v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ 69,191 $ (13,915)
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation and amortization 1,118 374
Non-cash lease expense 0 566
Share-based compensation expense 4,697 9,681
Impairment of long-lived assets 1,246 0
Loss on sale of Bakkt Trust 0 2,301
Gain on lease assignment 0 (1,755)
Change in fair value of warrant liability (6,116) (23,644)
Loss on equity method investment 504 0
Change in fair value of Transchem warrant and derivative asset (97,820) 0
Professional fees paid in stock 1,125 0
Other 58 87
Changes in operating assets and liabilities:    
Accounts receivable (349) 1,672
Prepaid insurance 1,824 1,904
Deposits with clearing house 0 0
Accounts payable and accrued liabilities (5,029) 3,592
Unsettled crypto trades (1,304) 0
Due to related party 0 (2,360)
Deferred revenue (745) (535)
Operating lease liabilities (573) (2,698)
Customer funds payable 5,920 (67,230)
Assets and liabilities of businesses held for sale 0 (3,476)
Other assets and liabilities (657) (493)
Net cash used in operating activities (26,910) (95,929)
Cash flows from investing activities:    
Capitalized internal-use software development costs and other capital expenditures (1,987) (149)
Proceeds from Sale of Bakkt Trust 0 4,518
Cash received from settlement of derivative arrangement 2,677 0
Purchase of investments (14) 0
Consideration for the acquisition of DTR (3,200) 0
Consideration for the acquisition of Gyzer (253) 0
Investment in Swan (250) 0
Investment in Transchem warrant (9,410) 0
Net cash (used in) provided by investing activities (12,437) 4,369
Cash flows from financing activities:    
Proceeds from the exercise of warrants 0 1
Withholding tax payments on net share settlements on equity awards (329) (1,712)
Proceeds from Equity offerings 69,602 0
Cash paid for Equity offerings (2,541) 0
Exercise of stock options 500 0
Proceeds from borrowings on revolving credit facility 0 5,000
Repayments on revolving credit facility 0 (5,000)
Cash paid for financing costs 0 (775)
Proceeds from issuance of convertible debentures, net of issuance costs 0 23,750
Net cash provided by financing activities 67,232 21,264
Effect of exchange rate changes 54 915
Net increase (decrease) in cash, cash equivalents, restricted cash, customer funds and deposits 27,939 (69,381)
Cash, cash equivalents, restricted cash, customer funds and deposits at the beginning of the period 44,902 153,746
Cash, cash equivalents, restricted cash, customer funds and deposits at the end of the period 72,841 84,365
Supplemental disclosure of cash flow information:    
Non-cash operating lease right-of-use asset acquired 82 0
Supplemental disclosure of non-cash investing and financing activity:    
Non-cash acquisition consideration 103,661 0
Reconciliation of cash, cash equivalents, restricted cash, customer funds and deposits to consolidated balance sheets:    
Cash and cash equivalents 49,980 43,493
Restricted cash 718 17,965
Customer funds 20,582 21,336
Deposits (Note 7) 1,561 1,571
Total cash, cash equivalents, restricted cash, customer funds and deposits $ 72,841 $ 84,365