v3.26.1
Consolidated Balance Sheet Components
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Consolidated Balance Sheet Components Consolidated Balance Sheet Components
Accounts Receivable, Net
Accounts receivable, net consisted of the following (in thousands):
March 31, 2026December 31, 2025
Trade accounts receivable$— $98 
Receivables from customers, clients and liquidity partners2,991 4,244 
Unbilled receivables40 27 
Deposits1,666 2,703 
Other receivables5,071 5,234 
Total accounts receivable9,768 12,306 
Less: Allowance for doubtful accounts(236)(236)
Total$9,532 $12,070 
Deposits includes cash, as noted on the consolidated statements of cash flows, at clearing agencies used to settle customer transactions. Amounts payable and receivable to our liquidity providers are reported net by counterparty when the right of offset exists.
Included in other receivables is $5.0 million due from the buyer of the Loyalty business under the Purchase Agreement. See Note 16, Commitments and Contingencies for a description of the litigation the Company filed against the buyer of the Loyalty business.
Other Current Assets
Other current assets consisted of the following (in thousands):
March 31, 2026December 31, 2025
Prepaid expenses$1,556 $2,209 
Promissory note from Loyalty buyer5,096 5,050 
Advances to Loyalty buyer6,789 7,491 
Other152 197 
Total$13,593 $14,947 
Property, Equipment and Software, Net
Property, equipment and software, net consisted of the following (in thousands):
March 31, 2026December 31, 2025
Internal-use software$2,703 $2,014 
Other computer and network equipment39 — 
Property, equipment and software, gross2,742 2,014 
Less: accumulated amortization and depreciation(420)(354)
Total$2,322 $1,660 
For the three months ended March 31, 2026, depreciation and amortization expense related to property, equipment and software amounted to $0.1 million, of which $0.1 million related to amortization expense of capitalized internal-use software placed in service.
For the three months ended March 31, 2025, depreciation and amortization expense related to property, equipment and software amounted to $0.2 million, of which $0.2 million related to amortization expense of capitalized internal-use software placed in service.
Equity Method Investment

Bakkt's equity method investment balances were as follows (in thousands):

March 31, 2026December 31, 2025
Bitcoin.co.jp
$10,928 $11,149 
On August 6, 2025, the Company entered into a share purchase agreement with RIZAP Group, Inc. under which it acquired approximately 28% of the outstanding shares of Bitcoin Japan Corporation ("BJC", f.k.a., MarushoHotta Co., Ltd.), a publicly traded company listed in Tokyo for ¥1,676,551,082 ($11.5 million). As of March 31, 2026, there was no material basis differences between the carrying value of the investment and the amount of underlying equity in the net assets of BJC. Bakkt’s Chief Executive Officer is a member of the board of directors of BJC.
The Company recorded a net loss of $0.2 million for the three months ended March 31, 2026 related to its share of net earnings of BJC. No amounts were recorded for the three months ended March 31, 2025 as the Company did not have an ownership interest in BJC during that period.
The Company did not identify any indicators of impairment as of the reporting date. The value of Bakkt's investment in BJC based on the public trading price as of March 31, 2026 was approximately $16.5 million.
Other Assets
Other assets consisted of the following (in thousands):
March 31, 2026December 31, 2025
Deposits with clearinghouse$159 $— 
Escrow deposit for sale of Loyalty2,500 2,500 
Other2,109 1,719 
Total$4,768 $4,219 
The Company accounts for digital assets it owns as indefinite-lived intangible assets and initially measures such digital 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 digital
asset it supports on its platform to facilitate trades and settlements, if necessary. The digital 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 digital 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 three months ended March 31, 2026. Bakkt's owned digital assets were $1.7 million and $1.2 million as of March 31, 2026 and December 31, 2025. The Company classifies cash flows from digital assets within cash flows from operating activities.
Accounts Payable and Accrued Liabilities
Accounts payable and accrued liabilities consisted of the following (in thousands):
March 31, 2026December 31, 2025
Accounts payable$2,531 $3,716 
Payables to clients and customers1,905 2,464 
Accrued expenses6,438 5,990 
Other1,879 2,706 
Total$12,753 $14,876 
Other Current Liabilities
Other current liabilities consisted of the following (in thousands):
March 31, 2026December 31, 2025
Current maturities of operating lease liability$79 $549 
Other50 2,154 
Total$129 $2,703 
Other Noncurrent Liabilities
Other noncurrent liabilities consisted of the following (in thousands):
March 31, 2026December 31, 2025
Operating lease liability, noncurrent$— $244 
Other195 — 
Total$195 $244