Bakkt hits 7-week high after swinging to Q1 profit
Crypto trading firm Bakkt's BKKT.N shares jump as much as 36.6%, hitting their highest since March 24
BKKT late Monday reported Q1 profit of $16.2 million vs loss of $21.3 million a year earlier
Revenue jumped 25.8% to $1.07 billion, driven by increase in broader crypto market activity
"With our planned strategic divestitures of non-core assets and our collaboration with Distributed Technologies Research, we're sharpening our focus on our fundamental crypto strengths while simultaneously enhancing our technological capabilities and reducing operating expenses" - Co-CEO Andy Main
BKKT in March had tapped Akshay Naheta to serve as its co-CEO, alongside Andy Main, apart from selling its custodian business
As of last close, BKKT stock down 59.6% YTD
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