v3.25.2
Net Loss per share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Net Loss per share Net Loss per share
Basic loss per share is based on the weighted average number of shares of Class A Common Stock issued and outstanding. Diluted earnings per share is based on the weighted average number shares of Class A Common Stock issued and outstanding and the effect of all dilutive common stock equivalents and potentially dilutive share-based awards outstanding. The potentially dilutive securities that would be anti-dilutive are not included in the calculation of diluted earnings per share attributable to controlling interest.
The following is a reconciliation of the denominators of the basic and diluted per share computations for net income (loss) (in thousands, except share and per share data):
Three Months Ended
June 30, 2025		Three Months Ended
June 30, 2024		Six Months Ended
June 30, 2025		Six Months Ended
June 30, 2024
Net loss per share:
Numerator – basic and diluted:
Net loss$(30,152)$(35,512)$(13,915)$(56,787)
Less: Net loss attributable to noncontrolling interest(15,418)(19,088)(6,889)(32,198)
Net loss attributable to Bakkt Holdings, Inc. – basic(14,734)(16,424)(7,026)(24,589)
Net loss attributable to Bakkt Holdings, Inc. – diluted$(14,734)$(16,424)$(7,026)$(24,589)
Denominator – basic and diluted:
Weighted average shares outstanding – basic6,825,634 6,161,704 6,677,934 5,279,065 
Weighted average shares outstanding –diluted6,825,634 6,161,704 6,677,934 5,279,065 
Net loss per share – basic$(2.16)$(2.67)$(1.05)$(4.66)
Net loss per share – diluted$(2.16)$(2.67)$(1.05)$(4.66)
Potential common shares issuable to employees or directors upon exercise or conversion of shares under our share-based and unit-based compensation plans, conversion of debentures, and exercise of warrants are excluded from the computation of diluted earnings per common share when the effect would be anti-dilutive.
The following table summarizes the total potential common shares excluded from diluted earnings per common share as their effect would be anti-dilutive (in thousands):
Three Months Ended
June 30, 2025		Three Months Ended
June 30, 2024		Six Months Ended
June 30, 2025		Six Months Ended
June 30, 2024
RSUs and PSUs (treasury stock)3,215 1,109 3,215 1,109 
Public warrants (treasury stock)286 286 286 286 
Class 1 and Class 2 warrants (treasury stock)2,018 2,307 2,018 2,307 
Convertible debentures (if-converted)1,912 — 1,912 — 
Opco warrants (if-converted)— 32 — 32 
Opco common units (if-converted)7,177 7,195 7,177 7,195 
Total14,608 10,929 14,608 10,929