Bakkt Holdings, Inc. (NYSE:BKKT) Q3 2023 Earnings Conference Call November 14, 2023 9:00 AM ET

Company Participants

Ann DeVries - Head, IR

Gavin Michael - CEO

Karen Alexander - CFO

Conference Call Participants

Yvonne Jiang - Jefferies

Andrew Bond - Rosenblatt Securities

Peter Christiansen - Citi

John Roy - Water Tower Research

Operator

Greetings, and welcome to the Bakkt Third Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded.

I would now turn it over to Ann DeVries, Head of Investor Relations at Bakkt. Please go ahead.

Ann DeVries

Good morning, and thank you for joining us for Bakkt's third quarter earnings call. Today's presentation includes a separate earnings call presentation that can be found on our Investor Relations website at www.investors.bakkt.com will contain certain forward-looking statements. These statements are based on management's current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from those expressed or implied in such forward-looking statements. For a more complete discussion on forward-looking statements and the risks and uncertainties related to Bakkt's business, please refer to the filings with the Securities and Exchange Commission.

During today's presentation, in addition to discussing results that are calculated in accordance with Generally Accepted Accounting Principles, we will refer to certain non-GAAP financial measures. For more information on this, the basis of the presentation for our financial results and our non-GAAP measures, please refer to our earnings release which was filed this morning with the SEC.

Joining me on today's call are Gavin Michael, Chief Executive Officer; and Karen Alexander, Chief Financial Officer. After our prepared remarks, we will answer questions that we received from our investors through the Say Technologies platform. After that, Gavin and Karen will be available to answer questions from the analysts community.

I'll now turn it over to Gavin.

Gavin Michael

Thank you, Ann. Good morning, everyone, and thanks for joining.

Earlier this year, we communicated our plan to simplify our business and allocate our capital towards areas of the business with strong product market fit, scalability, and a clear path to profitability. During the course of 2023, we've made substantial progress against this goal. A specific priority for the year included expanding our crypto platform, expanding and activating our client network, and strategically allocating capital.

Our teams have been nimble and flexed to deliver on all of these priorities despite challenging market conditions. The U.S. crypto market remains challenging. We still lack a clear regulatory framework, and headwinds from bad actors in the space have muted trading volumes. However, we are seeing green shoots with institutional investors looking to participate in crypto ETFs and digit asset tokenization. We've been flexible in adjusting our strategy as needed to meet these challenges. We've made international expansion a key priority, and we've demonstrated our ability to act quickly with our capabilities active in nine new markets by the end of this year.