Bakkt Holdings, Inc. (NYSE: BKKT) saw its shares go decidedly downward Monday, on announcing its financial results for the quarter ended September 30, 2025.
The Alpharetta, Ga.-based company reported Q3 GAAP revenue of $402.2 million, up 27.1% year-over-year, reflecting higher crypto market activity.
Total operating expenses were $427.5 million, up 25.2% year-over-year primarily due to an increase in crypto costs and execution, clearing and brokerage fees as a result of higher trading volume.
GAAP net loss was $23.2 million, primarily driven by a non-cash loss from the change in fair value of the 2024 registered direct offering warrant liability mark-to-market of $37.2 million as a result of a material increase in Bakkt’s stock price in Q3 2025.
GAAP net loss from continuing operations was $21.6 million, primarily driven by the change in the fair value of warrant liability.
Adjusted net income (loss) from continuing operations was $15.7 million driven by gains from new business activity.
Said CEO Akshay Naheta, “The third quarter represents a defining moment in Bakkt’s transformation. We’ve simplified our structure, sharpened our strategy, and delivered positive adjusted EBITDA – clear evidence that our reset is working.
“With our transformation nearing completion, Bakkt is now positioned as a focused, capital-disciplined digital-asset infrastructure company built for scale and long-term profitability.”
BKKT shares gave back $111, or 4.7%, to $22.53.
