TLDR:
- Bakkt’s Q3 2025 revenue jumps, despite stock drop.
- Bakkt’s operating expenses rise but EBITDA soars in Q3 2025.
- Bakkt focuses on core operations with new leadership.
- Bakkt ends quarter with solid cash position and no debt.
- Bakkt’s transformation accelerates into Q4 with strong growth plans.
Bakkt Holdings, Inc. (BKKT) saw its stock drop by 10.23%, reaching $21.24 amid fluctuations earlier in the trading day.
Bakkt Holdings, Inc., BKKT
This comes after the company reported significant revenue growth and an impressive increase in adjusted EBITDA for Q3 2025. Despite the drop in share price, Bakkt’s financial results demonstrate a strong trajectory as the company continues its strategic transformation.
Surge in Revenue and Operating Expenses
Bakkt reported a 27.1% year-over-year increase in GAAP revenue for the third quarter of 2025, reaching $402.2 million. The company’s revenue growth stems from higher crypto market activity, driven by an increase in trading volume. However, the rise in operating expenses, up 25.2% year-over-year to $427.5 million, primarily reflects higher crypto costs and execution fees. These costs are associated with an increase in trading activity and higher volumes processed by Bakkt’s infrastructure.
Though the operating expenses were higher, the company’s adjusted net income reached $15.7 million, marking a 516.1% increase from the same period last year. This figure indicates the positive impact of new business initiatives and Bakkt’s streamlined focus on its core operations. The company’s improved earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at $28.7 million, an increase of 240.6% compared to Q3 2024. These results highlight Bakkt’s ability to manage costs while driving revenue growth.
Bakkt’s Strategic Transformation Moves Forward
Bakkt finalized the sale of its Loyalty business during the third quarter, signaling a shift towards its core operations. The company’s focus now centers on its three primary growth engines: Bakkt Markets, Bakkt Agent, and Bakkt Global. Bakkt Markets offers regulated trading, custody, and liquidity services, while Bakkt Agent provides an AI-enabled platform for cross-border payments. The company international growth is driven by Bakkt Global, which expands its reach through minority investments, with Japan being a key target market.
Bakkt ended the quarter with no long-term debt, reflecting its commitment to a simplified capital structure. The company also announced that it had completed the collapse of its legacy Up-C structure, unifying all shareholders under a single class of stock. This move, coupled with a solid cash position of $64.4 million, positions Bakkt for future scalability as it looks to accelerate its growth into 2026.
Leadership Changes and Corporate Governance Enhancements
Bakkt also strengthened its leadership with the appointment of Richard Galvin to its Board of Directors. Galvin brings extensive experience in global equity, derivatives, and technology investment banking, along with expertise in digital assets. The company also added two more high-profile members, Mike Alfred and Lyn Alden, to its board, further enhancing its governance. These additions signal Bakkt’s commitment to strong leadership as it continues its transformation into a digital-asset infrastructure company.
As the company heads into the fourth quarter, it remains focused on expanding customer adoption and completing its transformation. Bakkt plans to enhance its technology stack and refresh its brand to position itself for long-term growth. With the transformation nearing completion, the company is poised to drive future profitability as the digital asset market matures.
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