---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-039613"
form_type: "8-K"
ticker: "BKKT"
cik: "0001820302"
company_name: "Bakkt, Inc."
filed_at: "2025-08-11T23:59:59+00:00"
generated_at: "2026-05-17T15:40:34.957904+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Bakkt Reports Q2 2025 Results; Andy Main Steps Down, Akshay Naheta Named CEO

## Summary
- Raised $75M to strengthen balance sheet and Bitcoin Treasury Strategy.
- Acquired ~30% of Tokyo-listed MarushoHotta Co. LTD (TSE: 8105) to initiate Japan Bitcoin Strategy.
- Andy Main stepped down as Co-CEO; Akshay Naheta becomes CEO effective August 11, 2025.
- Net loss improved 15.1% YoY to $30.2M; Adjusted EBITDA loss improved 29.9% YoY to $12.6M.
- Completed sale of Bakkt Trust to ICE and signed definitive agreement to divest Loyalty business.

## SEC filing metadata
- accession: 0001628280-25-039613
- form_type: 8-K
- ticker: BKKT
- cik: 0001820302
- company_name: Bakkt, Inc.
- filed_at: 2025-08-11T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1820302/000162828025039613/0001628280-25-039613-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1820302/000162828025039613/bakkt-20250811.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-039613
- JSON: https://secwatch.observer/filing/0001628280-25-039613.json
- Plain text: https://secwatch.observer/filing/0001628280-25-039613.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.