Bakkt has evolved rapidly from a niche crypto trading platform into a digital asset infrastructure provider for institutions and individuals. Founded in 2018, it now supports trading, custody, programmable settlement, and stablecoin payment capabilities on a global scale, backed by Intercontinental Exchange (ICE).
Today, Bakkt posted robust revenue growth and completed key strategic moves that repositioned its core business toward crypto services infrastructure. These changes affect institutional trading, custody services, and blockchain settlement solutions across finance and digital commerce. Recently, Bakkt has also pursued stablecoin and Bitcoin treasury strategies, showing how its toolkit serves companies integrating crypto into corporate balance sheets.
As the crypto landscape reshapes, data-driven metrics highlight Bakkt’s reach, resilience, and transition. Read on for fresh statistical insight into its performance.
Editor’s Choice
- Crypto services revenue grew ~$381.3 million for the nine months ending Sep 30, 2025, to $2,036.1 million, 23 % YoY.
- Bakkt executed a capital raise of $75 million in mid-2025 to boost its Bitcoin Treasury strategy.
- The firm completed a capital structure simplification in Nov 2025.
- Leadership moved to acquire Distributed Technologies Research Ltd. to support stablecoin settlement.
- Stock technical metrics like RS Ratings above 80 signal market momentum engagement.
Recent Developments
- Bakkt simplified its capital structure in Nov 2025 to sharpen its focus on digital asset infrastructure.
- Stablecoin payment capabilities launched via a partnership-aligned acquisition in Jan 2026.
- Raised $75 million in mid 2025 to strengthen Bitcoin treasury ambitions.
- Disposition of non-core units, such as custody and loyalty trim operational complexity.
- Pursuit of up to $1 billion in securities filings shows strategy to scale crypto assets on its balance sheet.
- Integration of stablecoin infrastructure tied to Distributed Technology Research accelerates settlement frameworks.
- Bakkt’s move into Bitcoin treasury and settlement puts it at the crossroads of macro crypto adoption and volatility risk.
Bakkt (BKKT) Stock Price and Technical Indicators
- Bakkt (BKKT) stock closed at $19.21, jumping 18.00% in one day, showing strong buying interest.
- The stock moved between $15.50 (low) and $20.20 (high) during the session, indicating high volatility.
- BKKT opened at $16.38 and gained $2.93 by the end of the day.
- The price is trading above all major moving averages, a sign of strong upward momentum.
- The 100-day MA at $18.72 sits closest to the current price, acting as a key support level.
- The 50-day MA ($15.58) and 200-day MA ($15.58) remain well below the price, confirming a recent rebound.
- The 20-day MA at $12.29 shows how sharply the stock has risen in recent weeks.
- The RSI (14) stands at 69.88, which means the stock is close to overbought territory.
- The RSI signal line is much lower at 46.25, highlighting the strength of the latest rally.
- Overall, the chart shows strong bullish momentum with increasing buying pressure.
Bakkt Cash, Runway, and Capital Resources
- The company remains long-term debt-free following 2025 financing activities.
- $75 million capital raised in July 2025 to fund growth initiatives.
- Progressive reverse stock splits maintained NYSE listing and improved liquidity.
- The cap table reflects two major funding rounds totaling $482 million raised.
- Equity financing strategy extends runway for technology investments.
Volatility and Risk Metrics
- Crypto-linked revenue is highly sensitive to Bitcoin price fluctuations, with BTC volatility driving volume swings.
- Q3 2025 crypto services revenue rose 27% YoY to $402.2 million amid elevated trading.
- Execution and clearing fees up ~27% in Q3 2025, reflecting crypto volume variability.
- RS Rating peaked at 96 in late 2025, signaling strong relative performance amid turbulence.
- Pivot to stablecoin services hedges BTC volatility risks for institutional clients.
- Regulatory and competitive pressures persist as secondary volatility factors.
Global Asset Values and Digital Asset Opportunity
- Global real estate leads all asset classes with a massive value of $380 trillion worldwide.
- Global bonds hold about $141 trillion, making them a major part of the financial system.
- Global equities (stocks) are valued at roughly $128 trillion across global markets.
- The global money supply (M2) totals around $95 trillion, reflecting cash and bank deposits.
- Gold is worth about $23 trillion, showing its long-standing role as a safe asset.
- The entire crypto market stands at only about $4 trillion, much smaller than traditional assets.
- Bitcoin alone accounts for around $2 trillion, making it the largest crypto asset.
- Digital assets could target a huge $760 trillion total addressable market (TAM) across global wealth.
- A strong generational shift in money preferences is driving interest in digital assets.
- Institutional adoption is accelerating, as large investors move into the crypto space.
User Base Statistics
- Crypto-enabled accounts reached 6.8 million by Q1 2025, up 7.9% YoY.
- Active transacting accounts at 777,349 in Q1 2025, down 20.1% sequentially.
- Notional traded volume rose 16.6% YoY to $1,213 million in Q1 2025.
- Q2 2025 active transacting accounts declined to 689,000, down 11.4% sequentially.
- Q2 notional traded volume up 9.0% YoY to $733.1 million despite a sequential drop.
Assets Under Management and Custody
- Q1 2025 assets under custody $1.87 billion, up 52.5% YoY.
- Q4 2024 assets under custody $2.30 billion, surging 228.1% YoY.
- Q2 2025 assets under custody $1.36 billion, increased 39.1% YoY.
- Custody balances tied to Bitcoin price surges in late 2024 and early 2025.
- Institutional custody demand boosted by U.S. spot Bitcoin ETF expansions in 2025.
- Custody revenue aligned with higher asset valuations and new enterprise clients.
- Cold storage SOC 2 Type II compliant secures institutional digital assets.
- 2025 custody growth shows institutional concentration over retail.
Partnerships and Ecosystem Integrations
- Apex Crypto acquisition, valued at up to $200 million, extends reach to fintechs, trading apps, and neobanks.
- Apex deal structure includes initial $55 million cash and up to $145 million in stock and notes tied to performance.
- BlockWyre partnership integrates Bakkt brokerage to power stablecoin cross-border payments and secure wallets for over 100 institutional clients.
- Unchained custody network adds Bakkt as a collaborative custodian, giving clients multi-sig options across 3 partners.
- Bakkt Brokerage APIs enable embedded crypto trading for traditional apps at institutional-grade performance and security.
- ICE’s ownership stake of around 31% links Bakkt to a global exchange and clearing ecosystem.
- Partnerships in 2025 prioritize enterprise-grade integrations over direct-to-consumer wallets.
- BlockWyre-Bakkt collaboration focuses on stablecoin-powered cross-border solutions and backend exchange support.
Product and Service Segments
- Crypto services revenue topped $2 billion year-to-date through Q3 2025.
- Q3 2025 total revenue $402.2 million, up 27% YoY from crypto services.
- Q2 2025 gross crypto services revenues up 13.3% YoY to $577.9 million.
- Loyalty revenues fell 23.3% YoY to $9.8 million in Q2 2025.
- Loyalty business sold in Q3 2025, exiting non-core operations.
- Acquired Distributed Technologies Research Ltd. in January 2026 for stablecoin settlement.
- Institutional trading APIs expanded for broker-dealer and fintech integrations.
- Futures contracts leverage an ICE-regulated exchange for derivatives volume.
B2B Crypto Infrastructure Metrics
- Institutional clients drive 74% of crypto revenues via key partners like Webull in 2024.
- Q3 2025 revenue $402.2 million, primarily from B2B crypto markets and agent services.
- Adjusted EBITDA was $28.7 million in Q3 2025 from stable B2B operations.
- Crypto-enabled accounts 6.5 million by Q3 2024 through B2B partnerships.
- Loyalty business sale in Q3 2025 refocuses 100% on B2B crypto infrastructure.
- Three B2B verticals launched: Markets, Agent, and Global in Q3 2025.
- Operating expenses down 18% in Q3 2025, supporting B2B efficiency.
- Cash $64.4 million backs B2B expansion with zero long-term debt.
Security, Compliance, and Risk Controls
- Cash and cash equivalents $58.3 million plus restricted cash $6.1 million support risk and liquidity management.
- Warrant liability $60.7 million and derivative asset $43.4 million reflect hedging and structured risk positions.
- Bakkt Trust Company LLC is licensed by NYDFS as a qualified custodian, safeguarding assets over $1 billion.
- SOC 1 Type II certification underpins internal control effectiveness for financial reporting.
- Cold storage framework secures the majority (>90%) of client digital assets offline.
- September 30, 2025, total assets $258.3 million with customer funds $11.1 million, highlighting safeguarded structures.
- AML and KYC controls implemented as a FinCEN-registered money services business with U.S. money transmitter licenses.
- Insurance-backed institutional custody program covers enterprise digital assets with multi-layer security controls.
Geographic Coverage and Expansion
- Operates primarily in the U.S., with regulated exchange and custody frameworks serving over 50 states.
- ICE infrastructure connects to derivatives markets in more than 70 countries globally.
- International expansion via Bakkt Global starts with a minority stake and targets multiple new jurisdictions.
- LatAm footprint includes crypto operations in 4 markets: Argentina, Mexico, Brazil, and Guatemala.
- Asian presence expanded to 2 key hubs: Hong Kong and Singapore.
- Global follower base on LinkedIn exceeds 26,000 professionals, reflecting broad institutional interest.
- Partnerships like BlockWyre extend reach across North American fintech ecosystems, adding new institutional clients.
- Strategic focus on U.S.-led institutional adoption aligns with the domestic spot Bitcoin ETF market exceeding $50 billion AUM.
Market Share in Crypto Infrastructure
- Q1 2025 assets under custody $1.87 billion, positioning Bakkt mid-tier versus larger custodians.
- Q3 2025 trailing-twelve-month revenue $3.78 billion, evidencing infrastructure scale.
- Q3 2025 GAAP revenue $402.2 million, up 27.1% YoY from crypto infrastructure services.
- Adjusted EBITDA $28.7 million in Q3 2025, up 241% YoY, reflecting operating leverage.
- Total funding raised approximately $482 million supports competitive infrastructure buildout.
- Institutional and strategic investors hold 46.8% ownership, with ICE alone near 31%.
- Public/retail float about 49.68%, with insiders holding 3.52%.
Mergers, Acquisitions, and Divestitures
- DTR acquisition consideration equals 31.5% of the Bakkt Share Number, or about 9,128,682 Class A shares to be issued.
- Loyalty business sale to Project Labrador includes $11 million cash accommodations plus working capital and debt adjustments.
- Q2 2025 estimated loyalty net revenues between $9 million and $10 million ahead of divestiture.
- July 2025 underwritten public offering raised gross proceeds of approximately $75 million.
- Shelf registration allows issuance of up to $1 billion in various Bakkt securities.
- DTR’s all-stock deal will give its shareholders 31.5% economic stake upon closing.
- Available cash and restricted cash are estimated between $60 million and $62 million at June 30, 2025, supporting M&A capacity.
- The revolving credit facility provides an additional $40 million of undrawn liquidity for strategic actions.
Competitors and Peer Comparison
- Coinbase Custody holds over $300 billion in institutional assets under custody, far exceeding Bakkt’s scale.
- Q1 2025 Bakkt assets under custody $1.87 billion, up 52.5% YoY but still mid-tier versus large peers.
- Coinbase derivatives notional volume reached $840 billion alongside Deribit in a recent period, dwarfing Bakkt’s derivatives footprint.
- Coinbase Custody supports 400+ assets across 35+ blockchains, reflecting broader coverage than Bakkt.
- Coinbase institutional AUC reached a previous all-time high of $245.7 billion before climbing to $300 billion.
- Bakkt market cap trails multi-billion dollar crypto peers, underscoring its smaller infrastructure share.
- Coinbase’s partnership with Standard Chartered targets global institutional clients across trading, prime, and custody in multiple regions.
Frequently Asked Questions (FAQs)
What is Bakkt’s market capitalization as of February 2026?
Bakkt’s market cap is approximately $261.49 million in February 2026.
How did Bakkt’s stock price react to its ATM equity announcement?
As of Jan 14, 2026, Bakkt shares dropped 19 % to $17.42 after announcing the $300 million ATM program.
What is Bakkt’s stock price and share count as of February 2026?
As of Feb 18, 2026, Bakkt’s stock price was $10.36 with approximately 25.8 million shares outstanding.
Conclusion
Bakkt’s position reflects a decisive shift from consumer crypto services to institutional infrastructure and programmable settlement solutions. At the same time, volatility, competitive pressure, and regulatory complexity remain core risks. However, integration with ICE clearing systems, NYDFS-regulated custody, and stablecoin expansion initiatives create structural advantages in the U.S. market.
For investors, fintech operators, and institutional participants, Bakkt represents a case study in how crypto infrastructure firms evolve through market cycles. The numbers show a company narrowing its focus while expanding its enterprise footprint, positioning itself for the next phase of digital asset adoption.
