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Jun 30
Bakkt Q2 2025 Earnings Report
Bakkt reported its financial and operational results for the second quarter of 2025, highlighting strategic realignments, cost reductions, and a focus on digital assets.
Key Takeaways
Bakkt reported a net loss of $30.2 million for Q2 2025, an improvement of 15.1% year-over-year, and an Adjusted EBITDA loss of $12.6 million, improving by 29.9% year-over-year. Total revenues increased by 13.3% year-over-year to $577.9 million, driven by stronger crypto market activity. The company also announced strategic moves including a $75 million capital raise, acquisition of a stake in a Tokyo-listed company for its Bitcoin Treasury Strategy, and the divestiture of its Loyalty business.
Net loss improved by 15.1% year-over-year to $30.2 million, driven by reduced operating expenses.
Total revenues increased 13.3% year-over-year to $577.9 million, primarily due to growth in crypto services.
Adjusted EBITDA loss improved by 29.9% year-over-year to $12.6 million, reflecting cost reduction efforts.
Strategic initiatives include a $75 million capital raise, acquisition of a 30% stake in MarushoHotta Co. LTD for Bitcoin Treasury Strategy in Japan, and the planned divestiture of the Loyalty business.
Bakkt
Bakkt
Bakkt Revenue by Segment
Revenue by Segment
Crypto Services Revenue
CapyFin.comLoyalty Services, Net Revenue
CapyFin.com Forward Guidance
Bakkt is accelerating its transformation into a global leader in crypto infrastructure, focusing on enhancing its brokerage-in-a-box solution, launching stablecoin payments, and expanding its Bitcoin treasury initiative, particularly in Japan. The company plans a comprehensive review of its cost structure to optimize and accelerate its path to profitability.
Positive Outlook
- Enhancing brokerage-in-a-box solution with significant technology upgrades for faster time-to-market and improved user experience.
- Launching Bakkt Agent, a stablecoin payments solution, to deliver AI-enabled consumer finance and cross-border payment capabilities.
- Expanding Bitcoin treasury initiative, focusing on markets with unique structural advantages, starting with Japan.
- Conducting a comprehensive review of cost structure to drive synergies and accelerate path to profitability.
- Strong regulatory moat and institutional-grade technology position Bakkt to lead digital asset innovation.
Challenges Ahead
- The company will report the Loyalty business as a discontinued operation beginning in Q3 2025, indicating a divestiture of a revenue stream.
- The sale of the loyalty business includes monetary accommodations to the buyer, including cash and negative working capital adjustments.
- The company's future capital requirements and sources and uses of cash are subject to market volatility and disruptions in the crypto market.
- Uncertain and evolving regulatory regimes governing blockchain technologies, stablecoins, and crypto pose ongoing risks.
- The company's ability to successfully integrate operations with DTR and achieve expected benefits is subject to obtaining applicable regulatory approvals.