Bakkt to launch crypto ECN powered by Crossover Markets

Rick Steves

“With the development of BakktX, we are positioning ourselves as an ideal partner for institutions seeking a compliant, qualified trading venue. This will be a truly groundbreaking solution that fulfills a currently unmet need in the U.S. market.”


Bakkt has tapped Crossover Markets to help power “BakktX,” its forthcoming crypto Electronic Communication Network (ECN) designed specifically to meet institutional needs.

BakktX will be powered by Crossover’s high-performance tech, providing institutional and professional traders with sub-10 microsecond matching latency, customizable and tailored liquidity streams, and significantly lower trading costs than incumbent crypto brokers and exchanges.

The forthcoming crypto ECN will be available to Bakkt’s liquidity providers and a group of early adopters in the coming months who will be able to leverage Bakkt’s prioritization of risk management, reliability, and compliance alongside capital markets-friendly workflows for digital assets trading.

“Configurable liquidity to stitch siloed ecosystems together”

Ray Kamrath, Chief Commercial Officer at Bakkt, said: “As institutional interest in crypto grows, further expanding Bakkt’s capabilities is a key priority. With the development of BakktX, we are positioning ourselves as an ideal partner for institutions seeking a compliant, qualified trading venue. This will be a truly groundbreaking solution that fulfills a currently unmet need in the U.S. market.”

Brandon Mulvihill, Co-Founder and CEO of Crossover Markets, said. “As institutional crypto market structure continues to change, market participants are seeking execution models that compete on the merits of their technology and execution quality. At Crossover, we believe in optimizing the trading experience and delivering configurable liquidity to stitch siloed ecosystems together. We’re proud to be partnering with Bakkt and providing our institutional-grade technology to help bring BakktX to life.”

Bakkt considering potential sale or breakup

Bakkt, which is owned by Intercontinental Exchange (ICE), is exploring various strategic options, including a potential sale or breakup. The crypto custodian and trading firm reported a strong increase in total revenue to $780 million for the year 2023, yet encountered a net loss of $226 million.

The revenue growth from 2022’s $56 million is attributed to the successful acquisition and integration of Bakkt Crypto (previously Apex Crypto) in April 2023. However, the platform’s operating expenses soared to more than $1 billion amid heightened costs associated with crypto transactions. This figure also included clearing and brokerage fees linked to the acquisition.

Bakkt said it remains optimistic despite a 49% reduction in notional traded volume, influenced by lower industry-wide volumes and decreased activity on partner app Webull Pay. The company expects an impressive revenue increase to up to $5.1 billion for 2024, indicating a potential 555% growth year-over-year. Yet, it anticipates its crypto-related costs to align with the revenue increase, forecasting a range between $3.2 billion and $5.02 billion.

Bakkt’s financial journey has not been without its challenges. Earlier this year, the New York Stock Exchange issued a warning regarding potential delisting due to the company’s stock falling below the $1.00 per share threshold for over 30 days.

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