Bakkt Holdings, Inc. reported its fourth‑quarter 2025 results on March 16, 2026, showing a GAAP revenue of $2.3 billion for the full year—a 32.1% decline from the previous year—and a GAAP net loss from continuing operations of $97.7 million. The company’s adjusted EBITDA for the year was a loss of $32.7 million, a 42.9% improvement over the prior year’s loss, driven largely by higher other income from derivative assets and a reduction in selling, general and administrative expenses.
Revenue fell as lower crypto trading volumes and an amended Webull agreement reduced transaction volume. The company’s core markets—stablecoin infrastructure, AI‑driven finance, and programmable payments—continued to face headwinds from reduced demand in legacy custody and loyalty segments, which were exited as part of a broader restructuring. The decline in revenue was offset by cost‑control measures that helped narrow the loss in adjusted EBITDA.
The net loss was widened by increased share‑based compensation and costs associated with the sale of the Loyalty business, which contributed a $34.6 million loss. Despite these one‑time charges, the company’s operating leverage improved, reflected in the sharper decline in adjusted EBITDA compared to revenue. The loss figures underscore the ongoing challenge of achieving profitability while investing in new growth engines.
CEO Akshay Naheta described 2025 as a “rebuilding year,” noting that the company has exited custody and loyalty businesses, eliminated long‑term debt, and simplified its capital structure. He emphasized that the focus is now on three operating engines—Bakkt Markets, Bakkt Agent, and Bakkt Global—each targeting stablecoin infrastructure, AI‑enabled finance, and international expansion, respectively. Naheta highlighted that the heavy lifting of restructuring is now behind the company, positioning it for future growth.
In line with the strategic overhaul, Bakkt announced an agreement to acquire Distributed Technologies Research (DTR), a digital payments infrastructure provider, with a closing expected in early 2026. The acquisition is intended to strengthen the company’s stablecoin and AI capabilities, supporting its long‑term vision of becoming a leading digital‑asset infrastructure platform. While the company remains debt‑free and has raised approximately $100 million in strategic capital, it has yet to report forward guidance for 2026, leaving investors to assess the impact of the restructuring on future earnings potential.
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