CEO and CFO of Intercontinental Exchange (ICE): Bakkt pushed to late 2019
|- Jeff Screecher, CEO, and Scott Hill, CFO, of Intercontinental Exchange (ICE) announced that Bakkt would be expecting a launch later in 2019.
- Hill called Bakkt ICE’s long term investment.
Jeff Sprecher, the CEO of Intercontinental Exchange (ICE), and CFO Scott Hill announced that Bakkt would be expecting a launch later in 2019. The two were on an “earnings call” discussing the financial results for Q4 and the rest of 2018. Hill said:
“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 at Bakkt and the level of investment as we move through the year.”
Screecher added:
“So it’s a bit of a moonshot bet and it’s been organized in a manner that is very different than the way ICE typically does businesses […] They’re well along in building out an infrastructure that I think you’ll see launch later this year.”
Hill concluded by calling Bakkt ICE’s long term investment:
“I think Bakkt is really an investment… That’s more about the future and revenue and market opportunities that we see in the future and less about 2019 topline”.
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