Bakkt Reports $132.2 Million Net Loss for 2025 as Revenue Drops 32%
Bakkt Inc. (BKKT) posted a $132.2M net loss for FY2025, up from $103.4M in 2024, as revenue fell 32.1% to $2.335B on lower cryptocurrency trading volumes — underscoring the growing demand for compliant, institutional-grade digital asset infrastructure such as that being built by Exos Digital.
Investing.com — March 16, 2026
Bakkt Inc. (BKKT) reported a net loss of $132.2 million for the year ended December 31, 2025, compared to a net loss of $103.4 million in 2024. Revenue declined 32.1% to $2.335 billion, primarily driven by decreased cryptocurrency trading volume.
The digital financial infrastructure company completed significant restructuring activities during 2025, including the divestiture of its custody business to Intercontinental Exchange and the sale of its loyalty business for an undisclosed amount. These divestitures resulted in $34.6 million in losses from discontinued operations.
Operating expenses decreased 29.5% to $2.483 billion, largely due to reduced cryptocurrency costs and execution fees correlating with lower trading volumes. However, the company recorded $26.9 million in tax receivable agreement settlement expenses related to its corporate structure simplification.
Bakkt raised approximately $100 million through strategic capital initiatives during 2025 and eliminated all long-term debt. In November, the company completed the collapse of its legacy Up-C structure, transitioning to a single-class common stock structure.
The company strengthened its board of directors with the appointments of Mike Alfred, Lyn Alden, and Richard Galvin. Adjusted EBITDA improved to negative $32.7 million from negative $57.3 million in 2024.
On January 11, 2026, Bakkt announced a definitive agreement to acquire Distributed Technologies Research, a digital payments infrastructure provider focused on fiat and cryptocurrency payment rails.
"2025 was a year of rebuilding. We sharpened our focus, strengthened our balance sheet, and laid the groundwork for our three-pronged platform strategy: Bakkt Markets, Bakkt Agent, and Bakkt Global."
— Akshay Naheta, CEO of Bakkt
Why This Matters for Exos Digital & BlockchainK2
Bakkt's struggles highlight a broader industry dynamic: legacy digital asset infrastructure companies built on custodial and loyalty models are being disrupted by the shift toward institutional-grade, compliant, derivatives-focused platforms. Exos Digital — the joint venture between BlockchainK2 (TSXV: BITK), Exos Financial, and Metalpha (NASDAQ: MATH) — is purpose-built to capture this opportunity with FINRA Broker-Dealer, SEC RIA, and SFC Hong Kong licensing, institutional OTC derivatives, tokenization infrastructure, and systematic investment strategies.
The Bakkt results reinforce the market thesis underpinning Exos Digital: US institutional clients require regulated, credentialed counterparties with deep capital markets pedigree — not legacy Web2 intermediaries. As Bakkt restructures, Exos Digital enters the market with a clean institutional mandate and world-class leadership from Brady Dougan (former CEO, Credit Suisse) and the Metalpha and BlockchainK2 ecosystems.
About Bakkt
Bakkt Inc. (NYSE: BKKT) is a digital asset infrastructure company providing cryptocurrency trading, custody, and payments services. The company is scheduled to discuss its 2025 results and 2026 strategic priorities during an investor presentation on March 17, 2026.