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Jun 30, 2025
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.
Revenue by Segment
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.
Historical Earnings Impact
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