Q4 revenue up 738% YoY; Webull (74% of crypto revenue) not renewing; Bakkt to sell Trust to ICE

Bakkt, Inc.

Q4 total revenue $1.80B vs $214.5M a year ago; net loss improved 48.7% to $40.4M.
Notional crypto trading volume record $1.78B, up 778% YoY and 465% sequentially.
Webull will not renew contract ending mid-June 2025; represented 74% of 2024 crypto revenue.
Definitive agreement to sell Bakkt Trust to ICE for $1.5M plus assumed costs; closes subject to regulatory approval.
Q1 2025 guidance: total revenue $1.04-1.30B; end-of-quarter cash expected $22-26M.

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