On November 14th, digital asset platform Bakkt released its third quarter financial report, with total revenue of $204.8 million (including cryptocurrency total revenue and net loyalty revenue), of which cryptocurrency service total revenue was $191.8 million, and total operating expenses were $257.6 million, including cryptocurrency costs and execution, settlement and brokerage fees, as well as impairment of goodwill and intangible assets.
Excluding cryptocurrency costs and execution, clearing and brokerage fees, and impairment of goodwill and intangible assets, expenses were $44.2 million, a year-on-year decrease of 26%. Bakkt is expanding its cryptocurrency capabilities in nine new international markets and is expected to operate in these markets by the end of the year, including the United Kingdom, Hong Kong, Latin America, Singapore, Australia, and Spain.