Bakkt Holdings, Inc. reported its financial results for the second quarter of 2025, revealing a total revenue of $577.9 million, a 13.3% increase from $509.9 million in the same period last year. The growth was primarily driven by a 14.3% rise in crypto services revenue, which reached $568.1 million, compared to $497.1 million in Q2 2024. However, loyalty services revenue decreased by 23.3% to $9.8 million, down from $12.8 million, reflecting challenges in that segment. The company recorded a net loss of $30.2 million for the quarter, an improvement from a loss of $35.5 million in the prior year.
In terms of operational metrics, Bakkt reported 0.7 million unique monthly transacting accounts in June 2025, a decrease from 1.5 million in June 2024. The notional traded volume also saw a decline, totaling $733 million for the quarter, down from $1.1 billion in the previous year. Assets under custody were reported at $1.3 billion, a significant drop from $2.3 billion at the end of 2024, largely due to the non-renewal of a key contract with Webull, which previously accounted for 74% of Bakkt's crypto services revenue.
Strategically, Bakkt has made significant changes, including the acquisition of Apex Crypto, which has been rebranded as Bakkt Crypto Solutions. The company also announced plans to sell its loyalty business, which is expected to close soon, and entered into a Commercial Agreement with Distributed Technologies Research Global Ltd. (DTR) to enhance its payment processing capabilities. Additionally, Bakkt raised $75 million through a recent equity offering, which will be used for working capital and to purchase Bitcoin and other digital assets in line with its updated investment policy.
The company’s financial position has been impacted by increased operating expenses, which rose to $596.4 million from $531.9 million year-over-year, primarily due to higher crypto trading costs. Bakkt's management has implemented cost-cutting measures, including personnel reductions and a hiring freeze, in response to the anticipated decline in revenue from the loss of Webull as a client. Looking ahead, Bakkt's management remains cautious, emphasizing the need to expand its revenue base to achieve sustainable profitability while navigating a challenging market environment.
About Bakkt Holdings, Inc.
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