---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-013995"
form_type: "8-K/A"
ticker: "BKKT"
cik: "0001820302"
company_name: "Bakkt, Inc."
filed_at: "2025-03-20T23:59:59+00:00"
generated_at: "2026-05-24T10:39:06.298525+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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).

## SEC filing metadata
- accession: 0001628280-25-013995
- form_type: 8-K/A
- ticker: BKKT
- cik: 0001820302
- company_name: Bakkt, Inc.
- filed_at: 2025-03-20T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1820302/000162828025013995/0001628280-25-013995-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1820302/000162828025013995/bakkt-20250319.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-013995
- JSON: https://secwatch.observer/filing/0001628280-25-013995.json
- Plain text: https://secwatch.observer/filing/0001628280-25-013995.txt

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