Digital assets platform Bakkt reported that its total revenue rose to $348 million during the second quarter of this year, a major leap from the $14 million it reported for the same quarter in 2022.

A company spokesperson said by email that in accordance with GAPP this quarter's $348 million includes gross revenue while last year's $14 million accounted for total revenue on a net basis.

Based in New York City, the firm said its earnings numbers included Bakkt’s acquisition of Apex Crypto in April. The revenue reflects "a significant increase in gross crypto services revenues driven by Apex Crypto’s trading activity,” the company said in an earnings statement.

“The closing of our acquisition of Apex Crypto at the beginning of the quarter was a pivotal moment for us,” Bakkt CEO Gavin Michael said in the statement. “We’ve been successfully expanding our broad reach in the crypto ecosystem with strong traction in new clients signed.”

Apex has since been rebranded Bakkt Crypto Solutions. Bakkt said it recently added invstr, Swan Bitcoin and Blockchain.com to its client roster.

Trading Volume

Bakkt also reported its traded volume fell 51% to $531 million. Additionally, the firm's number of transacting accounts dropped 20% year on year.

Bakkt cited the current “slowdown” in crypto as the reason for the declines in trading.

The company's assets under custody, however, increased 3% to $660 million thanks to higher values for some cryptocurrencies, Bakkt said.

Overall, Bakkt reported a net loss of $50.5 million, an increase from the $27.6 million the company lost during last year’s second quarter.