---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-013861"
form_type: "8-K"
ticker: "BKKT"
cik: "0001820302"
company_name: "Bakkt, Inc."
filed_at: "2025-03-19T23:59:59+00:00"
generated_at: "2026-05-24T12:04:57.824024+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-25-013861
- form_type: 8-K
- ticker: BKKT
- cik: 0001820302
- company_name: Bakkt, Inc.
- filed_at: 2025-03-19T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1820302/000162828025013861/0001628280-25-013861-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1820302/000162828025013861/bakkt-20250319.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-013861
- JSON: https://secwatch.observer/filing/0001628280-25-013861.json
- Plain text: https://secwatch.observer/filing/0001628280-25-013861.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.