v3.26.1
Consolidated Balance Sheet Components
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Consolidated Balance Sheet Components Consolidated Balance Sheet Components
Accounts Receivable, Net
Accounts receivable, net consisted of the following (in thousands):
December 31, 2025December 31, 2024
Trade accounts receivable$98 $164 
Customers, clients and liquidity providers4,244 5,833 
Unbilled receivables27 2 
Deposits2,703 1,242 
Other receivables5,234 1,250 
Total accounts receivable12,306 8,491 
Less: Allowance for doubtful accounts(236)(808)
Total$12,070 $7,683 
Deposits includes cash, as noted on the consolidated statements of cash flows, at clearing agencies used to settle customer transactions. Amounts payable and receivable to liquidity providers are reported net by counterparty when the right of offset exists.
Included in other receivables is $5.0 million due from the buyer of the Loyalty business under the Purchase Agreement. See Note 16, Commitments and Contingencies for a description of the litigation the Company filed against the buyer of the Loyalty business.
There were no write-offs of receivables during the year ended December 31, 2025. There were $0.4 million in write-offs of receivables during the year ended December 31, 2024.
As of December 31, 2025 and December 31, 2024, the three largest customer balances represented approximately 89.30% and 99.95%, respectively, of total trade accounts receivable.
Other Current Assets
Other current assets consisted of the following (in thousands):
December 31, 2025December 31, 2024
Prepaid expenses$2,209 $2,016 
Promissory note from Loyalty buyer5,050 — 
Advances to Loyalty buyer 7,491 — 
Other197 152 
Total$14,947 $2,168 
Included in other current assets is a $5.1 million Promissory note due from the buyer of the Loyalty business under the Purchase Agreement, as well as $7.5 million of advances to the Loyalty buyer related to accounts payable Transition Services Agreement services we are providing to the buyer of the Loyalty business. See Note 16, Commitments and Contingencies for a description of the litigation the Company filed against the buyer of the Loyalty business.
Property, Equipment and Software, Net
Property, equipment and software, net consisted of the following (in thousands):
December 31, 2025December 31, 2024
Internal-use software$2,014 $1,917 
Other computer and network equipment— 867 
Leasehold improvements— 276 
Property, equipment and software, gross2,014 3,060 
Less: accumulated amortization and depreciation.(354)(996)
Total$1,660 $2,064 
For the years ended December 31, 2025, December 31, 2024, and December 31, 2023 depreciation and amortization expense related to property, equipment and software amounted to $0.6 million, $0.3 million, and $5.1 million respectively, of which $0.6 million, $0.2 million, and $0.2 million respectively, related to amortization expense of capitalized internal-use software placed in service.
Bakkt management assesses long-lived assets for impairment and may conclude certain leasehold improvements, office furniture and equipment and internal use software are not recoverable and are impaired. An impairment charge of $0.7 million, $0.9 million, and $21.3 million was recognized in Impairment of long-lived assets in the consolidated statements of operations for the years ended December 31, 2025, 2024, and 2023, respectively. Significant judgments in these analyses include the division of long-lived assets into asset groups and cashflow assumptions that are consistent with the inputs used in the income approach for the goodwill impairment analysis.
Equity Method Investment
Bakkt’s equity method investment balances were as follows (in thousands):
December 31, 2025December 31, 2024
Bitcoin.co.jp
$11,149 $— 
On August 6, 2025, the Company entered into a share purchase agreement with RIZAP Group, Inc. under which it acquired approximately 28% of the outstanding shares of Bitcoin Japan Corporation (“BJC”, f.k.a., MarushoHotta Co., Ltd.), a publicly traded company listed in Tokyo for ¥1,676,551,082 ($11.5 million). As of December 31, 2025, there was no material basis differences between the carrying value of the investment and the amount of underlying equity in the net assets of BJC. Bakkt’s Chief Executive Officer is a member of the board of directors of BJC.
The Company recorded a net loss of $0.3 million for the year ended December 31, 2025 related to its share of net earnings of BJC. No amounts were recorded for the years ended December 31, 2024 and 2023 as the Company did not have an ownership interest in BJC during those periods.
The Company did not identify any indicators of impairment as of December 31, 2025. The value of Bakkt's investment in BJC based on the public trading price as of December 31, 2025 was approximately $24.5 million.
Other Assets
Other assets consisted of the following (in thousands):
December 31, 2025December 31, 2024
Operating lease right-of-use assets$— $7,946 
Escrow Deposit2,500 — 
Other1,719 2,456 
Total$4,219 $10,402 
The Company accounts for cryptocurrency it owns as indefinite-lived intangible assets and initially measures such crypto assets at cost (under a first-in, first-out basis). These assets are not amortized, but are measured at fair value each reporting period with changes recognized in net income (loss). Bakkt generally holds a nominal amount of each crypto asset it supports on its platform to facilitate trades and settlements, if necessary. The crypto assets are reported in Other assets on the consolidated balance sheets and fair value changes are recognized in other income, net on the consolidated statements of operations. The Company's owned crypto assets are typically liquidated on a daily basis during the fulfillment of customer orders and settlement with liquidity providers. Fair value changes were not material for the year ended December 31, 2025. Bakkt's owned crypto assets were $1.2 million as of both December 31, 2025 and December 31, 2024, respectively and are included in Other in the table above. The Company classifies cash flows from cryptocurrency within cash flows from operating activities.
Accounts Payable and Accrued Liabilities
Accounts payable and accrued liabilities consisted of the following (in thousands):
December 31, 2025December 31, 2024
Accounts payable$3,716 $3,055 
Payables to clients and customers2,464 6,111 
Accrued expenses5,990 3,317 
Other2,706 1,777 
Total$14,876 $14,260 
Other Current Liabilities
Other current liabilities consisted of the following (in thousands):
December 31, 2025December 31, 2024
Current maturities of operating lease liability$549 $3,793 
Other2,154 613 
Total$2,703 $4,406 
Other Noncurrent Liabilities
Other noncurrent liabilities consisted of the following (in thousands):
December 31, 2025December 31, 2024
Operating lease liability, noncurrent$— $16,104 
Other$244 $— 
Total$244 $16,104