Bakkt Holdings, Inc. (BKKT): Business Model Canvas [Dec-2025 Updated]

You're looking to understand how Bakkt Holdings, Inc. is actually making money now that they've pivoted hard into being a pure-play crypto infrastructure provider, right? After two decades analyzing firms, I can tell you their model hinges on being the regulated 'plumbing' for others, offering turnkey, compliant crypto services via APIs to institutions and fintechs. Honestly, the numbers from late 2025 show this focus is translating: they pulled in $402.2 million in crypto services revenue just in Q3 2025, supported by key partnerships like Intercontinental Exchange and a strong regulatory moat. So, if you want the precise breakdown of their key activities, customer segments, and what drives those revenue streams, check out the full Business Model Canvas below.

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

You're looking at the core relationships that power Bakkt Holdings, Inc.'s infrastructure play as of late 2025. These alliances are critical because the company has aggressively shed non-core segments, like the Loyalty business finalized in Q3 2025, to focus purely on institutional digital asset services. The financial context shows this focus is yielding results: Q3 2025 total GAAP revenue hit $402 million, a 27% year-over-year increase, and adjusted EBITDA reached $29 million.

The Key Partnerships block defines how Bakkt accesses necessary infrastructure, regulatory compliance, and market reach. Here's a breakdown of the most important relationships:

Intercontinental Exchange (ICE) Alignment and Custody Transition

The relationship with Intercontinental Exchange, Inc. remains foundational, though its nature has shifted as Bakkt completes its transformation. Bakkt divested its Trust custody business to ICE. However, strategic alignment continues; Bakkt entered a nonbinding letter of intent in August 2025 for ICE Digital Trust (IDT), an ICE-owned entity, to provide custody for Bakkt's corporate treasury assets. Furthermore, the agreement includes plans for Bakkt to resell IDT's custody services to third parties, pending regulatory approval. ICE remains a major shareholder, with ICE Holdings, Inc. (ICEH) acquiring 465,890 shares of Class A common stock in December 2025 following a November 3, 2025 reorganization. ICEH also holds warrants exercisable for 230,680 shares each.

Stablecoin and Payments Infrastructure with DTR

Bakkt signed a strategic partnership with Distributed Technologies Research (DTR) to bolster its position in the global stablecoin payments network. This collaboration is central to Bakkt's goal of driving stablecoin and cross-border flows through its Agent segment. The successful integration of DTR's infrastructure is a key operational focus moving into 2026.

Institutional Custody and Global Reach Foundations

While the divestiture of the Trust business streamlined operations, Bakkt is focused on institutional-grade trading and liquidity. The company's Assets under custody were reported at $1,355.0 million as of Q2 2025. The need for institutional custody partners like BitGo and Coinbase Custody is implied by the focus on institutional participation, though specific, current contractual details weren't explicitly detailed in recent filings compared to the ICE Digital Trust arrangement.

International expansion is actively underway, starting with Japan. In Q2 2025, Bakkt initiated its Japan Bitcoin treasury strategy by entering an agreement to acquire approximately 30% of MHT (TSE: 8105), a Tokyo Stock Exchange-listed company, making Bakkt its largest shareholder. Bakkt Global is extending infrastructure into other jurisdictions in a capital-light manner.

The following table summarizes the primary, named strategic relationships and relevant metrics as of late 2025:

The strategy relies on embedding the platform via APIs to fintechs and neobanks to drive transaction volumes, though specific partners or volume data for this channel weren't detailed in the latest reports. The company is focused on completing its transformation by the end of Q4 2025.

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

Operating a regulated, high-volume digital asset trading platform.

• - Q3 2025 GAAP revenue reached $402.2 million.
• - Crypto costs and execution, clearing and brokerage fees for Q3 2025 totaled $400.8 million.
• - Q2 2025 notional traded volume was $733.1 million.
• - On September 30, 2025, trading volume reached $310 million.

Developing and upgrading Brokerage-in-a-Box technology.

• - Version 2.0 upgrade scheduled for the second half of 2025.
• - The upgraded platform is designed to support over 200 available assets.
• - Time to market for new clients is targeted at 30 to 45 days.

Executing the Bitcoin Treasury Strategy and asset management.

• - Assets under custody as of September 30, 2025, were $1.43 billion.
• - Ended Q3 2025 with no long-term debt.
• - Cash and restricted cash balance at the end of Q3 2025 was $64.4 million.
• - Executed the Japan Bitcoin treasury strategy via an August 4, 2025, agreement to acquire approximately 30% of MHT.

Maintaining compliance and regulatory licenses across jurisdictions.

• - Bakkt Crypto Solutions, LLC holds a BitLicense from the New York State Department of Financial Services.
• - Registered with FinCEN as a money service business.
• - Holds money transmitter licenses in states where required.

Integrating DTR for programmable finance and stablecoin payments.

• - Entered a cooperation agreement with Distributed Technologies Research (DTR) in March 2025.
• - The DTR solution supports transfers to over 36 countries.

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

You're looking at the core assets Bakkt Holdings, Inc. relies on to execute its focused digital asset infrastructure strategy as of late 2025. Honestly, after the structural overhaul, these resources are what define their moat and potential for scale.

The foundation of the business is its technology, which is now explicitly marketed as an embedded service layer. This means Bakkt Holdings, Inc. provides its infrastructure to fintechs, neobanks, and brokerages through APIs, handling the complex parts like trade execution, routing, compliance, and custody in the background.

• - Proprietary, API-enabled digital asset technology stack, with significant upgrades to the brokerage trading technology stack rolled out in the second half of 2025.
• - The platform supports institutional-grade infrastructure for digital assets, including Bitcoin, tokenization, stablecoin payments, and AI-driven finance.
• - The launch of the AI-based stablecoin solution, Bakkt Agent, which offers on-chain settlement and compliance automation for global stablecoin payment flows.

The regulatory standing is a significant barrier to entry, or moat, for competitors. Bakkt Holdings, Inc. has worked hard to secure the necessary permissions to operate compliantly in the institutional space.

• - US regulatory licenses and compliance framework, anchored by Money Transmission (MTL) licenses across the U.S. and the critical New York BIT license.
• - This framework is now operating in an environment where the CFTC has cleared the path for federally regulated spot Bitcoin and crypto trading, increasing demand for regulated infrastructure providers like Bakkt Holdings, Inc.

Financially, the balance sheet reset in late 2025 provides a clean starting point for the next phase of growth. Here's the quick math on the liquidity position following the divestiture of the Loyalty business.

The relationship with Intercontinental Exchange (ICE) remains a core strategic asset, providing both ownership backing and critical operational partnerships. You can see the influence clearly in the post-reorganization structure.

• - Strategic ownership and influence from ICE, which founded Bakkt Holdings, Inc. and remains a 55% owner.
• - Following the November 3, 2025 reorganization, ICE Holdings, Inc. (ICEH) indirectly beneficially owned 7,919,002 Class A shares as of December 3, 2025.
• - A nonbinding letter of intent was signed with ICE Digital Trust, LLC (IDT) for custody services, which Bakkt Holdings, Inc. plans to resell to third parties.

Finally, Bakkt Holdings, Inc. is actively using its capital to build out its treasury holdings, a key component of its overall strategy, especially given the focus on digital assets.

• - Bitcoin and other digital assets for treasury strategy, funded in part by a $75 million capital raise in July 2025, which the company explicitly stated it intended to use for purchasing digital assets.

Finance: draft 13-week cash view by Friday.

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.

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:

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:

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:

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:

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:

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.