Bakkt Holdings, Inc. announced its financial and operational results for the first quarter ended March 31, 2025. The company reported total revenues of $1,074.9 million, an increase of 25.8% year-over-year from $854.6 million. Notably, Bakkt achieved a net income of $16.2 million, a significant improvement of 176.5% year-over-year from a net loss of ($21.3 million) in the prior year.
Operating expenses, excluding crypto costs and execution, clearing and brokerage fees, decreased by 36.3% year-over-year to $31.1 million. The Adjusted EBITDA loss improved by 11.0% year-over-year to ($14.5 million), reflecting ongoing cost optimization efforts. Total transaction volume for the quarter reached $1.06 billion, representing a 23% year-over-year increase.
Operationally, Bakkt entered into a cooperation agreement with Distributed Technologies Research (DTR) for access to AI and stablecoin payment infrastructure, with a commercial agreement expected by Q3 2025. The sale of Bakkt Trust Company to Intercontinental Exchange is expected to close around May 15th, and the company continues to explore strategic alternatives for its Loyalty business. Bakkt also strengthened its leadership team with new hires for Chief Product Officer and President of Bakkt International.
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