---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-26-018400"
form_type: "8-K"
ticker: "BKKT"
cik: "0001820302"
company_name: "Bakkt, Inc."
filed_at: "2026-03-17T23:59:59+00:00"
generated_at: "2026-05-15T10:44:59.009869+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Bakkt FY2025 revenue $2,335.2M, down 32%; net loss $132.2M; restructures platform

## Summary
- GAAP revenue $2,335.2M, down 32.1% YoY driven by lower crypto trading volume.
- Net loss from continuing ops $97.7M; total net loss $132.2M including discontinued ops.
- Adjusted EBITDA improved 42.9% to negative $32.7M, aided by $24.5M other income.
- Raised ~$100M in capital, eliminated long-term debt, collapsed Up-C structure.
- Acquired DTR in Jan 2026; divested custody and loyalty businesses; added 3 board members.

## SEC filing metadata
- accession: 0001628280-26-018400
- form_type: 8-K
- ticker: BKKT
- cik: 0001820302
- company_name: Bakkt, Inc.
- filed_at: 2026-03-17T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1820302/000162828026018400/0001628280-26-018400-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1820302/000162828026018400/bakkt-20260316.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-26-018400
- JSON: https://secwatch.observer/filing/0001628280-26-018400.json
- Plain text: https://secwatch.observer/filing/0001628280-26-018400.txt

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