v3.26.1
Consolidated Balance Sheet Components (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of 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 
Schedule of 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 
Schedule of Property, Equipment and Software, Net
Depreciation and amortization are computed using the straight-line method over the following estimated useful lives of assets:
Internal use software
3-7 years
Purchased software3 years
Other computer and network equipment3 years
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 
Equity Method Investments
Bakkt’s equity method investment balances were as follows (in thousands):
December 31, 2025December 31, 2024
Bitcoin.co.jp
$11,149 $— 
Schedule of Other Assets
Other assets consisted of the following (in thousands):
December 31, 2025December 31, 2024
Operating lease right-of-use assets$— $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.
Schedule of 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