According to the Q3 report shared with Bitcoin.com News, the Alpharetta-based digital-asset infrastructure firm, Bakkt, reported a net loss of $23.2 million, largely due to non-cash warrant revaluation tied to its 2024 registered direct offering.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed 241% to $28.7 million, pointing to operational gains despite restructuring costs. Bakkt ended Q3 with $64.4 million in cash and no long-term debt after collapsing its Up-C structure on Nov. 3, simplifying governance to a single share class.

The move, the company explained, follows the Oct. 1 sale of its Loyalty business, marking a complete exit from non-core operations. President and CEO Akshay Naheta said the quarter “represents a defining moment” in Bakkt’s evolution, highlighting positive adjusted EBITDA as “clear evidence that our reset is working.”

Naheta further added that Bakkt is now positioned “as a focused, capital-disciplined digital-asset infrastructure company built for scale and long-term profitability.” The company disclosed that Bakkt’s current model revolves around three business lines: Bakkt Markets, its regulated trading and custody arm; Bakkt Agent, an AI-driven stablecoin and payments platform; and Bakkt Global, its international expansion initiative, which began in Japan.

In governance moves, Bakkt also appointed Richard Galvin to its board of directors, joining recent additions Mike Alfred and Lyn Alden. Galvin, chairman of DACM, brings extensive experience in both traditional markets and digital-asset investments.

Bakkt said its next milestone comes with its Investor Day scheduled for early 2026, where it plans to outline the next phase of its digital-asset infrastructure growth strategy.

• What was Bakkt’s Q3 2025 revenue?
  Bakkt reported $402.2 million in GAAP revenue, up 27% from the previous year.
• Why did Bakkt report a net loss?
  The $23.2 million loss was mainly due to a non-cash warrant liability adjustment from its 2024 registered direct offering.
• What structural changes did Bakkt make?
  The company sold its Loyalty business and unified its share structure by collapsing the Up-C framework.
• Who joined Bakkt’s board recently?
  Richard Galvin, alongside Mike Alfred and Lyn Alden, was added to strengthen board expertise in finance and digital assets.

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