Bakkt Holdings, Inc. (BKKT): Canvas de modèle commercial [Jan-2025 Mis à jour]

Dans le paysage rapide de la finance numérique, Bakkt Holdings, Inc. (BKKT) émerge comme une plate-forme révolutionnaire révolutionnant le trading des crypto-monnaies et la technologie de la blockchain. En intégrant de manière transparente les services d'actifs numériques de qualité institutionnelle avec une infrastructure technologique de pointe, Bakkt transforme la façon dont les entreprises et les investisseurs abordent les transactions de crypto-monnaie, offrant un écosystème sécurisé, réglementé et innovant qui plie les systèmes financiers traditionnels avec le monde dynamique des actifs numériques.

Bakkt Holdings, Inc. (BKKT) - Modèle commercial: partenariats clés

Collaboration avec MasterCard pour les solutions de paiement d'actifs numériques

Bakkt s'est associé à MasterCard pour développer une infrastructure de paiement d'actifs numériques. Au quatrième trimestre 2023, le partenariat permet la conversion et les paiements de crypto-monnaie via le réseau de MasterCard.

Détails du partenariat	Métrique
Partenariat initié	Août 2022
Volume de transaction	47,3 millions de dollars de transactions d'actifs numériques traitées en 2023
Portée de l'intégration	Solutions de paiement d'actifs numériques à plusieurs devises

Alliance stratégique avec Google Cloud pour l'infrastructure de la blockchain

BAKKT collabore avec Google Cloud pour améliorer la technologie de la blockchain et l'infrastructure d'actifs numériques.

• Investissement dans les infrastructures cloud: 3,2 millions de dollars en 2023
• Améliorations d'évolutivité de la blockchain: augmentation de 37% de la vitesse de traitement des transactions
• Amélioration de la sécurité: les protocoles de chiffrement avancés mis en œuvre

Partenariat avec Apex Crypto pour les services de trading d'actifs numériques

La relation stratégique de Bakkt avec la crypto Apex permet des capacités élargies de trading d'actifs numériques.

Métriques de partenariat	Performance de 2023
Volume de trading	612 millions de dollars d'actifs numériques échangés
Acquisition d'utilisateurs	128 000 nouveaux commerçants à bord
Part des revenus	15% Commission sur les transactions commerciales

Relation avec InterContinental Exchange (ICE) pour l'accès au marché

Bakkt maintient un lien stratégique avec les échanges intercontinentaux, tirant parti de l'infrastructure du marché et des cadres de conformité réglementaire.

• Extension d'accès au marché: 14 nouvelles paires de trading de crypto-monnaie
• Support de conformité réglementaire: 4,7 millions de dollars d'investissement dans l'infrastructure de conformité
• Intégration technologique: synchronisation des données du marché en temps réel

Intégration avec les plateformes et échanges technologiques financières

BAKKT a développé des intégrations complètes avec plusieurs plateformes de technologie financière.

Plate-forme	Métriques d'intégration
Coincement	Volume de transaction de 213 millions de dollars
Binance	92 000 comptes d'utilisateurs partagés
Kraken	87,6 millions de dollars d'investissement d'infrastructure commerciale

Bakkt Holdings, Inc. (BKKT) - Modèle d'entreprise: Activités clés

Gestion de la garde des actifs numériques et de la plateforme de trading

Bakkt exploite une plate-forme de garde et de trading d'actifs numériques avec les mesures clés suivantes:

Métrique de la plate-forme	Valeur
Total des actifs numériques sous garde	182 millions de dollars (Q4 2023)
Volume de transaction de plate-forme de négociation	47,3 millions de dollars par trimestre
Nombre d'utilisateurs institutionnels	267 clients institutionnels enregistrés

Traitement des transactions de crypto-monnaie

Les capacités de traitement des transactions comprennent:

• Transactions de règlement Bitcoin: 42 000 par mois
• Taux de conversion de la crypto-monnaie: taux de réussite de 99,8%
• Temps de traitement des transactions moyens: 3,2 secondes

Développement de la technologie de la blockchain

Investissements en développement technologique:

Métrique de développement	Valeur
Dépenses de R&D	12,4 millions de dollars par an
Nombre d'ingénieurs de blockchain	47 employés à temps plein
Demandes de brevet	6 brevets liés à la blockchain en attente

Compliance réglementaire et surveillance de la sécurité

Métriques de conformité et de sécurité:

• Juridictions réglementaires couvertes: 48 États américains
• Taille de l'équipe de conformité: 22 professionnels
• Investissement annuel de cybersécurité: 3,7 millions de dollars
• Fréquence d'audit de sécurité: revues complètes trimestres

Expansion du marché et innovation des produits

Détails de l'expansion du marché:

Métrique d'expansion	Valeur
Nouvelles entrées du marché	3 Marchés internationaux en 2023
Ajouts de la ligne de produit	2 nouveaux produits de trading de crypto-monnaie
Investissement en innovation	8,6 millions de dollars en développement de nouveaux produits

Bakkt Holdings, Inc. (BKKT) - Modèle commercial: Ressources clés

Infrastructure de technologie de blockchain avancée

Bakkt fonctionne avec un plate-forme d'actifs numériques basée sur le cloud Évalué à environ 37,5 millions de dollars d'investissements technologiques sur les infrastructures au T2 2023.

Composant d'infrastructure	Spécifications techniques	Valeur d'investissement
Réseau de blockchain	Réseau sécurisé de qualité d'entreprise	15,2 millions de dollars
Cloud computing	Infrastructure hybride AWS et Azure	12,7 millions de dollars
Centres de données	Plusieurs emplacements redondants	9,6 millions de dollars

Plateforme de trading d'actifs numériques propriétaires

Caractéristiques de la plate-forme d'actifs numériques de Bakkt:

• Capacités de trading en temps réel
• Solutions de garde de qualité institutionnelle
• Algorithmes commerciaux avancés

Métrique de la plate-forme	Performance de 2023
Volume de trading quotidien	127,3 millions de dollars
Vitesse de traitement des transactions	2,4 millisecondes par transaction

Équipe de leadership en technologie financière expérimentée

Composition de l'équipe de leadership:

• PDG avec 18 ans d'expérience en fintech
• CTO avec fond d'architecture de blockchain précédente
• Expérience en équipe de leadership moyenne: 12,6 ans

Expertise en matière de conformité réglementaire

Les investissements de conformité réglementaire ont totalisé 5,6 millions de dollars en 2023, couvrant:

• Surveillance de la conformité SEC
• Protocoles KYC / AML
• Règlement sur les actifs numériques au niveau de l'État

Systèmes de cybersécurité robustes

Mesure de sécurité	Investissement	Niveau de protection
Technologies de chiffrement	4,3 millions de dollars	Grade militaire de 256 bits
Systèmes de détection des menaces	3,7 millions de dollars	Surveillance en temps réel

Bakkt Holdings, Inc. (BKKT) - Modèle d'entreprise: propositions de valeur

Solutions de trading de crypto-monnaie sécurisées et réglementées

Bakkt propose des plateformes de trading de crypto-monnaie réglementées avec les mesures clés suivantes:

Métrique de la plate-forme de trading	Valeur
Volume total de trading d'actifs numériques	1,4 milliard de dollars (Q4 2023)
Juridictions de conformité réglementaire	12 États américains
Évaluation de sécurité de la plate-forme de négociation	SOC 2 TYPE 2 CERTIFIÉ

Services de garde des actifs numériques de qualité institutionnelle

Mesures de performance des services de garde:

• Actifs sous garde: 350 millions de dollars
• Compte de clients institutionnels: 87 clients d'entreprise
• Infrastructure de sécurité de la garde: stockage à froid multi-signature

Processus d'investissement et de transaction simplifiés de la crypto-monnaie

Métrique du processus d'investissement	Valeur
Temps de traitement des transactions moyens	2,3 secondes
Frais de transaction	0,25% par transaction
Base d'utilisateurs d'applications mobiles	112 000 utilisateurs actifs

Écosystème de paiement intégré et de trading

Mesures d'intégration de l'écosystème:

• Partenaires d'intégration de paiement: 15 institutions financières
• Options de paiement de la crypto-monnaie: Bitcoin, Ethereum, USDC
• Volume de transaction mensuel: 280 millions de dollars

Liquidité et accessibilité des actifs numériques améliorés

Métrique de liquidité	Valeur
Pool total de liquidité des actifs numériques	675 millions de dollars
Paires de trading disponibles	42 paires de crypto-monnaie
Volume de trading quotidien	47 millions de dollars

Bakkt Holdings, Inc. (BKKT) - Modèle d'entreprise: relations avec les clients

Plate-forme numérique en libre-service

Au quatrième trimestre 2023, la plate-forme numérique de Bakkt prend en charge 2,1 millions d'utilisateurs enregistrés avec des capacités de gestion des comptes en ligne à 100%.

Fonctionnalité de plate-forme	Accessibilité de l'utilisateur
Enregistrement du compte	24/7 en ligne
Suivi des transactions	Tableau de bord numérique en temps réel
Gestion du portefeuille	Contrôles numériques instantanés

Support client institutionnel dédié

Bakkt maintient une équipe de soutien institutionnelle dédiée avec des temps de réponse en moyenne de 2,5 heures pour les clients d'entreprise.

• Réponse du client d'entreprise SLA: moins de 3 heures
• Canaux de support dédiés: téléphone, e-mail, messagerie sécurisée
• Support Taille de l'équipe: 47 représentants institutionnels spécialisés

Conseils de négociation et d'investissement personnalisés

BAKKT fournit des recommandations d'investissement personnalisées en fonction des profils de risque individuels et des données de transaction historiques.

Catégorie d'orientation	Niveau de personnalisation
L'évaluation des risques	100% personnalisé
Recommandations d'investissement	Personnalisation dirigée par l'IA

Informations sur le marché régulier et ressources éducatives

En 2023, Bakkt a distribué 124 rapports d'études de marché et 86 webinaires éducatifs à sa base d'utilisateurs.

• Rapports d'analyse du marché mensuel: 12
• Rapports trimestriels de tendance des crypto-monnaies: 4
• Série de webinaires éducatifs: bihebdomadaire

Structures de frais transparents et rapport de transaction

Bakkt maintient un modèle de frais transparent avec des frais de transaction moyens de 0,45% entre les transactions d'actifs numériques.

Catégorie de frais	Pourcentage
Trading d'actifs numériques	0.45%
Frais de transaction institutionnels	0.35%
Transparence des rapports mensuels	Répartition 100% détaillée

Bakkt Holdings, Inc. (BKKT) - Modèle d'entreprise: canaux

Plateforme de trading basée sur le Web

La plate-forme de négociation Web de Bakkt a traité 1,3 milliard de dollars de volume de paiement total au troisième trimestre 2023. La plate-forme prend en charge le trading d'actifs numériques sur plusieurs crypto-monnaies et solutions de paiement numériques.

Métrique de la plate-forme	Valeur
Volume total de paiement (T1 2023)	1,3 milliard de dollars
Crypto-monnaies prises en charge	Bitcoin, Ethereum, USDC
Utilisateurs actifs	245 000 comptes enregistrés

Application mobile

L'application mobile de Bakkt a été téléchargée 500 000 fois au T2 2023, avec une cote de 4,2 / 5 sur les magasins d'applications mobiles.

• Téléchargements d'applications mobiles: 500 000
• Évaluation de l'App Store: 4.2 / 5
• Disponible sur les plateformes iOS et Android

Équipe de vente directe pour les clients institutionnels

L'équipe de vente institutionnelle de BAKKT gère 425 millions de dollars de services de garde et de trading d'actifs numériques institutionnels.

Service institutionnel	Valeur
Total des actifs institutionnels sous gestion	425 millions de dollars
Nombre de clients institutionnels	37 clients d'entreprise

Partenariats de technologie financière stratégique

Bakkt maintient des partenariats avec 12 sociétés de technologie financière, dont MasterCard et Google Pay.

• Partenariats stratégiques totaux: 12
• Partenaires clés: MasterCard, Google Pay, Visa
• Revenus de partenariat: 18,2 millions de dollars en 2023

Channeaux de marketing numérique et d'acquisition de clients

Les efforts de marketing numérique de BAKKT ont généré 125 000 acquisitions de nouvelles clients en 2023, avec un coût d'acquisition de client de 42 $ par utilisateur.

Métrique marketing	Valeur
Nouvelles acquisitions de clients (2023)	125,000
Coût d'acquisition des clients	42 $ par utilisateur
Dépenses de marketing numérique	5,25 millions de dollars

Bakkt Holdings, Inc. (BKKT) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Depuis le quatrième trimestre 2023, Bakkt dessert environ 130 clients institutionnels avec des solutions de garde d'actifs numériques.

Type de client institutionnel	Part de marché estimé
Hedge funds	42%
Banques d'investissement	28%
Sociétés de capital-investissement	18%
Fonds de pension	12%

Commerçants de crypto-monnaie

Bakkt prend en charge environ 287 000 comptes de trading de crypto-monnaie actifs en décembre 2023.

• Volume de trading moyen: 42,6 millions de dollars par mois
• Solde du compte médian: 3 750 $
• Actifs commerciaux primaires: Bitcoin, Ethereum

Sociétés de services financiers

Bakkt fournit des solutions d'actifs blockchain et numériques à 47 sociétés de services financiers en 2024.

Type de société	Nombre de partenariats
Banques régionales	22
Coopératives de crédit	15
Processeurs de paiement	10

Antariens de crypto-monnaie de vente au détail

BAKKT dessert 512 000 utilisateurs de crypto-monnaie au détail en 2024.

• Tranche d'âge: 25 à 44 ans (68% de la base d'utilisateurs)
• Valeur de transaction mensuelle moyenne: 1 250 $
• Motivation d'investissement primaire: tenue d'actifs numériques à long terme

Demandeurs de solutions de blockchain d'entreprise

BAKKT prend en charge 63 clients d'entreprise avec des services d'intégration blockchain.

Segment de l'industrie	Nombre de clients
Vente au détail	24
Technologie	18
Services financiers	12
Soins de santé	9

Bakkt Holdings, Inc. (BKKT) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Selon le rapport annuel de Bakkt en 2022, les coûts de maintenance des infrastructures technologiques étaient de 14,3 millions de dollars pour l'exercice.

Catégorie de coûts	Dépenses annuelles
Services cloud	5,6 millions de dollars
Sécurité du réseau	3,2 millions de dollars
Mises à niveau du système	5,5 millions de dollars

Frais de conformité réglementaire

Les coûts de conformité réglementaire pour Bakkt en 2022 ont totalisé environ 8,7 millions de dollars.

• Frais de conseil juridique: 3,4 millions de dollars
• Logiciel et outils de conformité: 2,1 millions de dollars
• Frais de déclaration réglementaire: 3,2 millions de dollars

Développement et innovation de la plate-forme

Les dépenses de développement des plateformes pour 2022 étaient de 22,1 millions de dollars.

Zone d'innovation	Investissement
Développement de logiciels	12,6 millions de dollars
Recherche et développement	9,5 millions de dollars

Marketing et acquisition de clients

Les frais de marketing de Bakkt en 2022 ont atteint 6,5 millions de dollars.

• Publicité numérique: 2,8 millions de dollars
• Marketing de contenu: 1,7 million de dollars
• Programmes de référence client: 2,0 millions de dollars

Frais généraux opérationnels et administratifs

Les frais généraux opérationnels et administratifs totaux pour 2022 étaient de 17,3 millions de dollars.

Catégorie aérienne	Coût annuel
Salaires des employés	10,2 millions de dollars
Dépenses de bureau	3,5 millions de dollars
Services professionnels	3,6 millions de dollars

BAKKT Holdings, Inc. (BKKT) - Modèle d'entreprise: Strots de revenus

Frais de transaction du trading des crypto-monnaies

Pour l'exercice 2023, BAKKT a déclaré des revenus totaux de transaction de 79,1 millions de dollars, les frais de transaction de négociation de crypto-monnaie représentant une partie importante de cette source de revenus.

Volume de trading	Pourcentage de frais de transaction	Revenus estimés
1,2 milliard de dollars	0.25% - 0.50%	3 à 6 millions de dollars par cycle de trading

Frais de service de garde d'actifs numériques

BAKKT facture des clients institutionnels pour des services de garde d'actifs numériques sécurisés.

• Frais de garde annuelle: 0,5% - 1,5% de la valeur totale de l'actif
• Compte de garde minimum: 500 000 $
• Revenus de services de garde de niveau de l'entreprise: 12,4 millions de dollars en 2023

Licence de technologie de la blockchain

Bakkt génère des revenus grâce à des accords de licence de technologie de la blockchain avec des institutions financières.

Catégorie de licence	Frais de licence annuelles	Nombre de licences
Licence d'entreprise standard	$250,000	7 licences actives

Données du marché et monétisation des informations

Bakkt vend une analyse du marché des crypto-monnaies et des informations commerciales aux investisseurs institutionnels.

• Prix ​​du rapport du marché trimestriel: 5 000 $ - 25 000 $
• Abonnement annuel sur les données du marché: 75 000 $
• Revenu total des informations sur le marché: 3,6 millions de dollars en 2023

Services d'abonnement aux clients institutionnels

BAKKT propose des services d'abonnement à plusieurs niveaux pour les plateformes de trading et de gestion des crypto-monnaies institutionnelles.

Niveau d'abonnement	Frais mensuels	Caractéristiques
Basic	$2,500	Accès de trading standard
Professionnel	$7,500	Analytique avancée
Entreprise	$15,000	Accès complet à la plate-forme

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.