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Bakkt's third-quarter profit reached $28.7 million, a year-over-year increase of 241%.
BlockBeats News, November 11th, according to The Block, Bakkt's third-quarter financial report shows that the company has divested its loyalty rewards business, is about to complete a strategic transformation, and is focusing on institutional-grade trading, liquidity, regulated custody, and AI services. Currently, the company is operating in a "B2B2C model," providing one-stop services to traditional institutions looking to enter the cryptocurrency space. The company has also launched a Bitcoin treasury through a public financing and has hired crypto industry veteran Mike Alfred to join its board of directors.
Bakkt plans to start expanding its international market through minority equity investments, beginning with Japan. In the third quarter of 2025, Bakkt generated $402.2 million in revenue, a 27% year-on-year increase; EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) reached $28.7 million, a 241% year-on-year growth. At the end of the quarter, the company had no long-term debt, $64.4 million in cash and cash equivalents, but a net loss of $23.2 million.
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