Bakkt Holdings Shifts Focus to Crypto Infrastructure, Reports Q2 Revenue Growth Despite Challenges

Bakkt Holdings has shifted its focus to crypto infrastructure, completing the sale of its Custody business and divesting its Loyalty business. The company has on-boarded three new institutional clients and launched Bakkt Agent and Bitcoin Treasury Strategy. Despite a sequential decline in trading volumes and revenue, Bakkt reported a 13.3% YoY increase in total revenue for Q2 2025. The company faces short-term challenges but has a strong capital position and is working towards profitability.

Bakkt Holdings, Inc. has shifted its focus to crypto infrastructure, marking a significant strategic pivot. The company completed the sale of its Custody business and divested its Loyalty business, signaling a clear realignment towards a pure-play crypto infrastructure firm [3]. This strategic move was accompanied by several key developments, including the onboarding of three new institutional clients—Longbridge, AscendEX, and BTSE—and the launch of the Bakkt Agent and Bitcoin Treasury Strategy.

Despite a sequential decline in trading volumes and revenue, Bakkt reported a 13.3% year-over-year (YoY) increase in total revenue for Q2 2025, totaling $577.9 million [3]. This growth reflects the company's ability to capitalize on its strategic initiatives, despite broader market challenges. However, the company faced a net loss of $30.2 million for the quarter, although this represents an improvement compared to the previous year. Bakkt's strong capital position, bolstered by a $75 million SEC-registered offering of common stock and warrants, provides a solid foundation to support its growth initiatives [3].

The Bakkt Agent, an AI-powered global transfers product, is currently in private beta, while the Bitcoin Treasury Strategy, involving a 30% stake in Marusho Hotta Co Ltd, showcases Bakkt's commitment to innovative financial strategies [3]. These initiatives demonstrate Bakkt's focus on expanding its Brokerage-in-a-box solution and launching the Bakkt Agent product, despite the challenges posed by declining crypto trading volumes and a decrease in net Loyalty revenues.

Bakkt's strategic realignment is expected to position the company for future growth, as it integrates Distributed Technologies Research's stablecoin and AI payment infrastructure into its platform. However, the company will need to navigate short-term challenges, such as declining trading volumes and a net loss, to capitalize on its new strategic direction.

References:

[1] https://www.usatoday.com/story/money/2024/11/18/trump-media-buy-crypto-firm-bakkt/76412095007/
[2] https://www.theblock.co/category/custody
[3] https://www.tipranks.com/news/company-announcements/bakkt-holdings-shifts-focus-to-crypto-infrastructure