Bakkt sells loyalty business for $1 plus $11M cash; Q2 rev ~$578M, crypto costs ~$565M

Bakkt, Inc.

Definitive agreement to sell loyalty business (Bridge2 Solutions) to Roman DBDR subsidiary for $1 plus $11M cash and adjustments.
Preliminary Q2 2025 total revenue estimated at $577-579M; crypto gross revenue $568-569M.
Net loyalty revenue $9-10M; cash & restricted cash $60-62M; net operating cash burn $13-15M.
Loyalty business to be reported as discontinued operations starting Q3 2025; company refocuses on crypto infrastructure.

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