Bakkt

Bakkt stands out as a NASDAQ-listed subsidiary of Intercontinental Exchange (ICE), generating $150 million in revenue with a strong focus on institutional digital asset custody and trading. Its pioneering system for physically delivered Bitcoin futures—the first in the U.S. to settle with actual BTC—handled 12,000 contracts in September 2025, a volume that is 25% higher than the average institutional platform. Despite trailing #9 Crypto.com in user count by a wide margin, Bakkt’s specialization offers a lower-risk alternative for regulated investors. The platform charges a custody fee of 1.5 basis points per month, which is 30% less than the average institutional provider, enhancing its appeal for compliance-driven funds. Bakkt also processed $4.7 billion in bilateral trading volume in Q3 2025, a figure that outpaces the runner-up in the institutional niche by 18%. Its ICE backing provides robust regulatory oversight, though liquidity remains concentrated in a few key pairs.