Bakkt, Inc. · NYSE:BKKT
Bakkt — Q3 2025 Earnings Presentation
21 slides from Bakkt's earnings presentation, Nov 12, 2025
Slide 1: Third Quarter 2025 Earnings Presentation
Exhibit 99.2 Third Quarter 2025 Earnings Presentation November 10, 2025
Slide 2: Important notice
Important notice Unless the context otherwise provides, “we,” “us,” “our,” “Bakkt” and like terms refer to Bakkt Holdings, Inc. and its subsidiaries. FORWARD-LOOKING STATEMENTS This presentation and accompanying remarks contain “forward-looking statements” within the meaning of Section 27A of the U.
Slide 3: Bakkt powers the next generation of global finance
Bakkt powers the next generation of global finance What money is How money moves How markets trade Bitcoin is globally recognized as AI Agents and Stablecoins will The inevitable tokenization digital gold and a store of value disrupt retail banking and of Real-World Assets consumer finance technolog
Slide 4: Bakkt's TAM: Stablecoins & RWA tokenization are the most important growth story arcs in finance
Bakkt’s TAM Stablecoins & RWA tokenization are the most important growth story arcs in finance Estimated Growth in From payments to 4 Tokenization Through 2033 programmable money 1 Total Stablecoin Market Cap - $308B 2 Projected 38% CAGR through 2030 $88T $46T U nadjusted $ 9 T $13T $1.7T 3 Stableco
Slide 5: Previously reported content intentionally omitted
[PREVIOUSLY REPORTED CONTENT INTENTIONALLY OMITTED FOR PURPOSES OF FURNISHING THIS EXHIBIT PURSUANT TO ITEM 2.02 OF FORM 8-K.] [PREVIOUSLY REPORTED CONTENT INTENTIONALLY OMITTED FOR PURPOSES OF FURNISHING THIS EXHIBIT PURSUANT TO ITEM 2.02 OF FORM 8-K.]
Slide 6: Bakkt's transformation is in its final stage
Bakkt’s transformation is in its final stage Q3 2025 Q2 2025 Dec 2025 Q1 2025 Q4 2025 Recapitalization Leadership Change Board and Operations Recent and Priorities Board: Lyn Alden Phillip Lord $75 Million Capital Raise Akshay Naheta President International CEO of Bakkt Loyalty sale completed Loyalt
Slide 7: Capital structure simplified, debt-free balance sheet
Capital structure simplified, debt-free balance sheet rd Up-C Collapse Closed Nov. 3 1 One share class Annual cost savings Simpler reporting $26.7M 2 Balance Sheet Q3 Cash: $64m 3 $100M Capital Raise Debt Free Tax Loss Carry Forwards ~$124M 1. Represents the amount payable under the Company’s tax re
Slide 8: Three strategic engines powering Bakkt forward
Three strategic engines powering Bakkt forward A licensed, regulated, global digital asset infrastructure company driving the generational shift in global finance 1 Bakkt Markets Bakkt Agent Bakkt Global Institutional-grade infrastructure Programmable money & Expanding Bakkt’s technology for digital
Slide 9: Bakkt Markets
Bakkt Markets A fully integrated product suite built to power the rapidly growing digital assets market Bakkt Institutional Bakkt f(x) Institutional-grade infrastructure Plug-and-play solutions ++ ++ Regulatory licenses Market making ++ ++ Listing Stablecoin on/off ramps ++ ++ Liquidity services OTC
Slide 10: Bakkt Agent
1 Bakkt Agent Digitally native, AI powered, programmable finance Frictionless, regulated, auditable Programmable money White-label solution + + AI-Native architecture Multi-platform + + 2 TradFi + DeFi Rails Modular infrastructure + + 1. Certain capabilities and features described under Bakkt Agent
Slide 11: Bakkt Global
Bakkt Global Leveraging Bakkt’s technology, products and services into new geographies ++ Replicate: Markets + Agent Bitcoin Japan 1 Corporation ++ Geographic expansion Bitcoin.co.jp ++ Enduring moats EGM notice filed Transaction documents finalized Independent governance ++ th EGM November 11 Strat
Slide 12: Diverse product revenue model
Diverse product revenue model 1 Bakkt Markets Bakkt Agent Bakkt Global Management Bakkt White Label Investment Bakkt f(x) Zaira Fees Institutional Solutions Stablecoin Net Asset Value Flow of Funds AUM Market Making Trading Volume Transaction Volume (“NAV”) x x x x + + OTC Spreads Spread % Fee Other
Slide 13: Q4'25 milestones
Q4’25 milestones Further cost optimizations Expect to complete transformation Bakkt Markets technology upgrade Brand and website refresh Hiring top-tier talent Customer growth for Bakkt Markets Distribution partnerships for Bakkt Agent Release KPIs for 2026 Announce Investor Day for Q1'26 Expansion
Slide 14: Financials
B Bakkt. Financials
Slide 15: Previously reported content intentionally omitted
[PREVIOUSLY REPORTED CONTENT INTENTIONALLY OMITTED FOR PURPOSES OF FURNISHING THIS EXHIBIT PURSUANT TO ITEM 2.02 OF FORM 8-K.] [PREVIOUSLY REPORTED CONTENT INTENTIONALLY OMITTED FOR PURPOSES OF FURNISHING THIS EXHIBIT PURSUANT TO ITEM 2.02 OF FORM 8-K.]
Slide 16: 3Q25 condensed balance sheet
3Q25 condensed balance sheet $ in thousands (unaudited) 9/30/25 12/31/24 Assets Cash & cash equivalents $58,319 $39,049 Restricted cash 6,117 24,889 • $64.4m of cash & cash Current assets of discontinued operations held for sale 20,879 19,648 Other current assets 35,160 102,424 equivalents and restr
Slide 17: Appendix
B Bakkt. Appendix
Slide 18: 3Q25 condensed P&L
3Q25 condensed P&L $ in thousands (unaudited) 3Q25 3Q24 • Total revenues of $402.2m, up 27.1% Crypto services revenue $402,211 $316,333 YoY driven from increased market activity Total revenue $402,211 $316,333 • Operating expenses (excluding crypto Crypto costs and execution, clearing and brokerage
Slide 19: Non-GAAP Financial Metrics Disclosure
Non-GAAP Financial Metrics Disclosure This release includes discussions of non-GAAP financial measures such as Adjusted net income (loss) from continuing operations, EBITDA and Ad justed EBITDA, which are financial measures that are not calculated in accordance with GAAP. These non -GAAP measures ha
Slide 20: 3Q25 Adjusted net income (loss) from continuing operations reconciliations
3Q25 Adjusted net income (loss) from continuing operations 1 reconciliations $ in thousands (unaudited) 3Q25 GAAP Net Income (loss) from continuing operations $(21,554) Fair value change in warrant liability (non-cash) 37,187 Interest expense 50 Income tax expense (benefit) (25) 1,2 Adjusted net inc
Slide 21: 3Q25 Adjusted EBITDA Reconciliation (non-GAAP)
3Q25 Adjusted EBITDA Reconciliation (non-GAAP) $ in thousands (unaudited) 3Q25 3Q24 Net loss $(23,156) $(6,291) Depreciation and amortization 153 107 Interest expense (income), net 50 (1,014) Income tax expense (benefit) (25) (113) EBITDA (22,978) (7,311) Share-based and unit-based compensation expe