Bakkt Inc
investors.bakkt.comWhat Do They Do?
Provides financial institutions, fintechs and other businesses with digital-asset trading, secure storage and payment tools for their customers.
10-K for FY2025, filed Mar 19, 2026Bakkt Markets enables institutions to launch secure, compliant, and advanced digital asset brokerage, trading and payment capabilities…View ↗
We operate primarily through Bakkt Financial Solutions I, LLC (formally Bakkt Crypto Solutions, LLC) (“BFS”). BFS, through business…View ↗
Our clients include financial institutions, fintechs, broker-dealers, neobanks, registered investment advisers, exchanges, and other…View ↗
How Do They Make Money?
Bakkt earns a fee for each payment processed under its agreement with DTR. It invoices customers for service fees when the service is performed.
10-K for FY2025, filed Mar 19, 2026
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10-K for FY2025, filed Mar 19, 2026
FY2025 revenue by product or service ↗
$2.3B
-
10-K for FY2025, filed Mar 19, 2026
$2.3B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Transaction revenue
Usage-based
10-K for FY2025, filed Mar 19, 2026 |
100%
FY2022: 88%
|
Transaction revenue, FY2025
$2.3B Sources
|
Usage-based |
|
Subscription and service revenue
|
0.0%
FY2022: 12%
|
Subscription and service revenue, FY2025
$50K Sources
|
Who Are Their Customers?
Financial institutions and fintechs contract with Bakkt; their customers use its digital-asset services inside the clients’ apps. Bakkt reaches business clients through enterprise partnerships and direct outreach.
10-K for FY2025, filed Mar 19, 2026Our clients include financial institutions, fintechs, broker-dealers, neobanks, registered investment advisers, exchanges, and other…View ↗
Our go-to-market strategy follows a 'B2B2C' model, acquiring customers primarily through deep-seated enterprise partnerships. By building…View ↗
-24- deepen customer engagement. Rather than navigating a separate Bakkt interface, digital asset users interact with our capabilities…View ↗
Our marketing efforts are focused on business-to-business (“B2B”) activities to acquire new clients. We utilize multiple B2B channels, such…View ↗
Do Revenues Turn Into Profits?
No. It lost $107.2M in FY2025.
10-K for FY2025, filed Mar 19, 2026
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 10, 2026
$80.8MView ↗
- ▲ Now profitable
- vs −$14.7M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 10, 2026
Open tableView ↗
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Aug 17, 2026
Matt White appointed CFO after Karen Alexander’s departure
White was appointed CFO following Alexander’s departure from the role.
Sources
8-K, filed Aug 17, 2026
On August 11, 2026, Karen Alexander, Chief Financial Officer and principal financial officer of Bakkt, Inc. (the “Company”), and the…View ↗
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Apr 30, 2026
Bakkt completes acquisition of DTR
DTR develops payment and stablecoin infrastructure.
Sources
8-K, filed Apr 30, 2026
On April 30, 2026, Bakkt, Inc. (the “Company”), through an indirect wholly-owned subsidiary, Bividen Limited, a limited liability company…View ↗
Focus after loyalty sale
The earlier business combined crypto services with loyalty-point redemption and travel rewards. The latest report describes a digital-asset infrastructure business after the loyalty sale.
10-K for FY2022, filed Mar 24, 2023 10-K for FY2025, filed Mar 19, 2026
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