v3.26.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Total revenues $ 2,335,243 $ 3,441,056 $ 726,988
Operating expenses:      
Crypto costs (See Note 2) 2,308,390 3,403,207 718,511
Execution, clearing and brokerage fees 18,436 24,024 3,772
Compensation and benefits 77,336 36,071 45,494
Professional services 25,256 16,445 10,164
Technology and communication 7,307 9,476 12,488
Selling, general and administrative 12,666 24,380 30,887
Acquisition-related expenses 53 128 4,299
TRA settlement expense 26,875 0 0
Depreciation and amortization 607 343 12,334
Related party expenses 0 600 3,902
Goodwill and intangible assets impairments 0 0 12,660
Impairment of long-lived assets 733 744 24,103
Restructuring expenses 5,335 8,194 4,249
Other operating expenses 84 30 369
Total operating expenses 2,483,078 3,523,642 883,232
Operating loss from continuing operations (147,835) (82,586) (156,244)
Interest income, net 791 4,318 4,338
Gain (loss) from change in fair value of warrant liability 30,191 (17,186) (1,571)
Other income, net 19,469 1,153 179
Loss from continuing operations before income taxes and equity in earnings of affiliates (97,384) (94,301) (153,298)
Income tax (benefit) expense (49) 110 355
Net loss from continuing operations before equity in net earnings of affiliates (97,335) (94,411) (153,653)
Loss from equity method investment (323) 0 0
Net loss from continuing operations (97,658) (94,411) (153,653)
Net loss from discontinued operations, net of tax (34,574) (9,036) (72,159)
Net loss (132,232) (103,447) (225,812)
Less: Net loss attributable to noncontrolling interest (25,020) (56,788) (150,958)
Net loss attributable to Bakkt, Inc. $ (107,212) $ (46,659) $ (74,854)
Basic net loss per share attributable to Class A common stockholders:      
Basic net loss per share attributable to Class A common stockholders, Continuing operations (in dollars per share) $ (6.55) $ (7.27) $ (14.29)
Basic net loss per share attributable to Class A common stockholders, Discontinued operations (in dollars per share) (2.32) (0.70) (6.72)
Total basic net loss per share attributable to Class A common stockholders (in dollars per share) (8.87) (7.97) (21.01)
Diluted net loss per share attributable to Class A common stockholders:      
Diluted net loss per share attributable to Class A common stockholders, Continuing operations (in dollars per share) (6.55) (7.27) (14.29)
Diluted net loss per share attributable to Class A common stockholders, Discontinued operations (in dollars per share) (2.32) (0.70) (6.72)
Total diluted net loss per share attributable to Class A common stockholders (in dollars per share) $ (8.87) $ (7.97) $ (21.01)
Crypto services      
Revenues:      
Total revenues $ 2,335,243 $ 3,441,056 $ 726,988