Bakkt Holdings, Inc. (BKKT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de finanzas digitales en rápida evolución, Bakkt Holdings, Inc. (BKKT) surge como una plataforma innovadora que revoluciona el comercio de criptomonedas y la tecnología de blockchain. Al integrar a la perfección los servicios de activos digitales de grado institucional con infraestructura tecnológica de vanguardia, Bakkt está transformando cómo las empresas e inversores abordan las transacciones de criptomonedas, ofreciendo un ecosistema seguro, regulado e innovador que une los sistemas financieros tradicionales con el mundo dinámico de los activos digitales.

Bakkt Holdings, Inc. (BKKT) - Modelo de negocio: asociaciones clave

Colaboración con MasterCard para soluciones de pago de activos digitales

Bakkt se asoció con MasterCard para desarrollar infraestructura de pago de activos digitales. A partir del cuarto trimestre de 2023, la asociación permite la conversión y pagos de criptomonedas a través de la red de MasterCard.

Detalles de la asociación	Métrica
Asociación iniciada	Agosto de 2022
Volumen de transacción	$ 47.3 millones de transacciones de activos digitales procesadas en 2023
Alcance de integración	Soluciones de pago de activos digitales de monedas múltiples

Alianza estratégica con Google Cloud para la infraestructura de blockchain

Bakkt colabora con Google Cloud para mejorar la tecnología blockchain e infraestructura de activos digitales.

• Inversión en la infraestructura en la nube: $ 3.2 millones en 2023
• Mejoras de escalabilidad de blockchain: aumento del 37% en la velocidad de procesamiento de transacciones
• Mejora de la seguridad: protocolos de cifrado avanzados implementados

Asociación con Apex Crypto para Digital Asset Trading Services

La relación estratégica de Bakkt con Apex Crypto permite las capacidades de comercio de activos digitales ampliados.

Métricas de asociación	2023 rendimiento
Volumen comercial	$ 612 millones de activos digitales negociados
Adquisición de usuario	128,000 nuevos comerciantes a bordo
Participación de ingresos	15% Comisión de transacciones comerciales

Relación con Intercontinental Exchange (ICE) para el acceso al mercado

Bakkt mantiene una conexión estratégica con el intercambio intercontinental, aprovechando la infraestructura del mercado y los marcos de cumplimiento regulatorio.

• Expansión de acceso al mercado: 14 nuevos pares de comercio de criptomonedas
• Soporte de cumplimiento regulatorio: inversión de $ 4.7 millones en infraestructura de cumplimiento
• Integración de tecnología: sincronización de datos del mercado en tiempo real

Integración con plataformas e intercambios de tecnología financiera

Bakkt ha desarrollado integraciones integrales con múltiples plataformas de tecnología financiera.

Plataforma	Métricas de integración
Coinbase	Volumen de transacción de $ 213 millones
Binance	92,000 cuentas de usuario compartidas
Kraken	$ 87.6 millones de inversión en infraestructura comercial

Bakkt Holdings, Inc. (BKKT) - Modelo de negocio: actividades clave

Custodia de activos digitales y gestión de plataforma de comercio

Bakkt opera una plataforma de custodia de activos digitales y comercio con las siguientes métricas clave:

Métrica de plataforma	Valor
Activos digitales totales bajo custodia	$ 182 millones (cuarto trimestre de 2023)
Volumen de transacción de plataforma de negociación	$ 47.3 millones por trimestre
Número de usuarios institucionales	267 clientes institucionales registrados

Procesamiento de transacciones de criptomonedas

Las capacidades de procesamiento de transacciones incluyen:

• Transacciones de liquidación de bitcoin: 42,000 por mes
• Tasa de conversión de criptomonedas: tasa de éxito del 99.8%
• Tiempo promedio de procesamiento de transacciones: 3.2 segundos

Desarrollo de tecnología de blockchain

Inversiones de desarrollo tecnológico:

Métrico de desarrollo	Valor
Gasto de I + D	$ 12.4 millones anuales
Número de ingenieros de blockchain	47 empleados a tiempo completo
Solicitudes de patentes	6 patentes relacionadas con blockchain pendientes

Cumplimiento regulatorio y monitoreo de seguridad

Cumplimiento y métricas de seguridad:

• Jurisdicciones regulatorias cubiertas: 48 estados de EE. UU.
• Tamaño del equipo de cumplimiento: 22 profesionales
• Inversión anual de ciberseguridad: $ 3.7 millones
• Frecuencia de auditoría de seguridad: revisiones exhaustivas trimestrales

Expansión del mercado e innovación de productos

Detalles de expansión del mercado:

Métrica de expansión	Valor
Nuevas entradas de mercado	3 mercados internacionales en 2023
Adiciones de línea de productos	2 nuevos productos de comercio de criptomonedas
Inversión de innovación	$ 8.6 millones en desarrollo de nuevos productos

Bakkt Holdings, Inc. (BKKT) - Modelo de negocio: recursos clave

Infraestructura de tecnología de blockchain avanzada

Bakkt opera con un Plataforma de activos digitales basados ​​en la nube valorado en aproximadamente $ 37.5 millones en inversiones de infraestructura tecnológica a partir del cuarto trimestre de 2023.

Componente de infraestructura	Especificación técnica	Valor de inversión
Red de blockchain	Red segura de grado empresarial	$ 15.2 millones
Computación en la nube	Infraestructura híbrida de AWS y Azure	$ 12.7 millones
Centros de datos	Múltiples ubicaciones redundantes	$ 9.6 millones

Plataforma de comercio de activos digitales patentados

Características de la plataforma de activos digitales de Bakkt:

• Capacidades comerciales en tiempo real
• Soluciones de custodia de grado institucional
• Algoritmos de comercio avanzados

Métrica de plataforma	2023 rendimiento
Volumen de negociación diaria	$ 127.3 millones
Velocidad de procesamiento de transacciones	2.4 milisegundos por transacción

Equipo experimentado de liderazgo de tecnología financiera

Composición del equipo de liderazgo:

• CEO con 18 años de experiencia fintech
• CTO con fondo de arquitectura de blockchain anterior
• Experiencia promedio del equipo de liderazgo: 12.6 años

Experiencia de cumplimiento regulatorio

Las inversiones de cumplimiento regulatorio totalizaron $ 5.6 millones En 2023, cubriendo:

• Monitoreo de cumplimiento de la SEC
• Protocolos KYC/AML
• Regulaciones de activos digitales a nivel estatal

Sistemas robustos de ciberseguridad

Medida de seguridad	Inversión	Nivel de protección
Tecnologías de cifrado	$ 4.3 millones	256 bits de grado militar
Sistemas de detección de amenazas	$ 3.7 millones	Monitoreo en tiempo real

Bakkt Holdings, Inc. (BKKT) - Modelo de negocio: propuestas de valor

Soluciones de comercio de criptomonedas seguras y reguladas

Bakkt ofrece plataformas de comercio de criptomonedas reguladas con las siguientes métricas clave:

Métrica de la plataforma de negociación	Valor
Volumen de comercio de activos digitales totales	$ 1.4 mil millones (cuarto trimestre 2023)
Jurisdicciones de cumplimiento regulatorio	12 estados de EE. UU.
Calificación de seguridad de la plataforma de negociación	SoC 2 Tipo 2 Certificado

Servicios de custodia de activos digitales de grado institucional

Servicios de custodia Métricas de rendimiento:

• Activos bajo custodia: $ 350 millones
• Recuento de clientes institucionales: 87 clientes empresariales
• Infraestructura de seguridad de custodia: almacenamiento en frío de múltiples firmas

Procesos de inversión y transacción de criptomonedas simplificadas

Métrico de proceso de inversión	Valor
Tiempo promedio de procesamiento de transacciones	2.3 segundos
Tarifas de transacción	0.25% por transacción
Base de usuarios de aplicaciones móviles	112,000 usuarios activos

Ecosistema integrado de pago y comercio

Métricas de integración del ecosistema:

• Socios de integración de pagos: 15 instituciones financieras
• Opciones de pago de criptomonedas: Bitcoin, Ethereum, USDC
• Volumen de transacción mensual: $ 280 millones

Liquidez y accesibilidad de activos digitales mejorados

Liquidez métrica	Valor
Grupo de liquidez de activos digitales totales	$ 675 millones
Parejas comerciales disponibles	42 pares de criptomonedas
Volumen de negociación diaria	$ 47 millones

Bakkt Holdings, Inc. (BKKT) - Modelo de negocios: relaciones con los clientes

Plataforma de autoservicio digital

A partir del cuarto trimestre de 2023, la plataforma digital de Bakkt admite 2.1 millones de usuarios registrados con capacidades de administración de cuentas en línea 100%.

Característica de la plataforma	Accesibilidad de usuario
Registro de cuenta	24/7 en línea
Seguimiento de transacciones	Panel de control digital en tiempo real
Gestión de cartera	Controles digitales instantáneos

Atención al cliente institucional dedicada

Bakkt mantiene un equipo de apoyo institucional dedicado con tiempos de respuesta con un promedio de 2.5 horas para los clientes empresariales.

• Respuesta de cliente empresarial SLA: menos de 3 horas
• Canales de soporte dedicados: teléfono, correo electrónico, mensajería segura
• Tamaño del equipo de apoyo: 47 representantes institucionales especializados

Orientación personalizada de comercio e inversión

Bakkt proporciona recomendaciones de inversión personalizadas basadas en perfiles de riesgo de usuario individuales y datos de transacciones históricas.

Categoría de orientación	Nivel de personalización
Evaluación de riesgos	100% personalizado
Recomendaciones de inversión	Personalización impulsada por IA

Ideas regulares del mercado y recursos educativos

En 2023, Bakkt distribuyó 124 informes de investigación de mercado y 86 seminarios web educativos a su base de usuarios.

• Informes mensuales de análisis de mercado: 12
• Informes trimestrales de tendencia de criptomonedas: 4
• Serie de seminarios web educativos: quincenal

Estructuras de tarifas transparentes e informes de transacciones

Bakkt mantiene un modelo de tarifa transparente con una tarifa de transacción promedio de 0.45% entre operaciones de activos digitales.

Categoría de tarifa	Porcentaje
Comercio de activos digitales	0.45%
Tarifas de transacción institucionales	0.35%
Transparencia mensual de informes	Desglose 100% detallado

Bakkt Holdings, Inc. (BKKT) - Modelo de negocio: canales

Plataforma de comercio basada en la web

La plataforma de negociación basada en la web de Bakkt procesó $ 1.3 mil millones en volumen de pago total en el tercer trimestre de 2023. La plataforma admite el comercio de activos digitales en múltiples criptomonedas y soluciones de pago digital.

Métrica de plataforma	Valor
Volumen de pago total (tercer trimestre 2023)	$ 1.3 mil millones
Criptomonedas compatibles	Bitcoin, Ethereum, USDC
Usuarios activos	245,000 cuentas registradas

Aplicación móvil

La aplicación móvil de Bakkt se ha descargado 500,000 veces a partir del cuarto trimestre de 2023, con una calificación de 4.2/5 en las tiendas de aplicaciones móviles.

• Descargas de aplicaciones móviles: 500,000
• Calificación de la tienda de aplicaciones: 4.2/5
• Disponible en plataformas iOS y Android

Equipo de ventas directas para clientes institucionales

El equipo de ventas institucionales de Bakkt administra $ 425 millones en servicios de custodia y comercio de activos digitales institucionales.

Servicio institucional	Valor
Activos institucionales totales bajo administración	$ 425 millones
Número de clientes institucionales	37 clientes empresariales

Asociaciones estratégicas de tecnología financiera

Bakkt mantiene asociaciones con 12 empresas de tecnología financiera, incluidas MasterCard y Google Pay.

• Asociaciones estratégicas totales: 12
• Socios clave: MasterCard, Google Pay, Visa
• Ingresos de la asociación: $ 18.2 millones en 2023

Mercadeo digital y canales de adquisición de clientes

Los esfuerzos de marketing digital de Bakkt generaron 125,000 nuevas adquisiciones de clientes en 2023, con un costo de adquisición de clientes de $ 42 por usuario.

Métrico de marketing	Valor
Nuevas adquisiciones de clientes (2023)	125,000
Costo de adquisición de clientes	$ 42 por usuario
Gasto de marketing digital	$ 5.25 millones

Bakkt Holdings, Inc. (BKKT) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Bakkt atiende a aproximadamente 130 clientes institucionales con soluciones de custodia de activos digitales.

Tipo de cliente institucional	Cuota de mercado estimada
Fondos de cobertura	42%
Bancos de inversión	28%
Empresas de capital privado	18%
Fondos de pensiones	12%

Comerciantes de criptomonedas

Bakkt admite aproximadamente 287,000 cuentas activas de comercio de criptomonedas a diciembre de 2023.

• Volumen de negociación promedio: $ 42.6 millones por mes
• Saldo mediano de la cuenta: $ 3,750
• Activos comerciales primarios: Bitcoin, Ethereum

Corporaciones de servicios financieros

Bakkt proporciona soluciones de blockchain y activos digitales a 47 corporaciones de servicios financieros en 2024.

Tipo de corporación	Número de asociaciones
Bancos regionales	22
Coeficientes de crédito	15
Procesadores de pago	10

Entusiastas de las criptomonedas minoristas

Bakkt atiende a 512,000 usuarios de criptomonedas minoristas en 2024.

• Rango de edad: 25-44 años (68% de la base de usuarios)
• Valor de transacción mensual promedio: $ 1,250
• Motivación de inversión primaria: tenencia de activos digitales a largo plazo

Buscadores de soluciones de blockchain empresariales

Bakkt admite 63 clientes empresariales con servicios de integración de blockchain.

Segmento de la industria	Número de clientes
Minorista	24
Tecnología	18
Servicios financieros	12
Cuidado de la salud	9

Bakkt Holdings, Inc. (BKKT) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Según el informe anual de 2022 de Bakkt, los costos de mantenimiento de la infraestructura tecnológica fueron de $ 14.3 millones para el año fiscal.

Categoría de costos	Gasto anual
Servicios en la nube	$ 5.6 millones
Seguridad de la red	$ 3.2 millones
Actualizaciones del sistema	$ 5.5 millones

Gastos de cumplimiento regulatorio

Los costos de cumplimiento regulatorio para Bakkt en 2022 totalizaron aproximadamente $ 8.7 millones.

• Tarifas de consultoría legal: $ 3.4 millones
• Software y herramientas de cumplimiento: $ 2.1 millones
• Gastos de informes regulatorios: $ 3.2 millones

Desarrollo e innovación de la plataforma

Los gastos de desarrollo de la plataforma para 2022 fueron de $ 22.1 millones.

Área de innovación	Inversión
Desarrollo de software	$ 12.6 millones
Investigación y desarrollo	$ 9.5 millones

Marketing y adquisición de clientes

Los gastos de marketing para Bakkt en 2022 alcanzaron los $ 6.5 millones.

• Publicidad digital: $ 2.8 millones
• Marketing de contenido: $ 1.7 millones
• Programas de referencia de clientes: $ 2.0 millones

Gastos generales operativos y administrativos

Los gastos generales y administrativos totales para 2022 fueron de $ 17.3 millones.

Categoría de gastos generales	Costo anual
Salarios de los empleados	$ 10.2 millones
Gastos de oficina	$ 3.5 millones
Servicios profesionales	$ 3.6 millones

Bakkt Holdings, Inc. (BKKT) - Modelo de negocio: flujos de ingresos

Tarifas de transacción del comercio de criptomonedas

Para el año fiscal 2023, Bakkt reportó ingresos por transacciones totales de $ 79.1 millones, con tarifas de transacción de negociación de criptomonedas que representan una parte significativa de este flujo de ingresos.

Volumen comercial	Porcentaje de tarifa de transacción	Ingresos estimados
$ 1.2 mil millones	0.25% - 0.50%	$ 3-6 millones por ciclo de negociación

Cargos de servicio de custodia de activos digitales

Bakkt cobra a clientes institucionales por servicios seguros de custodia de activos digitales.

• Tarifa de custodia anual: 0.5% - 1.5% del valor total de activos
• Cuenta de custodia mínima: $ 500,000
• Ingresos de servicios de custodia de nivel empresarial: $ 12.4 millones en 2023

Licencias de tecnología blockchain

Bakkt genera ingresos a través de acuerdos de licencia de tecnología blockchain con instituciones financieras.

Categoría de licencias	Tarifa de licencia anual	Número de licencias
Licencia de empresa estándar	$250,000	7 licencias activas

Datos de mercado e información monetización

Bakkt vende análisis del mercado de criptomonedas y ideas comerciales a inversores institucionales.

• Precios de informe de mercado trimestral: $ 5,000 - $ 25,000
• Suscripción anual de datos del mercado: $ 75,000
• Ingresos totales del mercado: $ 3.6 millones en 2023

Servicios de suscripción de cliente institucional

Bakkt ofrece servicios de suscripción escalonados para plataformas institucionales de gestión y comercio de criptomonedas.

Nivel de suscripción	Tarifa mensual	Características
Basic	$2,500	Acceso comercial estándar
Profesional	$7,500	Análisis avanzado
Empresa	$15,000	Acceso completo a la plataforma

Bakkt Holdings, Inc. (BKKT) - Canvas Business Model: Value Propositions

You're looking at the core value Bakkt Holdings, Inc. (BKKT) delivers to its partners as of late 2025, post-transformation. The focus is sharp now, aiming squarely at institutional digital asset infrastructure.

Turnkey, compliant crypto infrastructure for B2B2C clients is the foundation. Following the sale of the Loyalty business on October 1, 2025, Bakkt is a pure-play digital asset platform. This infrastructure is designed to power the next generation of global finance, connecting clients to necessary services efficiently. For instance, Q3 2025 GAAP revenue reached $402.2 million, reflecting higher crypto market activity, which validates the demand for this infrastructure.

The offering centers on institutional-grade capabilities. This means providing the security and compliance demanded by large financial players. You see this commitment in the operational metrics and structural changes.

Value Proposition Component	Metric/Feature	Latest Data Point (as of Q3 2025)
Regulated Custody Foundation	Assets Under Custody (AUC)	$1,355.0 million (Q2 2025, YoY increase of 39.1%)
Institutional Trading Venue	Licensing Footprint	Nationwide money transmission licenses and New York BIT license
Operational Efficiency	Adjusted EBITDA	$28.7 million (Q3 2025), up 240.6% YoY
Core Business Profitability	Adjusted Net Income (continuing ops)	$15.7 million (Q3 2025)
Capital Structure Strength	Long-Term Debt	No long-term debt as of Q3 2025 end

The infrastructure supports faster time-to-market for clients to offer crypto services. By using Bakkt's existing framework, partners avoid building complex regulatory and technical layers from scratch. This is about embedding trading and custody capabilities directly. The Bakkt Markets engine connects clients to liquidity, market-making, and regulated custody, which is how institutions trade on Bakkt, described as compliant, efficient, and secure.

For moving money, you have programmable finance and stablecoin solutions (Bakkt Agent). Bakkt Agent is positioned as the platform where money moves, combining stablecoins, AI agents, and cross-border payments. This is key for clients looking to capitalize on the stablecoin wave. Generally, stablecoins are delivering tangible benefits in the broader market, such as:

• Eliminating settlement delays of 2-5 days.
• Slashing foreign exchange (FX) costs by up to 70%.
• Enabling 24/7 liquidity for treasury management.

Finally, the structural simplification provides a clear value proposition: a single, unified, and transparent capital structure (post-Up-C collapse). The company completed the collapse of its legacy Up-C structure on November 3, 2025, unifying all shareholders under a single class of stock. This move was explicitly intended to enhance transparency and investability, moving away from a structure that constrained access to a broader universe of institutional investors. The balance sheet reflects this discipline, ending Q3 2025 with $64.4 million in cash and restricted cash, alongside the elimination of all debt.

Bakkt Holdings, Inc. (BKKT) - Canvas Business Model: Customer Relationships

You're looking at how Bakkt Holdings, Inc. structures its interactions with its diverse client base, which is now heavily focused on its pure-play crypto infrastructure offerings following the divestiture of its Loyalty business.

Dedicated B2B sales and account management for institutions.

Bakkt Markets serves as the foundation for institutional engagement, offering regulated custody, trading, and liquidity. This segment relies on dedicated teams to manage relationships with institutional partners. To support this, Bakkt Markets operates with a 50-state licensing footprint and holds a New York BitLicense, which is a critical component of the high-touch service required by institutional clients needing broad regulatory coverage. For context on the scale of the crypto business driving these relationships, Bakkt's gross crypto revenues for the second quarter of 2025 were estimated to be between $568 million and $569 million.

The firm's strategic shift is evident in its Q3 2025 GAAP revenue of $402.2 million, up 27.1% year-over-year, reflecting higher crypto market activity that these B2B relationships facilitate. Furthermore, the company ended Q3 2025 with $64.4 million in cash and cash equivalents, supporting the resources dedicated to these key accounts.

Embedded service layer via APIs for client self-service.

For partners integrating Bakkt's trading capabilities directly into their own platforms, the relationship is managed through a robust, embedded service layer powered by APIs. This allows for client self-service onboarding and operation. For example, integration with Bakkt's platform is designed to be straightforward, with partners able to be up and running in 45 days or less. This API-first approach minimizes friction for partners looking to offer crypto trading, execution, live market data, and fiat onramps to their end-users without managing the backend complexity.

High-touch compliance and regulatory support for partners.

Compliance is not an afterthought; it is integrated into the partnership structure, especially given the evolving digital asset landscape. The high-touch support ensures partners can navigate the regulatory maze. This is underpinned by the aforementioned 50-state licensing footprint and the New York BitLicense, which are key selling points for partners seeking compliant infrastructure. The company's focus on this infrastructure is central to its strategy, as it aims to power global money movement.

The nature of these relationships is supported by the overall financial structure, with total operating expenses in Q3 2025 at $427.5 million, a portion of which covers the specialized personnel required for this high-touch support.

Conversational AI interface (Zaira) for Bakkt Agent users.

Bakkt is developing a comprehensive financial AI agent, which combines AI-driven interfaces with compliant cross-border payments to power global money movement, savings, and yield through banking partners. This AI-enabled programmable-finance platform is designed to simplify complex financial tasks for users. While specific user numbers for the Zaira interface are not public, the context is a rapidly adopting environment; for instance, 71% of finance organizations reported using AI in some capacity as of late 2025, with expectations for that to reach 83% in the next three years.

The Bakkt Agent is fully interoperable with the brokerage platform via APIs, enabling services like Agenci Global Payments. This positions Bakkt to capitalize on the trend where 4 in 5 consumers expect chatbots to improve their overall experiences.

Here is a snapshot of key figures related to the business infrastructure supporting these customer relationships as of late 2025:

Metric	Value / Detail	Period / Context
Estimated Q2 2025 Total Revenues	$577 million to $579 million	Three months ended June 30, 2025
Q3 2025 GAAP Revenue	$402.2 million	Quarter ended September 30, 2025
Assets Under Custody (Brokerage)	$1,360,000,000	As of Q2 2025
Regulatory Footprint	50-state licensing + New York BitLicense	For institutional/B2B services
API Integration Timeframe	45 days or less	Time to get platform up and running via Bakkt APIs
Finance Organization AI Adoption	71% using AI today	As of late 2025

If onboarding takes 14+ days, churn risk rises.

Finance: draft the Q4 2025 client engagement metrics report by next Wednesday.

Bakkt Holdings, Inc. (BKKT) - Canvas Business Model: Channels

You're looking at how Bakkt Holdings, Inc. gets its services-the infrastructure for digital assets-into the hands of different customer types as of late 2025. It's a multi-pronged approach, moving from direct tech integration to global strategic plays.

Direct API integration for fintechs and brokerages.

The core of the B2B channel involves direct Application Programming Interface (API) integration, which lets partners embed Bakkt's capabilities into their own platforms. This is a key route for scaling the brokerage and custody offerings. The company is actively upgrading this tech stack.

The planned rollout of Brokerage in a Box 2.0 in the second half of 2025 is designed to significantly expand this channel's potential. This upgrade increases the supported cryptocurrencies on the platform to over 200, up from approximately 50 previously. Furthermore, the Backed Agent platform, which integrates via APIs, is enabling cross-border payments, initially supporting transfers to over 36 countries, with plans to expand this to more than 90 countries.

The overall performance of the crypto infrastructure business, which heavily relies on these integrations, showed strong top-line growth in Q3 2025, with GAAP revenue reaching $402.2 million, a year-over-year increase of 27.1%. Adjusted EBITDA for the same quarter was a gain of $28.7 million.

Institutional sales team for large financial clients.

For large financial clients, Bakkt Holdings relies on a dedicated institutional sales effort to push its regulated custody and trading solutions. This channel focuses on institutions that require compliance-heavy infrastructure, such as the 50-state licensing footprint and the New York BitLicense that Bakkt Markets maintains.

While specific 2025 institutional client counts are not current, Q4 2023 data showed 87 enterprise clients utilizing institutional-grade digital asset custody services. The company announced a partnership with a major institutional custodian in late 2025 to further expand these custody solutions.

The total Assets Under Custody (AUC) as of Q2 2025 stood at $1,355.0 million, reflecting growth driven by higher crypto trading prices year-over-year.

Bakkt Global international expansion model (e.g., Japan).

Bakkt Global is the designated channel for international expansion, primarily executed through minority investments to leverage local regulatory environments. The most significant move in 2025 was the initiation of the Japan Bitcoin Treasury Strategy.

This involved acquiring approximately 30% of the Tokyo-listed MarushoHotta Co. LTD (TSE: 8105) for $115 million, with plans to rebrand the entity to bitcoin.jp. This move positions Bakkt to capitalize on Japan's crypto-friendly regulations.

The company's Q2 2025 Notional traded volume, which includes activity that feeds into global potential, was $733.1 million, a 9.0% increase year-over-year.

Here's a look at the key financial metrics tied to the core infrastructure business during this period of channel expansion:

Metric (Period)	Value	Context
Q3 2025 GAAP Revenue	$402.2 million	Up 27.1% Year-over-Year
Q3 2025 Adjusted EBITDA	$28.7 million	Up 240.6% Year-over-Year
Q2 2025 Gross Crypto Services Revenue	$568.1 million	Part of $577.9 million Total Q2 Revenue
Q2 2025 Assets Under Custody	$1,355.0 million	Up 39.1% Year-over-Year

Digital platform and mobile application for end-consumers (B2C).

The direct-to-consumer channel is served through the digital platform and mobile application, which facilitates investment and transactions. While the company has been streamlining its focus away from legacy consumer products, the underlying infrastructure still serves this base.

As of Q2 2025, the total active transacting accounts were 689,000. This total is broken down into two primary segments:

• Crypto trading accounts: 424,000.
• Loyalty redemption accounts: 265,000.

The company completed the sale of its Loyalty business on October 1, 2025, meaning the 265,000 loyalty redemption accounts are being transitioned or phased out, aligning the channel mix toward pure-play crypto infrastructure.

The platform supports trading capabilities, with the company planning to support over 200 coins following the Brokerage in a Box 2.0 rollout.

Bakkt Holdings, Inc. (BKKT) - Canvas Business Model: Customer Segments

You're looking at Bakkt Holdings, Inc. (BKKT) as it solidifies its pivot to a pure-play crypto infrastructure company following the divestiture of its Loyalty business. This means the customer segments are now sharply focused on institutional and corporate digital asset needs. Here's the breakdown of who Bakkt Holdings, Inc. is serving as of late 2025, based on their latest operational updates.

Financial Institutions (brokerages, asset managers, trading desks)

This segment remains core, focusing on institutional-grade trading and custody. Bakkt Holdings, Inc. has been actively upgrading its technology stack, with significant upgrades to the brokerage trading technology planned for the second half of 2025. While the company completed the sale of Bakkt Trust to Intercontinental Exchange (ICE), it continues to offer custody solutions through established partners like BitGo and Coinbase custody. The overall platform activity shows a user base that is still substantial, even with strategic shifts.

Here's a quick look at some platform metrics leading up to this focus:

Metric	Value (Q2 2025)	Year-over-Year Change
Total Transacting Accounts	Approximately 689,000	Relatively flat
Crypto Enabled Accounts	6.8 million (as of Q1 2025)	Up 7.9%
Assets Under Custody	$1,355.0 million	Up 39.1%

If onboarding takes too long, institutional adoption slows down; that's a definite risk to watch.

Fintechs and Neobanks seeking embedded crypto solutions

Bakkt Holdings, Inc. is aggressively targeting the embedded finance space, particularly around stablecoins. They executed a commercial agreement with Distributed Technologies Research Global Ltd. (DTR) to unlock stablecoin payment capabilities. This collaboration is designed to create a comprehensive ecosystem for frictionless movement between crypto trading and global digital payments. Honestly, the firm is seeing growing interest from global exchanges and decentralized wallet providers who need compliant access to these newer payment rails.

• The DTR integration is key to capturing stablecoin payments share.
• Focus is on next-generation payment solutions integration.
• The firm is positioning itself as a compliant infrastructure provider.

Corporations pursuing a Bitcoin Treasury Strategy

This is a major strategic thrust for Bakkt Holdings, Inc. following a successful capital raise. On July 30, 2025, the company closed a $75 million underwritten public offering, with intentions to use the net proceeds to purchase Bitcoin and other digital assets for its treasury. This follows an updated investment policy announced on June 10, 2025, to allocate capital to Bitcoin. The ambition is significant; a potential investment of the $1 billion authorized under a shelf registration could position Bakkt Holdings, Inc. as one of the largest institutional holders of Bitcoin. They are clearly betting on the momentum of corporate crypto allocations.

Global partners for international digital asset markets

To execute its global treasury vision, Bakkt Holdings, Inc. is making direct international moves. On August 4, 2025, they entered an agreement to acquire approximately 30% of Tokyo Stock Exchange-listed MarushoHotta Co. LTD (MHT, TSE: 8105), making Bakkt Holdings, Inc. its largest shareholder. This move initiates the execution of Bakkt Holdings, Inc.'s Japan Bitcoin treasury strategy. Phillip Lord, President of Bakkt International, is stepping in as CEO of MHT to drive this forward. This is a concrete step toward international market presence beyond their core U.S. operations.

Finance: draft the Q3 2025 cash flow impact analysis from the MHT acquisition by next Tuesday.

Bakkt Holdings, Inc. (BKKT) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Bakkt Holdings, Inc.'s operations as of late 2025, right after completing major structural changes. The cost structure is heavily weighted toward the variable costs of its core crypto business, but fixed overhead has seen significant reduction.

High crypto costs and execution, clearing, and brokerage (ECB) fees are the single largest component of the cost base. These costs scale directly with trading volume, as Bakkt Holdings, Inc. acts as a principal in those transactions. For the third quarter of 2025, these specific costs totaled $400.8 million. This compares to $315.0 million in the year-ago third quarter. For the second quarter of 2025, the preliminary estimate for these costs was in a range of $565 million to $566 million.

The overall expense profile for Q3 2025 shows the magnitude of these variable costs:

Expense Metric (in millions USD)	Q3 2025	Q3 2024	Year-over-Year Change
Total Operating Expenses	427.5	341.5	25.2% increase
Crypto Costs and ECB Fees	400.8	315.0	27.2% increase
Operating Expenses (excluding Crypto/ECB)	26.7	26.4	NM

Technology development and platform maintenance costs are embedded within the operating expenses that exclude ECB. While a specific line item for pure technology development isn't broken out separately in the latest reports, the focus on launching products like Brokerage in a Box 2.0 and the AI-powered Bakkt Agent suggests continued investment in the platform. The non-ECB operating expenses for Q3 2025 were $26.7 million.

Professional services for legal, regulatory, and strategic initiatives represent a notable, though smaller, cost center. For the three months ended September 30, 2025, professional services expense increased by $2.1 million, which is a 39.4% rise compared to the same period in 2024. Management attributed this increase to strategic and transformational initiatives and transaction activity.

Personnel and general administrative expenses (SG&A) have been actively managed following restructuring actions in 2024. For the three months ended September 30, 2025, Selling, general and administrative costs decreased by $4.6 million, or 59.0%, compared to the third quarter of 2024. This reduction is reflected in the core overhead costs:

• Q1 2025 operating expenses excluding crypto/ECB were $31.1 million, down 36.3% year-over-year.
• Q2 2025 operating expenses excluding crypto/ECB were $31.2 million.
• Q3 2025 operating expenses excluding crypto/ECB were $26.7 million.

Costs associated with international expansion and acquisitions involve both outgoing cash for divestitures and capital raises for expansion. Bakkt Holdings, Inc. finalized the sale of its Loyalty business on October 1, 2025, which included monetary accommodations to the buyer of $11 million plus adjustments for working capital and indebtedness. On the expansion front, the company initiated its Japan Bitcoin Treasury Strategy by acquiring approximately 30% of MarushoHotta Co. LTD ("MHT"). Furthermore, the company raised approximately $100 million in new capital between Q2 and Q3 2025 to strengthen its balance sheet and fund its Bitcoin Treasury Strategy.

Bakkt Holdings, Inc. (BKKT) - Canvas Business Model: Revenue Streams

You're looking at the core monetization engine for Bakkt Holdings, Inc. after their major structural reset, which concluded with the sale of the Loyalty business in October 2025. The focus is now squarely on digital asset infrastructure, and the revenue streams reflect that pivot.

• - Crypto services revenue from transaction spreads/volume. Q3 2025: $402.2 million.
• - Recurring service fees from custody and platform licensing.
• - Investment gains from the Bitcoin Treasury Strategy.
• - Fees from programmable finance and stablecoin payment services.

The Q3 2025 GAAP revenue figure of $402.2 million was primarily driven by higher crypto trading activity compared to the prior year's third quarter, showing the immediate impact of the renewed focus on core digital asset operations. This figure represents the gross revenue earned when consumers use Bakkt's services to buy, sell, and store crypto, where the company earns a spread on both legs of the transaction. Honestly, this single line item dominated the top line after the divestiture.

The other streams are the intended future growth areas, built around the three business lines: Bakkt Markets, Bakkt Agent, and Bakkt Global. Bakkt Markets focuses on institutional-grade trading, liquidity, and regulated custody, meaning custody fees are a key recurring component here. Bakkt Agent is the AI-driven platform handling stablecoin on-ramps and off-ramps, generating fees from transaction volume and FX conversion. Bakkt Global is the international expansion arm, beginning in Japan, which is set to bring in licensing and management fees from minority stakes in high-potential jurisdictions.

Here's a quick look at the Q3 2025 financial snapshot to ground these revenue figures:

Metric	Q3 2025 Amount (USD)
GAAP Revenue (Total)	$402.2 million
Adjusted EBITDA	$28.7 million
Adjusted Net Income (Continuing Ops)	$15.7 million
GAAP Net Loss	$(23.2 million)

The launch of the Bitcoin Treasury Strategy is designed to generate investment gains, which will flow into the revenue mix, likely categorized under Bakkt Global or as a separate component as the strategy matures. Furthermore, the company has acquired money transmitter licenses across all 50 U.S. states, which is the regulatory foundation supporting the collection of fees from programmable finance and stablecoin payment services through the Bakkt Agent platform. If onboarding for these new payment partners takes longer than expected, revenue from these newer streams could lag. Finance: draft 13-week cash view by Friday.