Bakkt Holdings, Inc. reported its financial results for the third quarter of 2025, revealing a significant increase in revenue and notable operational changes. The company generated $402.2 million in crypto services revenue for the three months ending September 30, 2025, a 27.1% increase from $316.3 million in the same period last year. For the nine months ending September 30, 2025, total revenue reached $2.036 billion, up 23.0% from $1.655 billion in the prior year. Despite this revenue growth, Bakkt recorded a net loss of $23.2 million for the quarter, compared to a loss of $6.3 million in Q3 2024, and a net loss of $37.1 million for the nine months, down from $63.1 million in the previous year.
The company's operating expenses also rose, totaling $427.5 million for the third quarter, up from $341.5 million a year earlier. This increase was primarily driven by higher crypto trading costs associated with the increased trading volume. Notably, Bakkt's crypto costs, which represent the gross value of crypto sold by customers, increased by 26.8% to $396.8 million. The company also reported a significant loss of $37.2 million from the change in fair value of its warrant liabilities, compared to a gain of $20 million in the same quarter last year.
Strategically, Bakkt has undergone significant changes, including the divestiture of its Loyalty Business, which was completed on October 1, 2025. This move is part of Bakkt's transformation into a pure-play cryptocurrency infrastructure platform. The company also streamlined its capital structure by collapsing its Up-C structure, unifying all shareholders under a single class of stock. Additionally, Bakkt redeemed the remaining balance of a $25 million convertible debenture, resulting in a debt-free balance sheet.
Operationally, Bakkt reported a decrease in its customer funds, which fell to $11.1 million from $88.6 million at the end of 2024, reflecting the offboarding of significant clients such as Webull and Bank of America. The company facilitated transactions across various crypto assets and expanded its services into international markets, including the U.S., Latin America, Europe, and Asia. As of September 30, 2025, Bakkt held $1.4 billion in cryptocurrency on its platform, which is not recorded on its balance sheet due to SEC regulations.
Looking ahead, Bakkt's management expressed optimism about the future, citing a favorable regulatory environment and increasing institutional participation in the cryptocurrency market. The company aims to leverage its recent strategic changes to enhance its growth trajectory and improve its financial performance. However, management acknowledged the ongoing challenges posed by market conditions and competition in the rapidly evolving crypto landscape.
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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