Bakkt Holdings, Inc. announced its financial and operational results for the second quarter ended June 30, 2025. Total revenues reached $577.9 million, an increase of 13.3% year-over-year. The net loss improved by 15.1% year-over-year to ($30.2 million), and Adjusted EBITDA loss improved by 29.9% year-over-year to ($12.6 million).
The company successfully raised $75 million to strengthen its balance sheet and fund its Bitcoin Treasury Strategy. Bakkt also acquired approximately 30% of Tokyo-listed MarushoHotta Co. Ltd (MHT) for $11.5 million, initiating its Japan Bitcoin Treasury Strategy, with MHT to be renamed bitcoin.jp.
Andy Main stepped down as Co-CEO and Director, with Akshay Naheta assuming the role of sole Chief Executive Officer. Bakkt completed the sale of Bakkt Trust to Intercontinental Exchange (ICE) on May 15, 2025, and signed a definitive agreement to divest its Loyalty business, with closing expected in Q3 2025. The $40 million revolving credit facility with ICE was repaid and terminated in July 2025, and management believes current funds are sufficient for 12 months.
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