Bakkt Holdings Inc
NYSE:BKKT
Bakkt Holdings Inc
Bakkt Holdings, Inc. operates as an investment holding company. The company is headquartered in Alpharetta, Georgia and currently employs 579 full-time employees. The company went IPO on 2020-09-23. The digital asset market includes cryptocurrencies, gift cards, loyalty points and miles. Its consumer offerings include cryptocurrency trading platform, track and convert rewards, spend payments, manage and buy gift cards and Bakkt application. Its businesses offerings include crypto services, crypto rewards, powering loyalty programs and digital assets payments. Its institutions offerings include crypto custody and crypto derivatives. The Company’s platform enables merchants and brands to create compelling experiences to attract new customers and engage existing customers.
Bakkt Holdings, Inc. operates as an investment holding company. The company is headquartered in Alpharetta, Georgia and currently employs 579 full-time employees. The company went IPO on 2020-09-23. The digital asset market includes cryptocurrencies, gift cards, loyalty points and miles. Its consumer offerings include cryptocurrency trading platform, track and convert rewards, spend payments, manage and buy gift cards and Bakkt application. Its businesses offerings include crypto services, crypto rewards, powering loyalty programs and digital assets payments. Its institutions offerings include crypto custody and crypto derivatives. The Company’s platform enables merchants and brands to create compelling experiences to attract new customers and engage existing customers.
Strong Revenue Growth: Bakkt reported total GAAP revenue of $402 million for Q3 2025, up 27% year-over-year, driven mainly by higher crypto trading activity.
Turnaround Progress: Management stated that Bakkt's company-wide transformation is nearly complete, with restructuring, cost cutting, and strategic focus expected to be finalized by the end of Q4 2025.
Profitability Achieved: Adjusted EBITDA reached $28.7 million, a significant improvement from a loss of $20.4 million in the prior year quarter. Adjusted net income from continuing operations was $15.7 million.
Balance Sheet Strength: Bakkt ended the quarter with $64 million in cash and no long-term debt, reflecting disciplined execution and improved financial flexibility.
Clear Strategic Direction: Bakkt is now focused exclusively on regulated digital asset infrastructure, with three core business lines (Markets, Agent, Global) and a capital-light, partnership-driven growth model.
Capital Structure Simplification: The company eliminated its Up-C structure, aligning all shareholders under a single entity and removing structural overhangs.
Guidance for Clean Reporting: Management indicated that accounting noise from the legacy Loyalty business will disappear after year-end 2025, providing clearer financials starting Q1 2026.
International Expansion: Initial focus is on Japan, with plans for additional growth in South Korea and India through minority investments and partnerships.
