Crypto Firm Bakkt Warns It Might Not Be Able to Remain in Business

Crypto platform Bakkt, which was launched with much hype in 2018 by the owner of the New York Stock Exchange, has issued a warning that it may not be able to sustain its operations. The company filed a document with the U.S. Securities and Exchange Commission stating that its cash reserves are insufficient to fund its activities for the next year. Initially, Bakkt aimed to enable Starbucks customers to purchase coffee using Bitcoin, and Future U.S. Senator Kelly Loeffler served as its first CEO. However, the company discontinued its digital wallet in 2020 and shifted its focus to providing business-to-business technology services. Despite efforts to promote the use of Bitcoin and its blockchain for payments, these endeavors have not gained significant traction. The plummeting stock price of Bakkt, which went public in 2021, further underscores the challenges faced by the firm.