v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (13,915) $ (56,787)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 374 174
Non-cash lease expense 566 989
Share-based compensation expense 9,681 10,419
Impairment of long-lived assets 0 288
Loss on sale of Bakkt Trust 2,301 0
Gain on lease assignment (1,755) 0
(Loss) gain from change in fair value of warrant liability (23,644) 6,068
Other 87 2
Changes in operating assets and liabilities:    
Accounts receivable 1,672 6,035
Prepaid insurance 1,904 7,105
Accounts payable and accrued liabilities 3,592 (15,739)
Due to related party (2,360) (570)
Deferred revenue (535) (2,410)
Operating lease liabilities (2,698) (1,934)
Customer funds payable (67,230) 20,405
Assets and liabilities of businesses held for sale (3,476) 0
Other assets and liabilities (493) (1,585)
Net cash used in operating activities (95,929) (27,540)
Cash flows from investing activities:    
Capitalized internal-use software development costs and other capital expenditures (149) (2,234)
Purchase of available-for-sale securities 0 (17,996)
Proceeds from the settlement of available-for-sale securities 0 22,223
Proceeds from Sale of Bakkt Trust 4,518 0
Net cash provided by investing activities 4,369 1,993
Cash flows from financing activities:    
Proceeds from Concurrent Offerings, net of issuance costs 0 46,505
Proceeds from the exercise of warrants 1 3
Withholding tax payments on net share settlements on equity awards (1,712) (2,318)
Proceeds from borrowings on revolving credit facility 5,000 0
Repayments on revolving credit facility (5,000) 0
Cash paid for financing fees (775) 0
Proceeds from issuance of convertible debentures 23,750 0
Net cash provided by financing activities 21,264 44,190
Effect of exchange rate changes 915 (620)
Net (decrease) increase in cash, cash equivalents, restricted cash, customer funds and deposits (69,381) 18,023
Cash, cash equivalents, restricted cash, customer funds and deposits at the beginning of the period 153,746 118,498
Cash, cash equivalents, restricted cash, customer funds and deposits at the end of the period 84,365 136,521
Supplemental disclosure of non-cash investing and financing activity:    
Capitalized internal-use software development costs and other capital expenditures included in accounts payable and accrued liabilities 0 378
Reconciliation of cash, cash equivalents, restricted cash, customer funds and deposits to consolidated balance sheets:    
Cash and cash equivalents 43,493 47,499
Restricted cash 17,965 34,031
Customer funds 21,336 53,330
Deposits (Note 5) 1,571 1,661
Total cash, cash equivalents, restricted cash and customer funds $ 84,365 $ 136,521