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Bakkt (BKKT) investor relations material
Bakkt Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary11 Aug, 2025
Executive summary
Completed sale of Bakkt Trust to ICE and divestiture of loyalty business, accelerating transition to a pure-play crypto infrastructure model.
Raised $75M in a July 2025 equity offering and issued a $25M convertible debenture to strengthen liquidity and fund Bitcoin treasury initiatives.
Strategic focus on stablecoin payments, Bitcoin treasury strategy (including 30% stake in MHT/bitcoin.jp), and technology upgrades.
Leadership transition: Akshay Naheta becomes sole CEO, Andy Main remains as adviser.
Major client Webull, representing 74% of 2024 crypto revenue, did not renew its agreement, significantly impacting future revenue.
Financial highlights
Q2 2025 total revenue: $577.9M, up 13.3% year-over-year, down 46.2% sequentially.
Crypto services revenue: $568.1M (+14% YoY); loyalty services revenue: $9.8M (-23% YoY).
Net loss for Q2 2025: $30.2M, improved 15.1% year-over-year; adjusted EBITDA loss: $12.6M, a 29.9% improvement YoY.
Operating loss for Q2 2025: $18.5M, improved from $22.0M in Q2 2024.
Cash and equivalents as of June 30, 2025: $43.5M; restricted cash: $18.0M; assets under custody: $1.36B.
Outlook and guidance
Management expects a material reduction in crypto services revenue due to the loss of Webull, with ongoing cost reductions to preserve cash.
Focused on rolling out Brokerage in a Box 2.0, launching stablecoin payments, and expanding Bitcoin treasury strategy, especially in Japan.
Plans to expand stablecoin payment reach from 36+ to 90+ countries within two quarters.
Product roadmap includes AI-powered Bakkt Agent, interest-bearing accounts, and card offerings.
Proceeds from recent financings will be used for working capital, digital asset purchases, and general corporate purposes.
Assess the impact of Brokerage-in-a-box 2.0.
Detail Bakkt's Bitcoin treasury strategy.
Explain the rationale for Loyalty business divestiture.
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Frequently asked questions
Bakkt Holdings Inc. is a digital asset platform that enables consumers and businesses to buy, sell, store, and spend digital assets, such as cryptocurrencies. The company offers a range of services, including a digital wallet for managing various types of digital currencies, as well as solutions for converting cryptocurrencies into traditional currencies. Bakkt aims to bridge the gap between digital assets and traditional finance, providing tools for both individual consumers and institutional clients. The company is headquartered in Alpharetta, Georgia, and its shares are listed on the NYSE.
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