---
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"
generated_at: "2026-05-18T00:22:32.146885+00:00"
event_type: "m_and_a"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: m_and_a
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-036239
- JSON: https://secwatch.observer/filing/0001628280-25-036239.json
- Plain text: https://secwatch.observer/filing/0001628280-25-036239.txt

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