CATENAA, Tuesday, November 18, 2025- Digital asset platform Bakkt reported a $28.7 million profit in the third quarter, marking a 241% jump from a year earlier, as the company finalized its strategic pivot toward institutional-grade trading, custody, and AI services.
Revenue rose 27% year over year to $402.2 million, according to filings with the Securities and Exchange Commission. Despite the profit, Bakkt still posted a $23.2 million net loss, largely due to a $37.2 million non-cash adjustment tied to its warrant liabilities. Its Nasdaq-listed shares (BKKT) fell nearly 12% on Tuesday.
The company, founded in 2018 by Intercontinental Exchange, divested its loyalty rewards division during the quarter, simplifying operations and eliminating all long-term debt. Bakkt ended the period with $64.4 million in cash and cash equivalents.
CEO Akshay Naheta said the results reflected the success of the company’s restructuring, which included consolidating share classes, strengthening liquidity, and improving governance. The firm now operates under a “B2B2C model,” offering regulated crypto trading and custody for financial institutions across all 50 U.S. states.
Bakkt plans to expand internationally, beginning with minority investments in Japan. The firm is also developing a bitcoin treasury and focusing on monetizing trading spreads, custody fees, and payment volumes.
