Bakkt up after PT hike; co says eyeing 'crypto spring'
11/08/2023 17:33
** Crypto trading and management platform Bakkt Holdings
BKKT.N rises 2.5% to $1.40
** Jefferies raises target price to $1.5 from $1.25
following company results on Thursday urn:newsml:reuters.com:*:nFWN39S073
** Bakkt expects pickup in trading volume on its platform as
"crypto winter" thaws, CFO Karen Alexander tells Reuters
** "It's going to steadily, slowly improve execution as we
get into crypto spring, and where we're really seeing
opportunities is with the expansion into new partners
internationally", Alexander says
** Co also eyeing "continued momentum" in crypto custody
business, Alexander adds
** Bakkt posts Q2 rev. of $347.6 mln, quarterly adjusted
loss of 19 cents per share urn:newsml:reuters.com:*:nL8N39R6Y9
** Co looking to expand into UK, European Union, Hong Kong
and Latin America given more regulatory clarity, says CEO Gavin
Michael
** Bakkt shares up 17.6% YTD
(Reporting by Lisa Mattackal)
((lisapauline.mattackal@thomsonreuters.com))