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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.
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.
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