Bakkt's third-quarter profit reached $28.70 million, up 241% from the same period last year.

According to the third quarter earnings report of Bakkt (stock code BKKT), the company's revenue in the third quarter of 2025 was $402.20 million, an increase of 27% year-on-year; EBITDA was $28.70 million, an increase of 241% year-on-year.
The company successfully divested its loyalty rewards business and refocused on institutional-grade trading, liquidity and regulated custody. Earlier this year, Bakkt announced it would realign its strategy around three "high-probability" investments in search of market fit.
Bakkt was launched in 2018 with the support of the New York Stock Exchange operator Intercontinental Exchange and initially focused on launching an institutional-grade daily physical delivery bitcoin futures trading platform, before beginning to experiment with tokenizing corporate rewards points.