BKKT on NYSE

Bakkt

Publicly traded digital asset manager

Bakkt Holdings, Inc., provides a software as a service (SaaS) and API platform for owning and trading cryptocurrency and facilitates fiat-to-stablecoin conversion. The company is organized in Delaware, with principal executive offices in New York City.³ From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

2018Founded¹

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TickerBKKT on NYSE¹
Industryfinancial services, fintech¹
HeadquartersAtlanta¹
Websitewww.bakkt.com
Business address3280 Peachtree Rd Ne, 7Th Floor, Atlanta, Ga 30305⁴
Filer categoryAccelerated filer, Smaller reporting company⁴

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-6.3%Operating margin⁶

-4.6%Net margin⁶

-32.1%Revenue growth, 2025⁶

-95.1%Return on equity⁶

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Transaction Revenue, Net brought in 100% of the revenue Bakkt broke down this way in fiscal 2025.

Transaction Revenue, Net$2.3B⁶100%down 32% from 2024
Subscription And Service Revenue$50.0K⁶0%down 38% from 2024

Products and services by year

Products and services	2023	2024	2025
Transaction Revenue, Net	$726.8M	$3.4B	$2.3B
Subscription And Service Revenue	$192.0K	$80.0K	$50.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

Other costs

Other costs100¢$2.3B
Income tax0¢$49.0K

Out of $2.3B in revenue.⁶ The company lost money this year.

Financial statements

Revenue⁷⁸⁶$2.3B in 2025+8095% since 2020

Operating income⁷⁸⁶-$147.8M in 2025+87% since 2020

Net income⁷⁸⁶-$107.2M in 2025+35% since 2020

Every line of the income statement in the latest annual report, as filed.⁶

Period ending	2025-12-31	2024-12-31	2023-12-31
Total revenues	$2.3B	$3.4B	$727.0M
Crypto costs (See Note 2)	$2.3B	$3.4B	$718.5M
Execution, clearing and brokerage fees	$18.4M	$24.0M	$3.8M
Compensation and benefits	$77.3M	$36.1M	$45.5M
Professional services	$25.3M	$16.4M	$10.2M
Technology and communication	$7.3M	$9.5M	$12.5M
Selling, general and administrative	$12.7M	$24.4M	$30.9M
Acquisition-related expenses	$53.0K	$128.0K	$4.3M
TRA settlement expense	$26.9M	$0	$0
Depreciation and amortization	$607.0K	$343.0K	$12.3M
Related party expenses	$0	$600.0K	$3.9M
Goodwill and intangible assets impairments	$0	$0	$12.7M
Impairment of long-lived assets	$733.0K	$744.0K	$24.1M
Restructuring expenses	$5.3M	$8.2M	$4.2M
Other operating expenses	$84.0K	$30.0K	$369.0K
Total operating expenses	$2.5B	$3.5B	$883.2M
Operating loss from continuing operations	-$147.8M	-$82.6M	-$156.2M
Interest income, net	$791.0K	$4.3M	$4.3M
Gain (loss) from change in fair value of warrant liability	$30.2M	-$17.2M	-$1.6M
Other income, net	$19.5M	$1.2M	$179.0K
Loss from continuing operations before income taxes and equity in earnings of affiliates	-$97.4M	-$94.3M	-$153.3M
Income tax (benefit) expense	-$49.0K	$110.0K	$355.0K
Net loss from continuing operations before equity in net earnings of affiliates	-$97.3M	-$94.4M	-$153.7M
Loss from equity method investment	-$323.0K	$0	$0
Net loss from continuing operations	-$97.7M	-$94.4M	-$153.7M
Net loss from discontinued operations, net of tax	-$34.6M	-$9.0M	-$72.2M
Net loss	-$132.2M	-$103.4M	-$225.8M
Less: Net loss attributable to noncontrolling interest	-$25.0M	-$56.8M	-$151.0M
Net loss attributable to Bakkt, Inc.	-$107.2M	-$46.7M	-$74.9M
Basic net loss per share attributable to Class A common stockholders, Continuing operations (in dollars per share)	-$7	-$7	-$14
Basic net loss per share attributable to Class A common stockholders, Discontinued operations (in dollars per share)	-$2	-$1	-$7
Total basic net loss per share attributable to Class A common stockholders (in dollars per share)	-$8.87	-$7.97	-$21.01
Diluted net loss per share attributable to Class A common stockholders, Continuing operations (in dollars per share)	-$7	-$7	-$14
Diluted net loss per share attributable to Class A common stockholders, Discontinued operations (in dollars per share)	-$2	-$1	-$7
Total diluted net loss per share attributable to Class A common stockholders (in dollars per share)	-$8.87	-$7.97	-$21.01

Total assets⁷¹²¹³⁸⁶$162.8M in 2025−65% since 2020

Total liabilities⁷¹²¹³⁸⁶$50.0M in 2025−15% since 2020

Shareholders’ equity¹⁴¹²¹³⁸⁶$112.8M in 2025

Cash⁷¹²⁸⁶$27.0M in 2025−71% since 2019

Every line of the balance sheet in the latest annual report, as filed.⁶

Period ending	2025-12-31	2025-07-31	2025-06-30
Cash and cash equivalents	$27.0M
Restricted cash	$575.0K
Customer funds	$14.7M
Investments	$235.0K
Accounts receivable, net	$12.1M
Prepaid insurance	$2.7M
Assets of businesses held for sale	$0
Other current assets	$14.9M
Total current assets	$72.2M
Property, equipment and software, net	$1.7M
Goodwill	$64.7M
Intangible assets	$5.5M
Equity method investment	$11.1M
Derivative asset	$3.4M
Noncurrent assets of businesses held for sale	$0
Other assets	$4.2M
Total assets	$162.8M
Accounts payable and accrued liabilities	$14.9M
Customer funds payable	$14.7M
Deferred revenue, current	$789.0K
Liabilities of businesses held for sale	$0
Total current liabilities	$33.0M
Warrant liabilities	$16.7M
Noncurrent liabilities of businesses held for sale	$0
Other noncurrent liabilities	$244.0K
Total liabilities	$50.0M
Additional paid-in capital	$1.0B
Accumulated other comprehensive income (loss)	$947.0K
Accumulated deficit	-$905.2M
Total stockholders' equity	$112.8M
Noncontrolling interest	$0
Total equity	$112.8M
Total liabilities and stockholders equity	$162.8M
Common stock, par value (in dollars per share)			$0.00
Common stock, authorized (in shares)		570.0M shares	70.0M shares

Cash from operations⁷⁸⁶-$153.4M in 2025+396% since 2020

Share buybacks⁸$2.7M in 2024+4% since 2022

Every line of the cash flow in the latest annual report, as filed.⁶

Period ending	2025-12-31	2024-12-31	2023-12-31
Net loss	-$132.2M	-$103.4M	-$225.8M
Depreciation and amortization	$607.0K	$343.0K	$13.9M
Change in fair value of contingent consideration liability	$0	$0	-$3.0M
Non-cash lease expense	$895.0K	$1.7M	$3.1M
Share-based compensation expense	$71.6M	$15.8M	$15.5M
Unit-based compensation expense	$0	$0	$1.3M
Forfeiture and cancellation of common units	$0	$0	-$13.0K
Impairment of long-lived assets	$961.0K	$889.0K	$30.3M
Loss on sale of businesses	$22.7M	$0	$0
Gain on lease terminations	-$8.9M	$0	$0
Goodwill and intangible assets impairments	$0	$0	$60.5M
Loss on disposition of assets	$0	$0	$75.0K
Loss on extinguishment of convertible debenture	$2.6M	$0	$0
Loss (gain) from change in fair value of warrant liabilities	-$30.2M	$17.2M	$1.6M
Change in fair value of derivative assets	-$14.0M	$0	$0
Loss on Equity Method Investee	$323.0K	$0	$0
TRA Equity Settlement	$23.0M	$0	$0
Other	$538.0K	-$52.0K	$19.0K
Accounts receivable	-$1.2M	$5.4M	-$10.0M
Prepaid insurance	$1.2M	$9.1M	$9.8M
Deposits with clearinghouse	-$2.5M	$0	$15.0M
Accounts payable and accrued liabilities	-$5.1M	-$15.6M	-$8.0M
Due to related party	-$2.4M	-$870.0K	$2.1M
Deferred revenue	-$152.0K	-$3.3M	$396.0K
Operating lease liabilities	-$4.1M	-$3.6M	-$3.0M
Customer funds payable	-$73.9M	$55.6M	$32.3M
Assets and liabilities of businesses held for sale	-$3.3M	$0	$0
Other assets and liabilities	$177.0K	-$431.0K	$3.4M
Net cash used in operating activities	-$153.4M	-$21.2M	-$60.7M
Capitalized internal-use software development costs and other capital expenditures	-$1.2M	-$3.1M	-$9.4M
Purchase of marketable securities	-$55.2M	-$18.0M	-$61.8M
Proceeds from the maturity of marketable securities	$55.0M	$35.2M	$185.8M
Proceeds from Sale of Bakkt Trust	$4.5M	$0	$0
Purchase of intangible assets	-$2.6M	$0	$0
Purchase of equity method investment	-$11.5M	$0	$0
Cash paid for Loyalty divestiture	-$20.1M	$0	$0
Cash advance for Loyalty Buyer	-$17.6M	$0	$0
Cash proceeds from derivative	$10.6M	$0	$0
Net cash provided by (used in) investing activities:	-$38.1M	$14.1M	$66.0M
Proceeds from Concurrent Offerings, net of issuance costs	$0	$46.5M	$0
Withholding tax payments on net share settlements on equity awards	-$3.1M	-$2.7M	-$2.6M
Proceeds from Exercise of exercise of stock options	$384.0K	$0	$0
Proceeds from Common Stock Issuance, net of issuance cost	$63.0M	$0	$0
Repayment of Convertible Debenture	-$7.9M	$0	$0
Proceeds from borrowings on revolving credit facility	$5.0M	$0	$0
Repayments on revolving credit facility	-$5.0M	$0	$0
Cash paid for financing fees	-$1.5M	$0	$0
Proceeds from issuance of convertible debentures, net of discounts	$23.8M	$0	$0
Net cash provided by (used in) financing activities:	$82.1M	$43.8M	-$2.6M
Effect of exchange rate changes	$593.0K	-$1.5M	$436.0K
Net increase (decrease) in cash, cash equivalents, deposits, restricted cash and customer funds	-$108.8M	$35.2M	$3.1M
Cash paid for income taxes	$0	$0	$239.0K
Non-cash operating lease right-of-use asset acquired	$0	$0	$3.8M
Capitalized internal-use software development costs and other capital expenditures included in accounts payable and accrued liabilities	$0	$0	$478.0K
Conversion of Convertible debentures	$17.5M	$0	$0

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The story

2018–2020: Under ICE ownership

In August 2018, Intercontinental Exchange formed Bakkt in partnership with Boston Consulting Group (BCG), Microsoft, Starbucks, and others to create a software platform to manage digital assets. Its first use cases was for trading and conversion of Bitcoin (BTC) versus fiat currencies. Kelly Loeffler served as Bakkt's CEO until her appointment to the United States Senate.

In January 2019, Bakkt acquired certain assets of Rosenthal Collins Group to advance its consumer payments initiatives.

In April 2019, Bakkt acquired Digital Asset Custody Company (DACC).

In September 2019, after regulatory delays, Intercontinental Exchange began trading of bitcoin futures.

In February 2020, Intercontinental Exchange acquired Bridge2 Solutions, a loyalty rewards provider, which was then contributed to Bakkt.

2021–present: Public company

In October 2021, Bakkt completed a merger with VPC Impact Acquisition Holdings, a special-purpose acquisition company sponsored by Victory Park Capital and was listed on the New York Stock Exchange.

In April 2023, Bakkt acquired Chicago-based integrated crypto trading platform, Apex Crypto.

In March 2025, Akshay Naheta was appointed as the co-chief executive officer and the company also entered into a commercial agreement with Distributed Technologies Research (DTR). Naheta was named the sole CEO effective September 2025.

Read the full text

In July 2025, the company announced it will sell its loyalty points business for $11 million. The company completed the sale in October 2025.

In August 2025, the acquired approximately 30% of the outstanding shares of MarushoHotta, which was renamed Bitcoin Japan.

In November 2025, the company simplified the capital structure and eliminated its umbrella partnership-C corporation "Up-C" structure and transitioned to a single class of stock.

In January 2026, the company changed its corporate name from Bakkt Holdings, Inc. to Bakkt, Inc.

In April 2026, the company acquired Distributed Technologies Research (DTR).

From Wikipedia’s article on Bakkt, shared under CC BY-SA 4.0.⁵

Subsidiaries and ownership

Parent company

Intercontinental Exchange

From Wikidata.¹

Former names

Bakkt Holdings, Inc.Mar 16, 2021 to Jan 20, 2026⁴
VPC Impact Acquisition HoldingsAug 7, 2020 to Oct 15, 2021⁴

Timeline

2018Founded Founded¹

Recent filings

Oct 2, 20264
Oct 2, 20264
Oct 2, 20264
Oct 2, 20264
Sep 25, 20264
Sep 25, 20264
Sep 25, 20264
Aug 27, 20263
Aug 19, 20264
Aug 17, 20268-K
Aug 14, 2026SCHEDULE 13G/A
Aug 10, 20268-K
Aug 10, 202610-Q
Aug 7, 20268-K/A
Jul 27, 2026SCHEDULE 13G

Every filing from the last three years, summarized. The full record is on SEC EDGAR.²

Sources

The numbers on this page point here. Each one links to the record it came from.

1
WikidataBakkt on Wikidata
2
SEC EDGARBakkt filings on SEC EDGAR
3
WikipediaBakkt on Wikipedia
4
SEC EDGARBakkt filings on SEC EDGAR
5
WikipediaBakkt on Wikipedia (revision used)
6
SEC EDGARBakkt 10-K for fiscal 2025
7
SEC EDGARBakkt 10-K for fiscal 2020
8
SEC EDGARBakkt 10-K for fiscal 2022
9
SEC EDGARBakkt 10-Q for fiscal 2025
10
SEC EDGARBakkt 10-Q for fiscal 2026
11
SEC EDGARBakkt 10-Q for fiscal 2026
12
SEC EDGARBakkt 10-K for fiscal 2021
13
SEC EDGARBakkt 10-K for fiscal 2022
14
SEC EDGARBakkt 10-K for fiscal 2020