Bakkt Holdings, Inc. Class A ( (BKKT) ) has released its Q3 earnings. Here is a breakdown of the information Bakkt Holdings, Inc. Class A presented to its investors.
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Bakkt Holdings, Inc., a digital asset infrastructure company, provides solutions for institutional participation in the digital asset economy, including Bitcoin, tokenization, and stablecoin payments. In its third-quarter 2025 earnings report, Bakkt reported a 27% increase in GAAP revenue to $402.2 million, despite a GAAP net loss of $23.2 million due to warrant liability mark-to-market adjustments. The company achieved an adjusted EBITDA of $28.7 million, marking a significant 241% increase year-over-year. Key strategic moves included the sale of its Loyalty business and the simplification of its governance structure by collapsing its Up-C structure. Bakkt also appointed Richard Galvin to its Board of Directors, enhancing its leadership as it continues its international expansion. Looking ahead, Bakkt aims to complete its transformation into a unified digital-asset infrastructure platform, focusing on expanding customer adoption and preparing for growth acceleration in 2026.