Bakkt Holdings Q1 GAAP loss narrows from prior quarter

Bakkt Holdings (NYSE:BKKT) Q1 loss narrowed from the its predecessor's Q4 and transacting accounts fell from the prior period due to seasonality. Meanwhile, the digital asset platform's shares are down 9.3% as bitcoin (BTC-USD) and crypto, in general, continues to tumble. Q1 EPS of -$0.14 vs. -$0.60 in the prior period (Oct. 15-Dec. 31, 2021). Recall that Bakkt (BKKT) became a publicly traded company on Oct. 18, 2021 after it combined with Victory Park's SPAC VPC Acquisition Holdings. Adjusted EBITDA of -$28.9M vs. $0.3M in Q4 2021 and -$20.5M for Oct.15-Dec. 31, 2021. Combined net revenue of $12.5M vs. $13.7M in the prior quarter and $8.1M in predecessor's Q1 2021. In crypto services, Bakkt (BKKT) has signed up four banks, giving their retail clients access to buy, sell, and hold crypto. Operating expenses of $61M vs. $86.0M in Q4. Q1 transacting accounts were 678K vs. 867K in Q4 and 538K in