Bakkt reported $402.2 million in Q3 2025 revenue, up 27% year-over-year, and EBITDA of $28.7 million, a 241% increase, as the company nears completion of its strategic shift toward institutional-focused crypto infrastructure.
The firm officially exited its loyalty rewards business last quarter, finalizing its transition to providing institutional-grade trading, liquidity, regulated custody, and AI-powered services, according to its latest earnings report.
“The third quarter represents a defining moment in Bakkt’s transformation,” CEO Akshay Naheta said. “We’ve simplified our structure, sharpened our strategy, and delivered positive adjusted EBITDA—clear evidence that our reset is working.”
Originally launched in 2018 by Intercontinental Exchange, Bakkt has evolved from a Bitcoin futures platform and rewards tokenization venture into a turnkey crypto infrastructure provider for institutions. The company now operates a B2B2C model, holds money transmitter licenses across all 50 U.S. states, and has launched a Bitcoin treasury backed by a public offering.
Bakkt plans to expand internationally, starting in Japan, and ended the quarter debt-free with $64.4 million in cash. However, it reported a $23.2 million net loss, mainly due to a non-cash $37.2 million warrant liability revaluation linked to its rising stock price.
BKKT shares fell 12% following the report.
Image Credit: Pixabay
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