Bakkt Holdings: Customer Map and What It Means for Investors

Bakkt operates a two-pronged fintech platform that monetizes by (1) selling and servicing crypto trading, custody and payments infrastructure to enterprise clients and (2) providing loyalty and travel redemption services to major sponsors — historically on a mix of subscription and transaction fees. Revenue is concentrated and contract tenure is short-to-medium, making client retention the central operational lever for valuation. For a focused corporate view of Bakkt’s customer relationships, see NullExposure's research hub: https://nullexposure.com/.

Why this matters to investors: Bakkt sells enterprise-grade crypto services and acts as a custodian/principal in many transactions, so any single large client loss or contract non-renewal has immediate top-line and cash-flow implications.

How Bakkt actually contracts and delivers — the operating constraints that matter

Bakkt’s public disclosures and filings make its commercial posture clear: custody services can be effectively day-to-day in nature, many commercial agreements run one-to-two years, and the company collects recurring platform subscription fees alongside service and support revenue. That combination produces predictable recurring revenue when clients stay, but rapid revenue erosion when a major counterparty exits. The firm operates globally (U.S., Latin America, Europe, Asia) while some legacy loyalty businesses operated mainly in North America under specific legal entities. Bakkt reports it functions both as a seller (controls crypto prior to delivery) and as a service provider (custody and SaaS through API platforms). Importantly, revenue concentration is material and in places critical: the loyalty and crypto services lines have historically been dominated by a handful of counterparties who generate a large share of net revenue.

Key operating signals to hold in your model:

• Contracting posture: mix of short-term custody arrangements and multi-year client agreements; recurring subscription economics exist but rely on client retention.
• Concentration: top customers represented ~60% of Loyalty net revenue historically; one client generated ~74% of Crypto services revenue in 2024.
• Role and criticality: Bakkt is both principal and custodian in client flows — operational continuity is tied to custody and settlement capability.
• Geography: global crypto footprint with loyalty legacy concentrated in North America.

Client roster — who Bakkt lists and what each relationship contributes

Below are every named relationship cited in Bakkt’s disclosures and the public press captured in our results, each with a concise plain-English description and source note.

• Webull (BULL) — Webull was Bakkt’s largest crypto client, accounting for approximately 74% of Bakkt’s crypto services revenue in 2024, and has notified Bakkt it will not renew its contract effective June 14, 2025; this concentration drove disclosure and impairment risk in Bakkt’s FY2024 10‑K and subsequent press. According to Bakkt’s FY2024 Form 10‑K, Webull represented the bulk of crypto services revenue and has planned non-renewal actions that materially affect revenue.

• Bank of America (BAC) — Bank of America was a major loyalty customer, representing roughly 16% of loyalty service revenue in 2023, and notified Bakkt it would not renew its loyalty services contract effective April 22, 2025; this contributed to Bakkt’s strategic realignment. Bank of America’s contract termination is disclosed in Bakkt filings and was noted in investor press in 2025.

• Blockchain.com — Named alongside other exchange and brokerage clients in Bakkt’s FY2024 10‑K as a client of Bakkt’s platform services, indicating enterprise adoption among crypto custodians and retail platforms. The FY2024 10‑K lists Blockchain.com among clients such as Webull and Public.com.

• Public.com — Identified in Bakkt’s FY2024 10‑K as a customer using Bakkt’s platform, reflecting Bakkt’s penetration into retail investing channels. Bakkt’s 10‑K lists Public.com with peer clients.

• Swan Bitcoin — Swan Bitcoin is a client that leverages Bakkt infrastructure for custody and trading services; a 2025 press release and investor communications reference a partnership announcement. Marketscreener and Bakkt press in 2025 note Swan Bitcoin’s partnership for secure and scalable infrastructure.

• Project Labrador Holdco, LLC / Project Labrador Holdco LLC — Project Labrador is the buyer that completed acquisition of Bakkt’s Loyalty and Travel Redemption business on October 1, 2025; the sale and the $11 million deal value were reported in press coverage of Bakkt’s strategic divestiture. The Globe and Mail and other October 2025 press releases reported the completion of the sale to Project Labrador, an affiliate of Roman DBDR.

• Roman DBDR Technology Advisors, Inc. — Roman DBDR is the parent/affiliate involved in acquiring Bakkt’s loyalty business via Project Labrador; press coverage in 2025 cites Roman DBDR’s involvement in the transaction. QuiverQuant and Cryptopolitan reports in late 2025 discuss Roman DBDR’s role in the acquisition.

• Intercontinental Exchange Holdings, Inc. (ICE) — Bakkt announced strategic alternatives including the sale of Bakkt Trust to ICE as part of its refocus on core crypto and stablecoin payments infrastructure; this was reported in QZ coverage of Bakkt’s FY2025 actions. QZ’s coverage on Bakkt’s 2025 realignment references the planned sale to ICE.

• 3.0verse — Bakkt agreed to provide UK/EU crypto trading and custody services to 3.0verse as part of its international expansion; this partnership was described in 2023/2025 press noting Bakkt’s planned launches in the UK and EU. StockTitan and related press describe plans to provide custody/trading services to 3.0verse.

• EDX Markets — Bakkt preliminarily agreed to join EDX Markets’ clearing house and custodial network as a backup qualified custodian, signaling institutional-market connectivity for Bakkt’s custody offering. StockTitan coverage from the expansion announcements referenced Bakkt’s intended role with EDX Markets.

• Nexo — Bakkt partnered with Nexo to support Nexo’s re-entry into the U.S., leveraging Bakkt’s U.S. trading infrastructure for compliant digital asset services; this arrangement was reported in investor news in 2026. Investing.com and related press in 2026 described the Nexo–Bakkt partnership for U.S. market access.

• Cantaloupe (CTLP) — Bakkt partnered with Cantaloupe in 2021 to enable crypto acceptance on vending and kiosk payment hardware, reflecting early payments integrations and enterprise channel partnerships reported in PaymentsDive and subsequent articles. PaymentsDive referenced the 2021 partnership enabling Cantaloupe devices to accept cryptocurrencies via Bakkt.

• Hapi — Hapi is a long-standing client in Latin America that expanded crypto trading capabilities with Bakkt into Mexico, Argentina and planned Brazil launches, showing Bakkt’s regional expansion in 2023. StockTitan reported the Latin American expansion with Hapi in 2023.

• NEXOF (Nexo symbol variant in reporting) — Appears in investor press as Nexo’s quoted symbol in some outlets, tied to the 2026 partnership where Bakkt provides U.S. infrastructure for Nexo’s return to the market. The Investing.com mention of the Nexo partnership uses the NEXOF symbol contextually.

All of the above relationships are drawn from Bakkt’s FY2024 10‑K disclosures and subsequent 2025–2026 press coverage capturing divestitures, contract terminations, and partnership rollouts.

What investors should model from these relationships

• Concentration risk is the primary valuation lever. Historical disclosure that a single client generated ~74% of crypto services revenue in 2024 is a material signal; model scenarios must include client loss and replacement cadence rather than assuming steady reuse of existing contracts.
• Contract durability is limited. With custody sometimes rendered over a single day and many commercial terms one-to-two years, revenue volatility is structural — subscription economics exist, but short contract horizons raise churn sensitivity.
• Fleet of buyers and sellers is mixed. Bakkt acts as principal on trade settlements while simultaneously providing custodial SaaS; disruption to custody or clearing relationships (e.g., EDX, ICE) could create service interruption or increased capital requirements.
• Strategic simplification, but lower top-line near term. The sale of the Loyalty business to Project Labrador and the termination of major loyalty contracts reduce non-core revenue but clarify management focus on crypto and stablecoin infrastructure.

For a deeper breakdown of Bakkt’s counterparties and operational exposures, view our company relationship page at NullExposure: https://nullexposure.com/.

Final take

Bakkt is an enterprise infrastructure play with high operational leverage to client retention and custody continuity. The company’s shift away from loyalty assets simplifies the model but intensifies reliance on crypto trading and custody clients — a segment where historical concentration has been material and contract tenors short. Investors should foreground counterparty concentration and custody counterparty diversification when assessing Bakkt’s risk-adjusted revenue trajectory.