Bakkt, Inc. · NYSE:BKKT
Bakkt — Q2 2025 Earnings Presentation
26 slides from Bakkt's earnings presentation, Aug 11, 2025
Slide 1: Second Quarter 2025 Earnings
Second Quarter 2025 Earnings August 11, 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 oral presentation contain “forward-looking statements” within the meaning of Section 27A
Slide 3: Digital assets: transformational trend to disrupt global finance
Digital assets: transformational trend to disrupt global finance $380T 6 Global Real Estate $141T 5 Global Bonds Global Equities 4 $128T $95T +$760T 3 M2 Generational shift potential TAM around money 2 Gold $23T Crypto Market Cap 1 $4T Institutional adoption Bitcoin 1 $2T acceleration (1) Source: Co
Slide 4: Realignment: pure-play crypto infrastructure
Realignment: pure-play crypto infrastructure Divest Non-core Assets Business catalysts Stablecoin payments through DTR Completed: Divestiture of Custody cooperation agreement1 Definitive Agreement: Sale of Loyalty Transition to new management and strengthened executive team PURE-PLAY CRYPTO INFRASTR
Slide 5: Three pillars of Bakkt's crypto platform
Three pillars of Bakkt’s crypto platform Brokerage-in-a-box Stablecoin Payments Bitcoin treasury strategy • 2.0: significant technology upgrades • Streamlined payments infrastructure over H2’25 with AI and blockchain • Advanced capabilities, unlocking new • Efficient global remittance and bitcoin.jp
Slide 6: Brokerage-in-a-box 2.0
Brokerage-in-a-box 2.0 Current specs 2.0 upgrades License coverage Liquidity +200 available Advanced trading Social and copy across the U.S. solutions assets engine trading Rapid SOC2 compliant Yield generation Improved CLARITY Act and Time-to-Market regulated tech stack capabilities interface token
Slide 7: Immediate strategic priorities
Immediate strategic priorities NEW CLIENTS PRODUCT ROLLOUT Enhanced Custody solutions Control panel for B2B Margin lending products
Slide 8: Stablecoin payments
Stablecoin payments BAKKT AGENT AI-powered plug-in for global money movement Native Experience Will use existing App interface - no new wallet needed Chat-Based Transfers Send, receive, convert funds through voice, text, images Global Money Movement Currently enables transfers to 36+ countries; to i
Slide 9: Product rollout and development timeline
Product rollout and development timeline BAKKT AGENT FUTURE ROADMAP Planned Launch Timeline Planned Upgrades and Features, AI powered Aug 2025 Private Beta launched for early Current and Savings Accounts testers1 End of Q3 2025 Overnight interest-bearing Expected Consumer Rollout: accounts Offering
Slide 10: Bitcoin treasury strategy
Bitcoin treasury strategy Focus on large Scarcity of crypto High barriers to Institutional platform liquid markets exposure entry and credibility bitcoin.jp bitcoin.kr Immediate brand Premium Financial Recurring recognition mNAVs engineering revenue 10
Slide 11: Initiation of Bitcoin treasury strategy with Japan
Initiation of Bitcoin treasury strategy with Japan Bakkt à 30% Phillip Lord ownership in MHT CEO Rebooting MHT rebranding company strategy to bitcoin.jp1 WebX 2025 Japan Strategic pivot at Title Sponsor EGM – October 2025 1. Subject to TSE: 8105 shareholder approval and other customary closing condi
Slide 12: Immediate strategic priorities
Immediate strategic priorities Close loyalty Further optimize Brokerage-in-a- Launch stablecoin Expand Bitcoin divestiture cost structure box 2.0 payments treasury strategy
Slide 13: Financial results
Financial results
Slide 14: Trading volumes
Trading volumes Q2 volume increased 14% year-over-year, 69% since Q2’23 MONTHLY NOTIONAL CRYPTO TRADED VOLUME ($mm) QUARTERLY NOTIONAL CRYPTO TRADED VOLUME ($mm) 2023 2024 2025 $476 $565 $494 $325 $259 $256 $333 $205 $103 Jan '25 Feb '25 Mar '25 Apr '25 May '25 Jun '25 Q2 Note: The operating data on
Slide 15: 2Q25 KPIs
2Q25 KPIs • Transacting accounts, crypto and loyalty redemption, down QoQ from reduced broader market activity • Notional traded volume down 39.6% QoQ, up 9.0% YoY • Assets under custody of $1,355mm, down from the divestiture of Custody business TRANSACTING ACCOUNTS (THOUSANDS) NOTIONAL TRADED VOLUM
Slide 16: 2Q25 revenues
2Q25 revenues Revenue by Product ($MM) Loyalty Crypto $1,797.3 $1,074.9 Crypto revenues • Gross revenues of $577.9mm up 13.3% YoY driven by the $509.9 $1,786.1 $1,065.8 $577.9 overall higher interest in macro environment and down $328.4 46.2% QoQ due to further market-wide cool off post $497.1 $316.
Slide 17: 2Q25 operating expenses
2Q25 operating expenses ($MM) Operating Expenses • Total operating expenses of $596.4mm includes $565.2mm of crypto costs and execution, $1,809.0 clearing and brokerage fees, related to Bakkt $8.9 Crypto, up 12.1% YoY and down 45.5% QoQ $4.7 $19.0 • SG&A expenses of $3.6mm decreased by 34.9% $1,093.
Slide 18: 2Q25 condensed P&L
2Q25 condensed P&L • Total revenues of $577.9mm, up 13.3% YoY driven by increased market sentiment, down 46.2% QoQ from the $mm's 2Q25 1Q25 2Q24 Crypto services $568.1 $1,065.8 $497.1 extended market-wide cool down Loyalty services 9.8 9.2 12.8 • Total operating expenses of $596.4mm, up 12.1% YoY To
Slide 19: 2Q25 condensed balance sheet
2Q25 condensed balance sheet As of 6/30/25 • $61.5mm of cash & cash equivalents and restricted $mm's Assets (unaudited) As of 12/31/24 cash as of June 30, 2025 Cash & cash equivalents Restricted cash $43.5 18.0 $39.0 24.9 • Cash and cash equivalents increased1 by $20.5mm in Other current assets Tota
Slide 20: 2Q25 adjusted EBITDA (non-GAAP)
2Q25 adjusted EBITDA (non-GAAP) $mm's 2Q25 2Q24 Net income (loss) $(30.2) $(35.5) • Adjusted EBITDA (non-GAAP) loss of Depreciation and amortization 0.2 0.1 $12.6mm improved 29.9% YoY primarily Interest income, net Income tax expense (benefit) 0.1 0.1 (1.2) 0.1 driven by a decrease in revenue less E
Slide 21: Definitions
NOTES Definitions Transacting accounts: unique accounts that perform at least one transaction across crypto buy/sell and loyalty redemption each month. Monthly figures are de-duped for the month. Quarterly figure represents sum of all months in the quarter Notional traded volume: total notional volu
Slide 22: EBITDA and Adjusted EBITDA
NOTES EBITDA and Adjusted EBITDA EBITDA is a non-GAAP financial measure, which we define as earnings before interest, income taxes, depreciation and amortization. Adjusted EBITDA is a non-GAAP financial measure, which we define as earnings before interest, income taxes, depreciation, amortization, a
Slide 23: EBITDA and Adjusted EBITDA reconciliation – Non-GAAP
NOTES EBITDA and Adjusted EBITDA reconciliation – Non-GAAP $ in thousands 2Q25 2Q24 Net loss $(30,152) $(35,512) Depreciation and amortization 154 117 Interest income, net 53 (1,245) Income tax expense (benefit) 60.0 74 EBITDA $(29,885) $(36,566) Acquisition-related expenses — 55 Share-based and uni
Slide 24: Balance sheet
NOTES $ in thousands except per share data As of 6/30/25 As of 12/31/24 Balance sheet Assets Current assets Cash and cash equivalents $43,493 $39,049 Restricted cash 17,965 24,889 Customer funds 21,336 88,566 Accounts receivable, net 23,306 24,648 Prepaid insurance 2,068 3,972 Other current assets 2
Slide 25: Statement of operations
NOTES Statement of $ in thousands except per share data 2Q25 2Q24 operations Revenues: Crypto services $568,103 $497,141 Loyalty services, net 9,779 12,757 Total revenues 577,882 509,898 Operating expenses: Crypto costs 561,074 491,701 Execution, clearing and brokerage fees 4,139 3,392 Compensation
Slide 26: Statement of cash flows
NOTES 6MO ended 6MO ended $ in thousands 6/30/25 6/30/24 Statement of Cash flows from operating activities: Net loss $(13,915) $(56,787) Adjustments to reconcile net loss to net cash used in cash flows operating activities: Depreciation and amortization 374 174 Non-cash lease expense 566 989 Share-b