Bakkt Reports $577M Q2 Revenue as Loyalty Business Sale Near Completion

Bakkt Holdings Inc. (NYSE: BKKT) disclosed preliminary second-quarter 2025 financial results on June 4, 2025, reporting revenue of $577 million, a figure that underscores the company’s strategic realignment efforts [2]. Concurrently, the firm announced a definitive agreement to sell its Loyalty business, a move expected to close by the end of the third quarter of 2025. The transaction includes $11 million in monetary accommodations to the buyer, though specifics about the counterparty or valuation metrics were not disclosed [1]. The sale follows Bakkt’s broader pivot toward digital asset infrastructure, as outlined in a June 9, 2025, filing with FinancialContent, which revealed plans for a proposed public offering to fund investments in blockchain and cryptocurrency-related technologies [3].

The Loyalty business, historically focused on rewards and customer engagement platforms, no longer aligns with Bakkt’s post-merger identity as a digital asset trading and custody provider. The decision to divest this segment reflects a calculated effort to streamline operations and reallocate capital toward high-growth initiatives. Analysts have previously noted that Bakkt’s performance in the loyalty sector lagged compared to its digital asset offerings, though the company has not yet released profitability data for the unit [1]. The proposed public offering, detailed in the June 9, 2025, announcement, grants underwriters a 30-day option to purchase an additional 15% of the shares of Class A common stock or pre-issued securities. This capital-raising strategy positions Bakkt to accelerate its expansion in the crypto space, particularly in areas like institutional-grade trading platforms and tokenized asset solutions. The company emphasized that proceeds from the offering will not fund the Loyalty business sale, which is being financed separately [3].

From a strategic standpoint, the divestiture of the Loyalty business aligns with Bakkt’s long-term vision to dominate the digital asset ecosystem. By shedding non-core operations, the firm can concentrate resources on scaling its exchange and custody services, which have seen increased adoption among institutional clients. The timing of the sale—anticipating a third-quarter 2025 close—also allows Bakkt to report a clean balance sheet ahead of year-end, potentially improving investor sentiment ahead of future funding rounds or strategic partnerships [1].

The preliminary $577 million revenue figure for Q2 2025, while not broken down by business line, suggests robust performance across Bakkt’s core operations. However, the lack of granular data—such as gross margin, operating income, or segment-specific contributions—limits immediate analysis of the company’s financial health. The absence of a full earnings release also raises questions about the transparency of its transition period following the merger with the blank-check company. Investors will likely await the final Q2 results, expected in the coming months, to assess the full impact of these strategic shifts [2].

Bakkt’s dual announcements highlight a pivotal moment in its evolution. The sale of the Loyalty business and the public offering signal a clear commitment to refocusing on digital assets, a sector poised for regulatory clarity and technological innovation. While the company has yet to provide detailed post-merger profitability metrics, these moves position it to capitalize on the growing demand for secure, compliant crypto infrastructure.

Sources:

[1] [Bakkt to sell loyalty business, reports preliminary Q2 revenue] [https://www.investing.com/news/company-news/bakkt-to-sell-loyalty-business-reports-preliminary-q2-revenue-93CH-4155999]

[2] [Bakkt Announces Preliminary Second Quarter 2025 Financial Results] [https://www.stocktitan.net/news/BKKT/bakkt-announces-preliminary-second-quarter-2025-financial-results-4i373xyt10yj.html]

[3] [Bakkt Announces Proposed Public Offering] [https://markets.financialcontent.com/wral/article/bizwire-2025-7-28-bakkt-announces-proposed-public-offering]