Financial Data and Key Metrics Changes - In Q4 2024, total revenues net of crypto costs increased 6.6% year-over-year to $17.8 million, while total operating expenses decreased 69% year-over-year to $29.5 million [22][23] - Net loss improved 48.7% year-over-year to $40.4 million, and adjusted EBITDA loss improved 66.3% year-over-year to $6.4 million [23][62] - For the full year, total revenues net of crypto costs increased 8.8% to $63 million, and net loss improved 54.2% to $103.4 million [23][61] Business Line Data and Key Metrics Changes - The crypto business saw significant growth, with monthly notional trading volume reaching record highs, totaling $1.78 billion in Q4, a 465% sequential increase and 778% year-over-year growth [21][22] - Loyalty redemption volume increased 33.8% sequentially, while net loyalty revenues were $11.1 million, down 8.3% sequentially and 26.5% year-over-year [57][58] Market Data and Key Metrics Changes - Assets under custody for the brokerage business reached $2.3 billion, up 145.2% from the previous quarter and up 228.1% year-over-year [54] - The company processed over $5 trillion in adjusted stablecoin volume in 2024, indicating a strong market presence [9] Company Strategy and Development Direction - The company is undergoing a strategic transformation to focus on becoming a pure play crypto infrastructure company, including a partnership with DTR to enter the cross-border stablecoin payments industry [6][10] - The divestiture of Bakkt Trust is aimed at concentrating resources on core competitive advantages in crypto brokerage and institutional trading services [13][15] Management's Comments on Operating Environment and Future Outlook - Management highlighted favorable macro conditions for the crypto industry entering 2025, including increased institutional adoption and a more crypto-friendly regulatory environment [36][39] - The company anticipates total revenues for Q1 2025 to be in the range of $1.03 billion to $1.28 billion, reflecting continued growth [65] Other Important Information - The company has formed a new partnership with DTR, which is expected to enhance its capabilities in the stablecoin payments market [10][12] - The company is exploring strategic alternatives for its loyalty business, indicating a focus on optimizing its service offerings [13] Q&A Session Summary Question: What impact will the Webull contract change have on revenue? - Management acknowledged that Webull represented approximately 74% of crypto revenues for 2024 and that the transition would impact revenue in the short term, but emphasized the importance of strategic initiatives to support Webull's scaling [30][31]