Why Crypto-Related Stock Bakkt Holdings Is Rising Today

Bakkt Holdings Inc BKKT shares are trading higher Thursday after the Labor Department reported a 7.7% year-over-year increase in the consumer price index for October, which sent stocks racing higher. The CPI print also sprung the crypto market, led by Bitcoin BTC/USD and Ethereum ETH/USD.

What To Know: Bakkt operates a digital asset marketplace that enables consumers to buy, sell, store and spend digital assets. The jump in shares is mainly due to the CPI release, but the company also reported third-quarter financial results Thursday morning.

Bakkt said third-quarter revenue increased 41% year-over-year to $12.9 million, which missed average analyst estimates of $14.1 million, according to Benzinga Pro. Digital asset conversion volumes were up 73% year-over-year. 

"Our focus on execution is paying off and we are proud to have initial activations with our crypto capabilities. We are working closely with our partners to bring even more of them to market in the near-term," said Gavin Michael, president and CEO of Bakkt.

Bakkt said it ended the quarter with total liquidity of $273.7 million.

BKKT Price Action: Bakkt has a 52-week high of $9.01 and a 52-week low of $1.70.

The stock was up 6.36% at $1.84 at time of publication.

Photo: nir_design from Pixabay.