Once touted as the ‘Bitcoin saviour’, crypto firm Bakkt has recently announced that it’s getting dry of cash to continue any further operations. The announcement came on Wednesday, February 7, through its filing with the U.S. Securities and Exchange Commission (SEC).
Bakkt Raises Concerns for Investors
In a recent filing with the Securities and Exchange Commission (SEC), Bakkt expressed doubts about its financial stability in the coming year. The company stated that its current cash reserves, including restricted cash, may not be adequate to sustain its operations for the next 12 months.
The uncertainty arises from the company’s ambitious plans to expand into new markets and grow its revenue base within the rapidly evolving landscape of cryptocurrency assets. Given these challenges, the company admitted it cannot guarantee substantial revenue growth beyond its historical levels. Thus, it could hinder its ability to achieve sustainable profitability and generate sufficient cash
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