Bakkt Holdings Reports Q2 GAAP EPS of -$2.16, Revenue of $577.88M

Bakkt Holdings reported Q2 GAAP EPS of -$2.16 and revenue of $577.88M, a 13.3% YoY increase. The company raised $75 million to strengthen its balance sheet and acquired a 30% stake in Tokyo-listed MarushoHotta Co. LTD, to be renamed bitcoin.jp. Shares rose 0.4%.

Bakkt Holdings, Inc. (NYSE: BKKT) has reported its second-quarter 2025 results, showcasing a 13.3% year-over-year (YoY) increase in revenue to $577.88 million, while also announcing a series of strategic moves to strengthen its balance sheet and expand its market reach.

The company reported a GAAP EPS of -$2.16 for the quarter, with a net loss of $30.2 million, a 15.1% improvement from the same period last year. This improvement was driven by a 29.9% year-over-year (YoY) decrease in Adjusted EBITDA loss, primarily due to reductions in selling, general, and administrative expenses, and compensation and benefits expenses resulting from restructuring actions in 2024.

Bakkt's total transacting accounts remained relatively flat year-over-year, declining 11.4% sequentially to approximately 689,000. Notional traded volume increased 9.0% YoY to $733.1 million, driven by stronger crypto market activity from Q2 2024 and increased prices. However, it decreased 39.6% sequentially due to reduced market activity following the post-election cool-off period in Q4 of last year.

To further bolster its financial position, Bakkt raised $75 million through a public offering, issuing 6.75 million shares of Class A common stock and pre-funded warrants. The company plans to use these funds to purchase Bitcoin and other digital assets, for working capital, and for general corporate purposes.

A significant strategic acquisition was the purchase of approximately 30% of Tokyo-listed MarushoHotta Co. LTD (MHT, TSE: 8105), which will be renamed bitcoin.jp. This investment initiates Bakkt's Japan Bitcoin treasury strategy. Phillip Lord, President of Bakkt International, will become the CEO of MHT, and the company will invest in Bitcoin and other digital assets as part of its treasury.

In addition, Bakkt has entered into a definitive agreement to sell its loyalty business to Project Labrador Holdco, LLC, a wholly-owned subsidiary of Roman DBDR Technology Advisors, Inc. The transaction is expected to close in the third quarter of 2025, with the loyalty business being reported as a discontinued operation beginning in Q3 2025.

The leadership transition also saw Andy Main stepping down as Co-CEO and Director, effective today, August 11, 2025, with Akshay Naheta assuming the role of Chief Executive Officer. Mr. Main will become an advisor to the company to lead the completion of certain strategic initiatives.

Shares of Bakkt rose 0.4% following the announcement, reflecting investor confidence in the company's strategic direction and financial performance.

References:
[1] https://www.businesswire.com/news/home/20250811411147/en/Bakkt-Reports-Second-Quarter-2025-Results