v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (132,232) $ (103,447) $ (225,812)
Adjustments to reconcile net loss to net cash used in operating activities      
Depreciation and amortization 607 343 13,932
Change in fair value of contingent consideration liability 0 0 (2,952)
Non-cash lease expense 895 1,721 3,058
Share-based compensation expense 71,603 15,841 15,452
Unit-based compensation expense 0 0 1,309
Forfeiture and cancellation of common units 0 0 (13)
Impairment of long-lived assets 961 889 30,265
Loss on sale of businesses 22,663 0 0
Gain on lease terminations (8,884) 0 0
Goodwill and intangible assets impairments 0 0 60,499
Loss on disposition of assets 0 0 75
Loss on extinguishment of convertible debenture 2,617 0 0
Loss (gain) from change in fair value of warrant liabilities (30,191) 17,186 1,571
Change in fair value of derivative assets (13,973) 0 0
Loss on Equity Method Investee 323 0 0
TRA Equity Settlement 22,983 0 0
Other 538 (52) 19
Changes in operating assets and liabilities:      
Accounts receivable (1,237) 5,405 (10,036)
Prepaid insurance 1,223 9,077 9,773
Deposits with clearinghouse (2,500) 0 14,991
Accounts payable and accrued liabilities (5,139) (15,618) (7,985)
Due to related party (2,358) (870) 2,062
Deferred revenue (152) (3,252) 396
Operating lease liabilities (4,135) (3,636) (3,029)
Customer funds payable (73,904) 55,641 32,334
Assets and liabilities of businesses held for sale (3,284) 0 0
Other assets and liabilities 177 (431) 3,394
Net cash used in operating activities (153,399) (21,203) (60,697)
Cash flows from investing activities:      
Capitalized internal-use software development costs and other capital expenditures (1,167) (3,087) (9,433)
Purchase of marketable securities (55,235) (17,966) (61,829)
Proceeds from the maturity of marketable securities 55,000 35,187 185,765
Proceeds from Sale of Bakkt Trust 4,518 0 0
Purchase of intangible assets (2,650) 0 0
Purchase of equity method investment (11,472) 0 0
Cash paid for Loyalty divestiture (20,146) 0 0
Cash advance for Loyalty Buyer (17,591) 0 0
Cash proceeds from derivative 10,621 0 0
Net cash provided by (used in) investing activities: (38,122) 14,134 65,970
Cash flows from financing activities:      
Proceeds from Concurrent Offerings, net of issuance costs 0 46,505 0
Withholding tax payments on net share settlements on equity awards (3,071) (2,690) (2,634)
Proceeds from Exercise of exercise of stock options 384 0 0
Proceeds from Common Stock Issuance, net of issuance cost 62,961 0 0
Repayment of Convertible Debenture (7,875) 0 0
Proceeds from borrowings on revolving credit facility 5,000 0 0
Repayments on revolving credit facility (5,000) 0 0
Cash paid for financing fees (1,530) 0 0
Proceeds from issuance of convertible debentures, net of discounts 23,750 0 0
Net cash provided by (used in) financing activities: 82,084 43,818 (2,634)
Effect of exchange rate changes 593 (1,501) 436
Net increase (decrease) in cash, cash equivalents, deposits, restricted cash and customer funds (108,844) 35,248 3,075
Cash, cash equivalents, deposits, restricted cash and customer funds at the beginning of the period 153,746 118,498 115,423
Cash, cash equivalents, deposits, restricted cash and customer funds at the end of the period 44,902 153,746 118,498
Supplemental disclosure of cash flow information:      
Cash paid for income taxes 0 0 239
Supplemental disclosure of non-cash investing and financing activity:      
Non-cash operating lease right-of-use asset acquired 0 0 3,788
Capitalized internal-use software development costs and other capital expenditures included in accounts payable and accrued liabilities 0 0 478
Conversion of Convertible debentures 17,500 0 0
Reconciliation of cash, cash equivalents, deposits, restricted cash and customer funds to consolidated balance sheets:      
Cash and cash equivalents 26,962 39,049 52,882
Restricted cash 575 24,889 31,838
Customer funds 14,662 88,566 32,925
Deposits (See Note 7) 2,703 1,242 853
Total cash, cash equivalents, deposits, restricted cash and customer funds 44,902 153,746 118,498
Non Pre-Funded Warrants      
Cash flows from financing activities:      
Proceeds from the exercise of warrants 1 3 0
Pre-Funded Warrants      
Cash flows from financing activities:      
Proceeds from the exercise of warrants 7,464 0 0
Bumped      
Cash flows from investing activities:      
Acquisition, net of cash acquired 0 0 (631)
Apex (Bakkt Crypto)      
Cash flows from investing activities:      
Acquisition, net of cash acquired $ 0 $ 0 $ (47,902)