Former Starbucks partner Bakkt revealed in an SEC filing that it is running low on funds and may not have enough cash to sustain operations for the next 12 months. The company, which was once backed by major players like Starbucks and Mastercard, cited the rapidly evolving cryptocurrency industry as the reason for its financial struggle. Bakkt recently announced its international expansion but expressed uncertainty about its revenue growth due to the unpredictable crypto market. The company now aims to raise additional financing to meet its needs in the near future. Bakkt’s stock price has seen a significant decline of nearly 90% over the past year.
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Former Starbucks Bitcoin Partner Bakkt Says It’s Running Out of Cash
