inc. (NYSE: BKKT) and Bitcoin financial services company Swan announce an expanded partnership to enable Bitcoin trading and custody services in 49 U.S. states Did. The partnership aims to offer Swan customers a wide range of Bitcoin services, including fiat onboarding, Bitcoin trading, and secure storage options.
Bakkt CEO Gavin Michael expressed enthusiasm about the progress of the partnership and hinted at future possibilities, including potential for international market expansion. This move marks an important milestone for both companies as they aim to expand their footprint in the digital currency space.
Founded in 2018, Bakkt focuses on long-term involvement in the crypto economy, providing institutional-grade custody and trading services. Swan Bitcoin is known as a user-friendly app that simplifies Bitcoin purchases and offers a suite of services for high-net-worth individuals, businesses, and financial advisors.
The announcement marks a growing collaboration between traditional financial institutions and cryptocurrency service providers with the aim of making Bitcoin more accessible to a wider range of people. The strategic partnership between Bakkt and Swan represents a concerted effort to integrate digital assets into mainstream financial services.
This information is based on Bakkt Holdings, Inc.'s press release statement.
Investment Pro Insights
After Bakkt Holdings, Inc. (NYSE: BKKT) announced an expanded partnership with Swan Bitcoin, investors may be interested in the company's financial health and market performance. According to InvestingPro data, Bakkt's market capitalization is his $250.8 million, which reflects the size of the company in the current market. As of Q3 2023, despite impressive revenue growth of 974.24% over the past 12 months, the company's financial position is showing signs of strain. The gross profit margin for the same period was -15.6%, indicating that maintaining profitability is an issue.
According to InvestingPro Tips, Bakkt is rapidly burning through cash and suffering from low gross margins. This may cause concern for potential investors considering the company's ability to sustain operations and growth without incurring further losses. Moreover, the stock has experienced significant price fluctuations, with the one-month total price return at the end of January 2024 showing a decline of -39.41%, which means the stock has taken a big hit in the last month. Matches the hint. .
For investors who want to learn more about Bakkt's financial and performance metrics, InvestingPro provides additional insight. A further 11 of his InvestingPro tips are available to give you a more comprehensive understanding of a company's market dynamics. Interested readers can access these tips by visiting Bakkt's InvestingPro site at https://www.investing.com/pro/BKKT. To increase the value of your subscription, users can apply coupon codes. pro news 24 Get an extra 10% off annual or biennial Pro and Pro+ subscriptions.
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