$3.72 29.23%
EOS · 1w

ICE Calls Bakkt Its 'Moonshot Bet' on Bitcoin and Crypto As Company Reports Record-Breaking Earnings

ICE Calls Bakkt Its ‘Moonshot Bet’ on Bitcoin and Crypto As Company Reports Record-Breaking Earnings


Intercontinental Exchange (ICE), the parent company of upcoming cryptocurrency trading platform Bakkt, reports a record-breaking $1.3 billion in consolidated fourth-quarter net revenues, up 14% year over year. The strong earnings growth coincides with delays in the launch of Bakkt, which is pending regulatory approval.

Speaking at the company’s Q4 earnings conference call on Thursday, chief financial officer Scott Hill says that ICE’s strong cash generation will continue supporting key strategic initiatives, including “fixed income, mortgages and along with our partners, the launch of Bakkt.”

“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 at Bakkt and the level of investment as we move through the year. We delivered another record year in 2018, and we have momentum entering 2019.”

Hill reported trading and clearing net revenues were a record $657 million with data and listings revenues totaling a record $651 million. Adjusted operating expenses totaled $553 million in the quarter.

When asked about revenue projections for Bakkt, Hill says the company’s tech investments are expected to grow.

According to CEO Jeff Sprecher, Bakkt is a unique structure for ICE with a separate name, company, management team and capitalization.

“So right now, ICE is the majority investor in the company, I expect that we’ll do other rounds of financing. We’ll make a decision as it goes forward whether we stay majority or allow it to spin three of us.

We believe that what ICE has, if you step back and look at us, is we have, obviously, trading clearing. We have settlement capabilities, warehouse and custody management capabilities, large treasury operations, banking connectivity and a global inf...

Continue on dailyhodl.com
Recent news
EOS +29.23% · unhashed.com · 2h

Scatter Wants to Port Steam and Indie Games to EOS

Scatter has announced that it intends to port various indie games to EOS, one of the foremost dApp platforms. Although the company is best known for its popular EOS wallet, Scatter now plans to enrich...
EOS +29.23% · trybe.one · 18h

PixWeekly #2: This Week in PixEOS

Hello pixEOS community! We are happy to present another pixWeekly for you. There's a lot going on in the pixEOS ecosystem and here are the main highlights of last week: pixEOS Paint Game Stats You can...
EOS +29.23% · trybe.one · 19h

Update To pixEOS Staking Bonus System

Today the extra 20 million pixEOS tokens allocated to the staking bonus will end. Originally these tokens were distributed as an extra bonus to pixEOS paint stakers; our way of saying thank you to eve...
EOS +29.23% · trybe.one · 19h

Why I Join the EOS Community Part 16?

More than 6 months ago, my wife (Nova) and I (Edwin) arrived at the EOS Community and we had been with the Trybe Community as its Referral Member #45 https://trybe.one/why-i-joined-the-eos-community/ ...