Bakkt Holdings Blowing it all away and starting to get fresh.
Digital Assets and Payment Platforms on Monday (March 17th) It was hit hard when Bank of America and webull They announced they would do so do not have I’ll update Commercial agreement with the company.
Wednesday (March 19th), after being late twice, Digital assets and payments The platform held revenue calls to share financial and operational results for the fourth quarter and 2024 full year.
Big news? Bakkt has signed a decisive agreement remove The trust custody business, named the new co-CEO, has announced a pivot to “become a Pure Play Crypto Infrastructure Company.”
webull, Around Form 8-K Submit It has been almost announced along with the Securities and Exchange Commission (SEC). Three-quarters (74%) Bakkt’s crypto services revenue.
“As we move on to pure play crypto ecosystem players, (selling) allows us to double our core products, which are subject to facility-grade crypto trading, liquidity, and applicable regulatory approvals, payment solutions.
Main also announced that Akshay Naheta will be appointed co-CEO.
“Into 2025, Bakkt will be in a position to focus on the future of cryptography and leverage technology, market expertise and strategic partnerships to leverage DTR (decentralized technology research founded by Naheta, founded by Naheta) in conjunction with Akshay Naheta. Joining As CO-CEO, we mark pivotal moments by expanding our capabilities, and we believe Intention He told investors on a call Wednesday.
The company’s stock remained relatively flat, hovering around $9 after a 30% decline to start the week. There were no Q&A sessions following Wednesday’s revenue call.
read more: Bakkt suffers a major setback as bank partners drop Platform
Focus on core products
Few companies have been subjected to this as radical transformation, like bakktwhich of Once sought to fill traditional financial and digital assets through loyalty rewards and consumer-friendly crypto solutions, And now we are challenging a focused strategy: become a full-fledged crypto infrastructure company.
Bakkt has entered into a strategic partnership with DTR, the Stablecoin Payments platform. This collaboration aims to enhance BAKKT’s capabilities in the global Stablecoin Payments network.
Bakkt has signed a decisive agreement to sell the trust custody business to InterContinental Exchange (ICE) in order to concentrate on its core products. The sale will allow Bakkt to focus on institutional-grade crypto transactions, liquidity, and regulatory approvals, and delivery of payment solutions.
At the same time, Bakkt is evaluating alternatives to loyalty business, a segment that once seemed essential. Through full winddowns, whether it’s sales, the company is informing investors that the future lies in digital asset markets, trading infrastructure and institutional-grade solutions, rather than travel miles and gift card conversions.
BAKKT’s 204th quarter 2024 revenue report, including leadership changes and divestitures, tells the story of aggressive restructuring, divestitures and transitions to massive crypto transactions.
Bakkt reported quarterly total revenue of $1.797 billion, up 737.9% year-on-year. This surge is attributed to increased crypto market activity and rising asset prices.
read more: Also Read: The Stablecoin market is $220 billion. It’s business actually Do you want to use them?
Despite revenue growth, Bakkt reported a net loss of $40 million in the quarter, reporting an improvement of 48.7% year-on-year. Adjusted EBITDA losses also fell 66.3% to $6.4 million, reflecting the company’s efforts to streamline operations and reduce costs.
Bakkt faces considerable headwinds. The non-renewal of Webull commercial contracts, a major revenue stream, raises questions about its ability to maintain retail partnerships while shifting towards institutional businesses.
What’s more, the company’s dependence on the volatile crypto market means Its external Shocks – regulatory repression, liquidity crunch, or security violations – can affect performance.
With revenue forecasts of $1.030 billion to $1.28 billion for the first quarter of 2025, the company is betting on sustainable crypto adoption and deeper integration into facility space. It’s still not clear whether this gambling will pay off, but one thing is clear. BAKKT is no longer a consumer crypto startupI’m aiming to be a replacement Serious players in infrastructure that bolster the digital asset market.
