v3.26.1
Revenue from Contracts with Customers
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
Disaggregation of Revenue
The Company disaggregates Crypto Services revenue by service type as follows (in thousands):
Three Months Ended
March 31, 2026		Three Months Ended
March 31, 2025
Transaction revenue$243,396 $1,065,741 
Service revenue197 15 
Crypto services revenue$243,593 $1,065,756 
Bakkt recognized revenue from foreign jurisdictions of $31.5 million and $34.8 million for the three months ended March 31, 2026 and March 31, 2025, respectively.
The Company has one reportable segment to which its revenues relates.
Deferred Revenue
Contract liabilities consist of deferred revenue for amounts invoiced prior to the Company meeting the criteria for revenue recognition. Bakkt invoices customers for service fees at the beginning of service performance, and such fees are
recognized as revenue over time as the Company satisfies performance obligations. Contract liabilities are classified as “Deferred revenue, current” and “Deferred revenue, noncurrent” in the consolidated balance sheets. The activity in deferred revenue for the three months ended March 31, 2026 and March 31, 2025, respectively, was as follows (in thousands):
Three Months Ended
March 31, 2026		Three Months Ended
March 31, 2025
Beginning of the period contract liability$789 

$— 
Revenue recognized from contract liabilities included in the beginning balance(789)

— 
Increases due to cash received, net of amounts recognized in revenue during the period— 

— 
End of the period contract liability$— 

$— 
Contract Costs
For the three months ended March 31, 2026 and March 31, 2025, the Company incurred no incremental costs to obtain and/or fulfill contracts with customers.