Bakkt, Inc.

Listed Company

BKKT-WTCIK 0001820302NYSEAcceleratedSmaller ReportingFinance ServicesFY ends Dec 31

Period

FY 2025

Revenue

$2.34B

Net Income

$-107.21M

Total Assets

$162.79M

Equity

$112.78M

Shares Out

30.56M

Op. Cash Flow

$-153.40M

Business

Bakkt Holdings, Inc. provides institutional-grade technology and platform services that enable clients to offer crypto trading, custody, payments and loyalty redemption capabilities to their customers. Its main products and services include crypto asset trading, custodial and transfer services, API and SaaS integrations, a loyalty redemption storefront and planned institutional liquidity and ECN infrastructure (BakktX). The company operates through divisions including Bakkt Crypto, Bakkt Loyalty Solutions and BakktX. It serves clients and their retail customers primarily in the United States and Canada via B2B2C partnerships, APIs and white‑label storefronts.

Summary from filing dated 2025-03-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2020 2020-12-31
Total revenues	2,335	3,441	727	56	28
Crypto costs (See Note 2)	2,308	3,403	719	2	—
Execution, clearing and brokerage fees	18	24	4	0	—
Compensation and benefits	77	36	45	139	43
Professional services	25	16	10	11	6
Technology and communication	7	9	12	17	10
Selling, general and administrative	13	24	31	35	8
Acquisition-related expenses	53,000	128,000	4	6	13
TRA settlement expense	27	0	0	—	—
Depreciation and amortization	607,000	343,000	12	25	8
Related party expenses	0	600,000	4	1	3
Goodwill and intangible assets impairments	0	0	13	—	—
Impairment of long-lived assets	733,000	744,000	24	—	—
Restructuring expenses	5	8	4	2	—
Other operating expenses	84,000	30,000	369,000	2	857,000
Total operating expenses	2,483	3,524	883	2,075	108
Operating loss from continuing operations	−148	−83	−156	−2,019	−79
Interest income, net	791,000	4	4	2	123,000
Gain (loss) from change in fair value of warrant liability	30	−17	−2	17	0
Other income, net	19	1	179,000	−856,000	−218,000
Loss from continuing operations before income taxes and equity in earnings of affiliates	−97	−94	−153	—	—
Income tax (benefit) expense	−49,000	110,000	355,000	11	−400,000
Net loss from continuing operations before equity in net earnings of affiliates	−97	−94	−154	—	—
Loss from equity method investment	−323,000	0	0	—	—
Net loss from continuing operations	−98	−94	−154	—	—
Net loss from discontinued operations, net of tax	−35	−9	−72	—	—
Net loss	−132	−103	−226	−1,990	−80
Less: Net loss attributable to noncontrolling interest	−25	−57	−151	−1,412	—
Net loss attributable to Bakkt, Inc.	−107	−47	−75	−578	−80
Basic net loss per share attributable to Class A common stockholders, Continuing operations (in dollars per share)	−6.55	−7.27	−14.29	—	—
Basic net loss per share attributable to Class A common stockholders, Discontinued operations (in dollars per share)	−2.32	−0.7	−6.72	—	—
Total basic net loss per share attributable to Class A common stockholders (in dollars per share)	−8.87	−7.97	−21.01	−203.08	—
Diluted net loss per share attributable to Class A common stockholders, Continuing operations (in dollars per share)	−6.55	−7.27	−14.29	—	—
Diluted net loss per share attributable to Class A common stockholders, Discontinued operations (in dollars per share)	−2.32	−0.7	−6.72	—	—
Total diluted net loss per share attributable to Class A common stockholders (in dollars per share)	−8.87	−7.97	−21.01	−203.08	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	27	39	53	98	391
Restricted cash	575,000	25	32	17	17
Customer funds	15	89	33	591,000	551,000
Investments	235,000	0	—	—	—
Accounts receivable, net	12	8	30	25	18
Prepaid insurance	3	4	13	23	32
Assets of businesses held for sale	0	18	—	—	—
Other current assets	15	2	3	6	5
Total current assets	72	184	181	326	464
Property, equipment and software, net	2	2	60,000	20	6
Goodwill	65	68	68	16	1,527
Intangible assets	6	3	3	56	388
Equity method investment	11	0	—	—	—
Derivative asset	3	0	—	—	—
Noncurrent assets of businesses held for sale	0	2	—	—	—
Other assets	4	10	13	22	14
Total assets	163	269	265	456	2,414
Accounts payable and accrued liabilities	15	14	55	67	64
Customer funds payable	15	89	33	591,000	551,000
Deferred revenue, current	789,000	0	4	4	5
Liabilities of businesses held for sale	0	28	—	—	—
Total current liabilities	33	138	101	92	74
Warrant liabilities	17	47	2	785,000	17
Noncurrent liabilities of businesses held for sale	0	6	—	—	—
Other noncurrent liabilities	244,000	16	24	23	13
Total liabilities	50	207	130	119	120
Commitments and contingencies (Note 16)	—	—	—	—	—
Additional paid-in capital	1,017	833	800	773	567
Accumulated other comprehensive income (loss)	947,000	−841,000	−101,000	−290,000	−55,000
Accumulated deficit	−905	−798	−751	−676	−98
Total stockholders' equity	113	34	48	96	468
Noncontrolling interest	0	29	87	240	1,826
Total equity	113	63	136	336	2,294
Total liabilities and stockholders equity	163	269	265	456	2,414

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2020 2020-12-31
Depreciation and amortization	607,000	343,000	14	25	8
Change in fair value of contingent consideration liability	0	0	−3	0	—
Non-cash lease expense	895,000	2	3	3	1
Share-based compensation expense	72	16	15	32	0
Unit-based compensation expense	0	0	1	557,000	—
Forfeiture and cancellation of common units	0	0	−13,000	−185,000	—
Impairment of long-lived assets	961,000	889,000	30	—	—
Loss on sale of businesses	23	0	0	—	—
Gain on lease terminations	−9	0	0	—	—
Goodwill and intangible assets impairments	0	0	60	—	—
Loss on disposition of assets	0	0	75,000	—	—
Loss on extinguishment of convertible debenture	3	0	0	—	—
Change in fair value of derivative assets	−14	0	0	—	—
TRA Equity Settlement	23	0	0	—	—
Other	538,000	−52,000	19,000	285,000	117,000
Accounts receivable	−1	5	−10	−7	−264,000
Prepaid insurance	1	9	10	9	−580,000
Deposits with clearinghouse	−3	0	15	1,000	11
Accounts payable and accrued liabilities	−5	−16	−8	744,000	16
Due to related party	−2	−870,000	2	551,000	−8
Deferred revenue	−152,000	−3	396,000	−2	−4
Operating lease liabilities	−4	−4	−3	4	−1
Customer funds payable	−74	56	32	40,000	81,000
Assets and liabilities of businesses held for sale	−3	0	0	—	—
Other assets and liabilities	177,000	−431,000	3	−2	−2
Net cash used in operating activities	−153	−21	−61	−118	−31
Capitalized internal-use software development costs and other capital expenditures	−1	−3	−9	—	—
Purchase of marketable securities	−55	−18	−62	−307	—
Proceeds from the maturity of marketable securities	55	35	186	165	—
Proceeds from Sale of Bakkt Trust	5	0	0	0	0
Purchase of intangible assets	−3	0	0	—	—
Purchase of equity method investment	−11	0	0	—	—
Cash paid for Loyalty divestiture	−20	0	0	—	—
Cash advance for Loyalty Buyer	−18	0	0	—	—
Cash proceeds from derivative	11	0	0	—	—
Net cash provided by (used in) investing activities:	−38	14	66	−172	−8
Proceeds from Concurrent Offerings, net of issuance costs	0	47	0	—	—
Withholding tax payments on net share settlements on equity awards	−3	−3	−3	—	—
Proceeds from Exercise of exercise of stock options	384,000	0	0	—	—
Proceeds from Common Stock Issuance, net of issuance cost	63	0	0	0	—
Repayment of Convertible Debenture	−8	0	0	—	—
Proceeds from borrowings on revolving credit facility	5	0	0	—	—
Repayments on revolving credit facility	−5	0	0	—	—
Cash paid for financing fees	−2	0	0	—	—
Proceeds from issuance of convertible debentures, net of discounts	24	0	0	—	—
Net cash provided by (used in) financing activities:	82	44	−3	−3	37
Effect of exchange rate changes	593,000	−2	436,000	−850,000	191,000
Net increase (decrease) in cash, cash equivalents, deposits, restricted cash and customer funds	−109	35	3	−293	−1
Cash paid for income taxes	0	0	239,000	0	0
Non-cash operating lease right-of-use asset acquired	0	0	4	11	3
Capitalized internal-use software development costs and other capital expenditures included in accounts payable and accrued liabilities	0	0	478,000	4	2
Conversion of Convertible debentures	18	0	0	—	—

Filings

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