Bakkt, Inc. has announced the release date for its fourth quarter and full-year 2025 financial results, scheduled for March 16, 2026. The company will follow up with an Investor Day presentation on March 17, 2026, to discuss its performance and outline its strategic priorities for 2026 and beyond. This event marks a significant moment for Bakkt as it navigates a period of transformation in the financial system.
Bakkt’s financial results for the full year 2025 reflect a company undergoing significant restructuring. GAAP revenue stood at $2,335.2 million, a decrease from the previous year, largely attributed to reduced crypto trading volume. Total operating expenses also saw a reduction. The company reported a GAAP net loss from continuing operations of $97.7 million. However, Adjusted EBITDA (non-GAAP) showed improvement, coming in at negative $32.7 million, an increase year-over-year.
CEO Akshay Naheta, in his first letter to shareholders as CEO, highlighted the extensive rebuilding efforts undertaken in 2025. These efforts included simplifying the company’s structure, exiting non-core businesses such as its Custody and Loyalty segments, eliminating debt to achieve a debt-free balance sheet, and strengthening corporate governance with new board appointments. The company also completed a capital raise totaling approximately $100 million.
Bakkt is positioning itself as a provider of integrated financial infrastructure, built upon a foundation of regulatory strength and institutional pedigree. The company’s strategy centers on three core operating engines:
- Bakkt Markets: Offers regulated market access, trading infrastructure, and liquidity for digital assets, with a focus on stablecoin on-ramp and off-ramp services.
- Bakkt Agent: Enables programmable money movement and financial services through modular financial rails and AI-native architecture, allowing companies to integrate stablecoin rails directly into their products.
- Bakkt Global: Focuses on international expansion into high-growth markets, with existing investments in Japan and India.
This integrated platform aims to provide institutions, companies, and developers with access to modern financial infrastructure without the need to build the regulatory or technological stack themselves. The company also announced an agreement to acquire Distributed Technologies Research (DTR), a digital payments infrastructure provider, which is expected to enhance its stablecoin payment capabilities.
Bakkt anticipates that its platform components will scale in tandem with the evolving global financial system. The company’s focus for 2026 and beyond is on execution, expanding adoption, strengthening partnerships, and building durable infrastructure revenue. The Investor Day presentation is expected to provide further details on these strategic initiatives and the company’s outlook.