Bakkt Q4 rev $1.8B (+738% YoY), net loss improves; loses Webull client; appoints co-CEO

Bakkt, Inc.

Q4 total revenue $1,797.3M (+738% YoY); net loss improved 48.7% to $40.4M; adjusted EBITDA loss $6.4M (66.3% improvement).
Record notional crypto trading volume $1,777.6M (+778% YoY); crypto enabled accounts 6.7M (+8.1% YoY).
Appointed Akshay Naheta as co-CEO alongside Andy Main; strategic partnership with DTR for stablecoin payments.
Signed definitive agreement to divest Bakkt Trust to ICE for $1.5M plus capital assumption; exploring Loyalty sale or wind-down.
Webull not renewing contract (74% of 2024 crypto revenue); Bank of America ending loyalty agreement (~16% loyalty rev).

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