It's a bit hard to find, but here's the link to Bakkt's intro investor deck released today. Some highlights below: https://www.sec.gov/Archives/edgar/data/1820302/000119312521005832/d913171dex992.htm …pic.twitter.com/YbjMaaFoBf
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Another bold set of projections. 30 million users, $500M of revenue and $280M of EBITDA expected by 2025:pic.twitter.com/W0Wqkf1dUs
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To me this seems like a well-timed offering to capitalize on both the SPAC and crypto craze and raise $. The valuation seems very frothy - Bakkt will need to fulfill the highly aggressive targets set out above to grow into their initial price.
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Do you think it's smart for them to be plowing into retail instead of their institutional custody and derivatives business? Seems like retail crypto is already crowded with existing players (RH, Coinbase, Gemini) who already have large marketshare, won't CAC be very high?
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