Bakkt Holdings, Inc. Price & Performance (BKKT-WT)

Bakkt Holdings has revealed plans to divest its Trust custody business as it pivots to focus entirely on crypto infrastructure. The company appointed Akshay Naheta as co-CEO to drive this transformation. This move follows the loss of key partnerships with Bank of America and Webull, which significantly impacted its revenue streams.123

Bakkt Holdings reported a 447.3% sequential revenue increase in Q4 2024, reaching $18 million. Despite a net loss of $40.4 million, the company reduced operating expenses by 65.8% year-over-year. Bakkt credits its growth to crypto services expansion and cost-cutting measures, aiming to solidify its position in the crypto market.456

Bakkt’s stock dropped sharply after disclosing non-renewals of major contracts with Bank of America and Webull, which collectively represented a large portion of its revenue. The company has also delayed its annual report filing, raising concerns among investors. Bakkt remains focused on its crypto-centric realignment.789