{"schema_version":"secwatch.filing_event.v1","accession":"0001628280-25-036239","form_type":"8-K","ticker":"BKKT","cik":"0001820302","company_name":"Bakkt, Inc.","filed_at":"2025-07-28T23:59:59+00:00","discovered_at":"2026-05-14T18:02:45.130209+00:00","generated_at":"2026-05-18T00:22:32.146885+00:00","sec_items":["1.01","2.02","9.01"],"event_type":"m_and_a","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Bakkt sells loyalty business for $1 plus $11M cash; Q2 rev ~$578M, crypto costs ~$565M","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001628280-25-036239","json":"https://secwatch.observer/filing/0001628280-25-036239.json","markdown":"https://secwatch.observer/filing/0001628280-25-036239.md","text":"https://secwatch.observer/filing/0001628280-25-036239.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1820302/000162828025036239/0001628280-25-036239-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1820302/000162828025036239/bakkt-20250723.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-18T00:22:32.146885+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}