v3.26.1
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
As described in Note 2, Summary of Significant Accounting Policies, the Company operates as a single reportable segment, which derives its revenues by providing software solutions that support digital asset transactions. The Company manages its business operations on a consolidated basis. The accounting policies of the segment are the same as those described in Note 2, Summary of Significant Accounting Policies. Bakkt's Chief Operating Decision Maker (“CODM”) is the chief executive officer.
The measure of segment assets is reported in the consolidated balance sheets as total assets. The CODM uses net income (loss) to allocate resources as part of the Company's annual and long-term planning processes, and to evaluate operating performance based on budget to actual results. Certain information provided to the CODM presents operating expenses on a different basis than that presented in the consolidated statements of operations.
The following table represents significant segment expenses provided to the CODM for the years ended December 31, 2025, December 31, 2024, and December 31, 2023 (in thousands):
Year Ended December 31,
202520242023
Total revenues$2,335,243 $3,441,056 $726,988 
Segment expenses:
Personnel1
$18,341 $29,194 $33,695 
Non-cash compensation1
64,261 14,685 15,770 
Professional fees25,256 16,445 10,165 
Technology6,511 9,334 12,361 
Occupancy2
2,073 2,986 4,492 
Marketing and promotions3
585 2,474 4,531 
Business insurance4
5,265 13,302 17,292 
Depreciation and amortization5
607 343 24,384 
Other operating costs6
33,353 7,649 38,259 
Crypto costs2,308,390 3,403,207 718,511 
Execution, clearing and brokerage fees18,436 24,024 3,772 
Total operating expenses per Consolidated Statements of Operations$2,483,078 $3,523,643 $883,232 
Operating loss$(147,835)$(82,587)$(156,244)
Other expense (income), net7
(50,177)11,824 (2,591)
Net loss from continuing operations
$(97,658)$(94,411)$(153,653)
1
Personnel includes payroll and benefits, excluding stock-based compensation, which is included in Non-cash compensation. Both are reported as part of Compensation and benefits on the consolidated statements of operations.
2Occupancy includes facility related expenses such as rent and is reported as Selling, general and administrative on the consolidated statements of operations.
3Marketing and promotions primarily consist of web-based promotional campaigns, promotional activities with clients, conferences and user events, and brand-building activities and are reported as Selling, general and administrative on the consolidated statements of operations.
4Business insurance primarily consists of business liability insurance premiums and is recorded as Selling, general and administrative on the consolidated statements of operations.
5Goodwill and intangible asset impairments is presented in combination with Depreciation and amortization to the CODM.
6
Other operating costs consist primarily of TRA Settlements, Acquisition-related expenses, Related party expenses, and Impairment of long-lived assets as presented on the statements of operations, as well as costs that are reported as Selling, general and administrative, and Compensation and benefits on the consolidated statements of operations.
7Other expense (income), net consists primarily of Interest income, net, (Loss) gain from change in fair value of warrant liability, and Other expense, net, and Income tax (expense) benefit as presented in the consolidated statements of operations.
Bakkt recognized revenue from foreign jurisdictions of $162.7 million, $66.2 million, and $11.1 million for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. No material long-lived assets were held in foreign jurisdictions as of December 31, 2025 and December 31, 2024.
For the year ended December 31, 2025, the Company had no revenue concentration with any individual customer. However, Bakkt’s customers are introduced to the Company via client relationships. For the year ended December 31, 2025 the Company’s top three digital asset clients represented approximately 89% of Crypto services revenue. Three clients, Webull Pay LLC (“Webull”), Swan Bitcoin and Public Platform LLC (“Public”) represented over 10% of the Company’s Crypto services revenue during the year ended December 31, 2025. For the year ended December 31, 2024 the Company’s top three digital asset clients represented approximately 94% of Crypto revenue. One client, Webull, represented over 10% of the Company’s Crypto services revenue during the year ended December 31, 2024 and December 31, 2023.
On August 26, 2025, the Company received notice from Public that it was exercising its rights under its commercial agreement with the Company to initiate the offboarding of its customers from the Company’s platform. Public completed the offboarding from Bakkt’s platform on October 25, 2025. Public represented approximately 17% and 9% of the Company’s crypto services revenue for the years ended December 31, 2025 and December 31, 2024, respectively. The Company expects the offboarding of Public to result in a decline in crypto services revenue. Management is actively pursuing alternative customer and partner relationships to mitigate the effect on future segment performance.
On March 14, 2025, the Company's largest client, Webull, notified the Company that it would not renew its commercial agreement with Bakkt when it ended on June 14, 2025, although the Company continues to service a limited number of states under an amended agreement with Webull. For the years ended December 31, 2025, December 31, 2024, and December 31, 2023, Webull represented approximately 40%, 74%, and 73%, respectively of the Company’s Crypto services revenue.