Bakkt Q3 Financial Report: Third-quarter profit reached $28.7 million, a year-on-year increase of 241%

According to The Block, Bakkt's third-quarter financial report shows that the company has divested its loyalty rewards business and is about to complete its strategic transformation, focusing on institutional-level trading, liquidity, regulated custody, and AI services. Currently, the company operates in a "B2B2C model," providing one-stop services for traditional institutions looking to enter the cryptocurrency space. The company has also launched a Bitcoin treasury through a public offering and appointed crypto industry veteran Mike Alfred to its board.

Bakkt plans to start expanding its international market from Japan through minority equity investments. In the third quarter of 2025, Bakkt's revenue reached $402.2 million, a year-on-year increase of 27%; EBITDA (earnings before interest, taxes, depreciation, and amortization) reached $28.7 million, a year-on-year increase of 241%. At the end of the quarter, the company had no long-term debt and cash equivalents of $64.4 million, but reported a net loss of $23.2 million.