Bakkt Holdings Inc. (NYSE: BKKT) reported a net loss of $132.2 million for the year ended December 31, 2025, compared to a net loss of $103.4 million in 2024, according to financial results released in a shareholder letter from Chief Executive Officer Akshay Naheta.

The digital asset platform's revenue fell 32.1% to $2.33 billion in 2025, driven by decreased cryptocurrency trading volumes. Total operating expenses declined 29.5% to $2.48 billion, primarily due to lower crypto costs and execution fees resulting from reduced trading activity.

Net loss from continuing operations was $97.7 million, affected by increased share-based compensation in the fourth quarter and expenses related to the collapse of its Up-C structure. The company's adjusted EBITDA improved to negative $32.7 million from negative $57.3 million in 2024.

During 2025, Bakkt completed strategic capital raises totaling approximately $100 million and eliminated its long-term debt, achieving a debt-free balance sheet. The company divested its custody business to Intercontinental Exchange and sold its loyalty business, which closed on October 1, 2025.

Bakkt launched its unified strategic platform comprising Bakkt Markets, Bakkt Agent, and Bakkt Global to provide digital asset trading infrastructure, embedded financial solutions, and international expansion capabilities. The company also strengthened its board by adding Mike Alfred, Lyn Alden, and Richard Galvin as directors.

On January 11, 2026, Bakkt entered into a definitive agreement to acquire Distributed Technologies Research (DTR), a global digital payments infrastructure provider focused on secure movement of value across fiat and crypto payment rails.

The company will discuss its results and 2026 strategic priorities at an Investor Day presentation on March 17, 2026.