Bakkt, Inc. (BKKT): M&A transaction — Bakkt completes Loyalty sale for $18.9M; becomes pure-play digital asset platform

Bakkt, Inc.

Sale closed Oct 1, 2025; Opco delivered $18,876,950 cash including $9,974,000 agreed amount plus working capital adjustments.
$2.5M placed in escrow ($1M indemnity, $1.5M working capital adjustment); ~$5M restricted cash loaned via subordinated notes.
Loyalty business to be reported as discontinued operations starting Q3 2025.
CEO Akshay Naheta says sale streamlines operations, strengthens balance sheet, sharpens focus on Bitcoin, tokenization, stablecoin payments, and AI finance.
Transaction positions Bakkt as a pure-play digital asset infrastructure platform.

item 1.01 item 2.01 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Bakkt, Inc. completed a disposition involving Project Labrador Holdco, LLC (closed 2025-10-01).

Action: disposition
Counterparty: Project Labrador Holdco, LLC
Closing: 2025-10-01

Exact text from the filing

On October 1, 2025, Opco completed the previously announced Transaction in accordance with the Purchase Agreement, as amended.

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Bakkt, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-25-043317

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