Strong Adjusted EBITDA Growth
Bakkt reported $29 million in adjusted EBITDA for Q3 2025, demonstrating scalability and efficiency, compared to a loss of $20.4 million in Q3 2024.
Balance Sheet Improvement
Closed the quarter with $64 million in cash and restricted cash and no long-term debt, reflecting disciplined execution and a strengthened financial foundation.
Simplification of Capital Structure
Eliminated the dual-class share system and completed the collapse of the Up-C structure, aligning shareholders, management, and employees under a single corporate entity.
Strategic International Expansion
Initiated investment in Japan and planning further expansion into Korea and India to extend digital asset infrastructure globally.