secwatch.observer — SEC 8-K summary
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Issuer:     Bakkt, Inc. (BKKT)
CIK:        0001820302
Form:       8-K
Filed at:   2025-07-28T23:59:59+00:00
Accession:  0001628280-25-036239
Event type: m_and_a
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1820302/000162828025036239/0001628280-25-036239-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1820302/000162828025036239/bakkt-20250723.htm
  HTML page:      https://secwatch.observer/filing/0001628280-25-036239

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