0001628280-26-019870
SEC filingBakkt Holdings, Inc. reported total revenues of $2.34B for FY 2025, a 32.1% decrease from $3.44B in FY 2024, primarily due to reduced crypto services volume from the loss of key clients Webull in June 2025 and Public in October 2025. Crypto costs declined 32.2% to $2.31B, aligning with lower trading activity. Operating loss from continuing operations widened to -$147.8M from -$82.6M, driven by higher compensation and benefits ($77.3M, up 114.4%) from share-based compensation, offset by lower selling, general and administrative expenses. Net loss totaled -$132.2M, including -$97.7M from continuing operations and -$34.6M from discontinued operations (Loyalty business sale). Net loss attributable to Bakkt was -$107.2M, with diluted EPS of -$9 per share. Cash used in operating activities was -$153.4M, with net cash from financing of $82.1M supporting liquidity amid strategic divestitures like Loyalty and Bakkt Trust sales. Total assets stood at $162.8M, with cash and equivalents at $27.0M. The transformation to a pure-play digital asset infrastructure platform positions Bakkt for institutional growth via Bakkt Markets, Agent, and Global, amid favorable regulatory shifts like the GENIUS Act.
Bakkt Holdings, Inc. (BKKT) posted total revenues of $2.34B for FY 2025 ending December 31, 2025, down 32.1% from $3.44B in 2024, driven by a 32.1% drop in crypto services to $2.335B due to client losses (Webull in June 2025, Public in October 2025). Total operating expenses fell 29.5% to $2.48B, with crypto costs at $2.31B (down 32.2%). Operating loss from continuing operations was -$147.8M, wider than -$82.6M in 2024. Net loss from continuing operations reached -$97.7M (vs. -$94.4M), with total net loss at -$132.2M including -$34.6M from discontinued Loyalty operations. Attributable net loss to Bakkt was -$107.2M, EPS -$9 basic and diluted. Strategic moves included Loyalty sale (October 2025), Bakkt Trust sale (May 2025), Up-C collapse (November 2025), and equity raises ($75M in July 2025, $48.1M gross in February 2026).
Revenues solely from crypto services at $2.335B, down $1.106B or 32.1% YoY, reflecting lower notional traded volume of $2.323B (vs. $3.447B in 2024). Decline tied to client churn and softer digital asset markets amid global trade tensions. Assets under custody fell to $911.5M from $2.302B. No geographic breakdown disclosed; U.S.-focused via Bakkt Financial Solutions (BFS) with nationwide licenses. Growth drivers include platform for institutional trading, custody, payments via Bakkt Markets, Agent, Global; integrations like DTR for stablecoin payments. Notional volume KPIs highlight B2B2C model reliance on client partnerships.
No explicit gross profit stated, but revenues minus crypto costs imply ~1.3% gross margin ($26.9M), down from prior due to volume drop. Operating margin deteriorated to -6.3% from -2.4%, pressured by compensation/benefits surge to $77.3M (up 114% on $71.6M share-based comp), professional services $25.3M (up 54%), offset by SG&A cut to $12.7M (down 48%). TRA settlement $26.9M and restructuring $5.3M impacted. Adjusted EBITDA loss improved to -$33.6M from -$57.3M, reflecting cost controls post-divestitures.
Net cash used in operations: -$153.4M (vs. -$21.2M in 2024), driven by net loss, $73.9M drop in customer funds payable, offset by $71.6M share-based comp. Investing: -$38.1M (Loyalty divestiture cash -$20.1M, equity investment -$11.5M, offset by Bakkt Trust $4.5M). Financing: +$82.1M (stock issuance $63.0M, convertible debentures $23.8M net). Cash/equivalents $27.0M, restricted $0.6M, total assets $162.8M (goodwill $64.7M), liabilities $50.0M, equity $112.8M. No debt detailed beyond warrants $16.7M.
Management views cash sufficient for 12 months post-issuances. Strategic priorities: scale Bakkt Markets/Agent/Global for institutional digital assets, stablecoin payments; DTR acquisition (31.5% stock issuance pending shareholder approval); Bitcoin investment policy (none executed). Risks: client concentration, regulatory changes (GENIUS/CLARITY Acts positive), competition, crypto volatility. KPIs shifting post-Loyalty sale; focus on traded volume, custody assets growth amid institutional adoption.