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Bakkt Holdings Inc. Class A (BKKT-12.59%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $3,490.2 million, a substantial increase from $780.1 million in the previous year, primarily driven by a significant rise in crypto services revenue.
Crypto services revenue rose to $3,441.1 million from $727.0 million, while loyalty services revenue decreased slightly to $49.2 million.
Operating expenses increased to $3,583.1 million, up from $1,008.0 million in the prior year, largely due to increased crypto trading costs.
The company reported a net loss of $103.4 million, compared to a net loss of $225.8 million in the previous year.
Bakkt's largest client, Webull, which accounted for 74% of crypto services revenue, will not renew its agreement when it expires on June 14, 2025.
The company entered into a Cooperation Agreement with Distributed Technologies Research Ltd. to integrate payment processing technology into its platform.
Bakkt's liquidity position includes $39.0 million in cash and cash equivalents and a $40.0 million secured revolving line of credit with Intercontinental Exchange Holdings, Inc.
The company executed a reverse stock split at a ratio of 1-for-25, effective April 29, 2024, and concurrently raised $46.5 million through registered direct offerings.
Bakkt plans to realign its business focus on crypto, announcing strategic alternatives for its loyalty business and the sale of Bakkt Trust to Intercontinental Exchange Holdings, Inc.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bakkt Holdings Inc. Class A annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.