CEO of Intercontinental Exchange (ICE) Jeffrey Sprecher has revealed that, after many delays, Bakkt will launch sometime near the end of 2019.
Bakkt was originally supposed to launch in late 2018 but was postponed to early 2019. It was then postponed again to late 2019. The firm is currently awaiting approval from the United States Commodity Futures Trading Commission (CFTC).
During a recent earnings call, Sprecher hinted at the future of the Bakkt, explaining that the company has spent over $1 billion on strategic investments, including the launch of the digital exchange platform. Bakkt Chief Financial Officer Scott Hill stated during the call:
“And finally, our investment in Bakkt will generate $20 million to $25 million of expense based upon the run rate in the first quarter. We will update you on progress and the level of investment as we move through the year.”
Bakkt is an independent project with its own management team, infrastructure and offices. Hill added that Bakkt is a long-term project, stating:
“I think Bakkt is an investment […] That’s more about the future and revenue and market opportunities that we see in the future and less about 2019 topline.”