Bakkt Holdings, Inc., now known as Bakkt, Inc., reported a decrease in revenue for the fiscal year 2025, with total revenue from continuing operations amounting to $2.34 billion, compared to $3.44 billion in 2024. This decline is primarily attributed to a reduction in crypto services revenue, stemming from decreased trading volume and the loss of key clients such as Webull and Public. The company's net loss from continuing operations was $97.66 million in 2025, slightly lower than the $94.41 million loss reported in the previous year.
Operating expenses also saw a significant decrease, totaling $2.48 billion in 2025, down from $3.52 billion in 2024. This reduction was mainly due to lower crypto trading costs, aligning with the decreased crypto services revenue. However, compensation and benefits expenses increased by $41.3 million, primarily due to non-cash compensation related to the Option Plan, while professional services expenses also rose by $8.8 million. The company also reported a gain of $30.2 million from the change in fair value of warrant liabilities, contrasting with a loss of $17.2 million in the previous year.
Strategic developments during the year included the sale of the Loyalty business to Project Labrador Holdco, completed on October 1, 2025, and the sale of Bakkt Trust to ICE, finalized on May 15, 2025. The company also adopted an updated corporate investment policy, allowing for capital allocation into digital assets, although no purchases have been made to date. Bakkt completed an internal reorganization to streamline its corporate structure by eliminating the Up-C structure on November 3, 2025. On February 27, 2026, the company entered into a securities purchase agreement for a registered direct offering, expected to generate gross proceeds of approximately $48.125 million.
Key operational developments included a focus on expanding the Bakkt Markets, Agent, and Global solutions. The company also made strategic investments in international markets, including an investment in Bitcoin Japan Corporation. As of December 31, 2025, the company held $911.5 million in digital assets under custody for client customers, a decrease from $2.30 billion in the previous year. The company's employee headcount stood at 48 full-time employees, all located in the United States. The company is prioritizing the scaling of Bakkt’s AI-powered financial agentic platform designed to simplify global money movement and stablecoin-based payments and will continually evaluate new product offerings that it believes are logical expansions of its platform that will address client and customer needs and expectations.
About Bakkt Holdings, Inc.
Bakkt Holdings, Inc. provides a technology platform offering crypto trading, custody, and loyalty solutions through SaaS and API services. Serving financial institutions, merchants, and loyalty sponsors primarily in the U.S. and Canada, Bakkt enables clients’ customers to buy, sell, store, and transfer approved crypto assets and redeem loyalty points. Its institutional-grade platform integrates compliance features and liquidity partnerships, supporting scalable, secure crypto commerce and rewards management.
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