The institutional digital asset trading platform unveiled in 2018 amid huge fanfare has just disclosed it “might not be able to continue as a going concern.”
Crypto company Bakkt, backed by the Intercontinental Exchange (ICE) and launched in 2019 to a great deal of fanfare — has just warned it may not have enough cash to stay in business over the next 12 months.
On Feb. 7, Bakkt filed an amendment to its quarterly report with the Securities and Exchange Commission, with one section on risk factors containing a warning that it may “not be able to continue as a going concern.”
Bakkt explained that it no longer believes its cash and restricted cash are sufficient to fund its operations over the next 12 months.
