Bakkt Holdings, Inc. announced its financial and operational results for the fourth quarter and full year ended December 31, 2024. For Q4 2024, total revenues surged by 737.9% year-over-year to $1,797.3 million, driven by a record notional crypto trading volume of $1,777.6 million, which increased 465% sequentially and 778% year-over-year. The company's net loss improved by 48.7% year-over-year to ($40.4 million), and Adjusted EBITDA loss improved by 66.3% to ($6.4 million).
For the full year 2024, total revenues reached $3,490.2 million, a 347.4% increase from the previous year. The full-year net loss improved by 54.2% to ($103.4 million), and Adjusted EBITDA loss improved by 31.6% to ($64.2 million). These financial improvements were achieved despite the upcoming non-renewal of the Webull contract, which represented 74% of Bakkt's 2024 crypto revenues.
In a significant strategic move, Bakkt announced the appointment of Akshay Naheta as co-CEO, effective March 21, 2025, and a strategic partnership with Distributed Technologies Research (DTR) to enter the stablecoin payments market. The company also signed a definitive agreement to divest its Trust business to Intercontinental Exchange (ICE), expecting to reduce operating expenses by $3.8 million annually and free up $3.0 million in regulatory capital. Bakkt is also exploring strategic opportunities for its Loyalty business.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.