Bakkt published a shareholder letter and reported preliminary, unaudited FY 2025 results, including a CEO letter from Akshay Naheta outlining a restructuring and platform rebuild. FY 2025 GAAP revenue was USD 2.34 billion, down 32.1% year over year due to decreased crypto trading volume. FY 2025 GAAP net loss from continuing operations was USD 97.7 million, while GAAP net loss was USD 132.2 million including a USD 34.6 million loss from discontinued operations tied to the Loyalty business sale. FY 2025 adjusted EBITDA was a loss of USD 32.7 million, improving 42.9% year over year, which Bakkt attributed mainly to a USD 24.5 million increase in other income from a derivative asset and an USD 11.7 million reduction in SG&A. Bakkt said it raised about USD 100 million in 2025, eliminated long-term debt to become debt-free, divested custody to ICE and sold its Loyalty business, and signed a deal to acquire Distributed Technologies Research to expand stablecoin payments infrastructure.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Bakkt Inc. published the original content used to generate this news brief via GlobeNewswire (Ref. ID: 202603161809PRIMZONEFULLFEED9673111) on March 16, 2026, and is solely responsible for the information contained therein.