Bakkt Inc (NYSE: BKKT) is a digital assets company that operates a crypto services platform enabling customers to purchase and sell digital assets. Revenue is transactional, generated when customers buy or sell cryptocurrencies through Bakkt Financial Services (BFS), with the company recording both gross crypto services revenue and an offsetting crypto cost of revenue. Total revenues were $2.34M in FY2025, down from $3.44M in FY2024 and $727K in FY2023, reflecting concentrated exposure to digital asset trading volumes. Crypto costs consumed the vast majority of gross revenue in each period, leaving the company with an operating loss of $147.8M in FY2025. Class A Common Stock and Public Warrants trade on the NYSE under symbols BKKT and BKKT WS, respectively. As of March 11, 2026, there were 30,562,096 shares of Class A Common Stock outstanding held by 161 holders of record.

Revenue model

Transactional crypto services revenue: customers buy or sell digital assets on the BFS platform; Bakkt records gross proceeds as revenue and the corresponding cost of those digital assets as crypto costs. Total crypto services revenue was $2.34M in FY2025 and $3.44M in FY2024.

Products and services

Crypto services platform (operated through Bakkt Financial Services) enabling retail purchase and sale of digital assets. The company also holds digital assets on its balance sheet, subject to third-party custody arrangements.

Customers and end markets

Retail customers transacting in digital assets through the BFS platform. The filing does not disclose individual customer counts or customer concentration metrics.

Value-chain role

Digital asset trading platform and intermediary; partners with third-party custodians for digital asset custody.

Geographic exposure

The filing does not specify a geographic revenue breakdown. The company is incorporated in the United States and lists on the NYSE.

Source: SEC 10-K, filed 2026-03-19

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