Overview

* Bakkt Q2 2025 total revenue rises 13.3% yr/yr driven by crypto market activity

* Net loss improves 15.1% yr/yr, adjusted EBITDA loss improves 29.9% yr/yr

* Co raises $75 mln for Bitcoin Treasury Strategy, acquires stake in MarushoHotta Co.

Outlook

* Bakkt ( BKKT/WS ) to enhance brokerage technology in 2H 2025

* Company plans stablecoin payments solution launch

* Bakkt ( BKKT/WS ) expands Bitcoin treasury strategy in Japan

* Company to review cost structure for profitability

Result Drivers

* CRYPTO MARKET ACTIVITY - 13.3% yr/yr increase in total revenues driven by higher crypto services revenues from increased market activity and prices compared to Q2 2024

* OPERATING EXPENSES - 12.1% yr/yr increase in total operating expenses due to higher crypto costs and execution, clearing, and brokerage fees from increased trading volume

* RESTRUCTURING ACTIONS - Reduction in SG&A and compensation expenses from 2024 restructuring contributed to a 16% yr/yr improvement in operating loss

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 $577.90

Revenue mln

Q2 Net -$30.20

Income mln

Q2 -$12.60

Adjusted mln

EBITDA

Q2 $596.40

Operatin mln

g

Expenses

Q2 -$18.50

Operatin mln

g Income

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)