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. 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.