The CEO of the Intercontinental Exchange (ICE) expects the firm’s digital asset platform Bakkt to launch later in 2019. The comment was made by ICE CEO Jeff Sprecher during an earnings callThursday, Feb. 7.
The call was dedicated to ICE’s financial results for Q4 and the full year of 2018. Sprecher explained that the company spent over $1 billion on strategic initiatives, including on the launch of the digital asset platform.
ICE operates 23 leading global exchanges, along with the New York Stock Exchange.
The company’s CFO, Scott Hill, further revealed his expectations on the expenses Bakkt is set to bring, based on its current financial performance:
“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.”