Bakkt 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. Revenue declined 32.1% to $2.335 billion, primarily driven by decreased cryptocurrency trading volume.

The digital financial infrastructure company completed significant restructuring activities during 2025, including the divestiture of its custody business to Intercontinental Exchange and the sale of its loyalty business for an undisclosed amount. These divestitures resulted in $34.6 million in losses from discontinued operations.

Operating expenses decreased 29.5% to $2.483 billion, largely due to reduced cryptocurrency costs and execution fees correlating with lower trading volumes. However, the company recorded $26.9 million in tax receivable agreement settlement expenses related to its corporate structure simplification.

Bakkt raised approximately $100 million through strategic capital initiatives during 2025 and eliminated all long-term debt. In November, the company completed the collapse of its legacy Up-C structure, transitioning to a single-class common stock structure.

The company strengthened its board of directors with the appointments of Mike Alfred, Lyn Alden, and Richard Galvin. Adjusted EBITDA improved to negative $32.7 million from negative $57.3 million in 2024.

On January 11, 2026, Bakkt announced a definitive agreement to acquire Distributed Technologies Research, a digital payments infrastructure provider focused on fiat and cryptocurrency payment rails.

Chief Executive Officer Akshay Naheta described 2025 as "a year of rebuilding" and outlined the company's three-pronged platform strategy: Bakkt Markets for digital asset trading infrastructure, Bakkt Agent for programmable financial services, and Bakkt Global for international expansion.

The company will discuss its results and 2026 strategic priorities during an investor presentation scheduled for March 17, 2026.