Bakkt Holdings, Inc.
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 12, 2025
BKKT$4.30+3.1%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Changes in Equity
(in thousands, except share data)
| Class A Common Stock · Class V Common Stock · Additional Paid-in Capital · Accumulated Deficit · Accumulated Other Comprehensive Income (Loss) · Total Bakkt Stockholders' Equity · Noncontrolling Interest · Total Equity | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares · $ · Shares · $ | ||||||||||||||||||||||
| Balance as of December 31, 2024 | 6,510,885 | $1 | 7,178,303 | $1 | $832,693 | $(797,960) | $(841) | $33,894 | $28,959 | $62,853 | ||||||||||||
| Share-based compensation | — | — | — | — | 3,343 | — | — | 3,343 | — | 3,343 | ||||||||||||
| Shares issued upon vesting of share-based awards, net of tax withholding | 144,937 | — | — | — | (906) | — | — | (906) | — | (906) | ||||||||||||
| Exercise of Warrants | 4 | — | — | — | 1 | — | — | 1 | — | 1 | ||||||||||||
| Exchange of Class V shares for Class A shares | 529 | — | (529) | — | 3 | — | — | 3 | (3) | — | ||||||||||||
| Currency translation adjustment, net of tax | — | — | — | — | — | — | 14 | 14 | 15 | 29 | ||||||||||||
| Net income | — | — | — | — | — | 7,710 | — | 7,710 | 8,529 | 16,239 | ||||||||||||
| Balance as of March 31, 2025 | 6,656,355 | $1 | 7,177,774 | $1 | $835,134 | $(790,250) | $(827) | $44,059 | $37,500 | $81,559 | ||||||||||||
| Share-based compensation | — | — | — | — | 6,338 | — | — | 6,338 | — | 6,338 | ||||||||||||
| Shares issued upon vesting of share-based awards, net of tax withholding | 317,687 | — | — | — | (806) | — | — | (806) | — | (806) | ||||||||||||
| Exchange of Class V shares for Class A shares | 698 | — | (698) | — | 5 | — | — | 5 | (5) | — | ||||||||||||
| Currency translation adjustment, net of tax | — | — | — | — | — | 432 | 432 | 454 | 886 | |||||||||||||
| Net loss | — | — | — | — | — | (14,734) | — | (14,734) | (15,418) | (30,152) | ||||||||||||
| Balance as of June 30, 2025 | 6,974,740 | $1 | 7,177,076 | $1 | $840,671 | $(804,984) | $(395) | $35,294 | $22,531 | $57,825 | ||||||||||||
| Share-based compensation | — | — | — | — | 8,281 | — | — | 8,281 | — | 8,281 | ||||||||||||
| Shares issued upon vesting of share-based awards, net of tax withholding | 250,977 | — | — | — | (1,705) | — | — | (1,705) | — | (1,705) | ||||||||||||
| Exercise of pre-funded warrants | 718,098 | 7,181 | 7,181 | 7,181 | ||||||||||||||||||
| Conversion of Debentures | 1,746,552 | — | — | — | 17,500 | — | — | 17,500 | — | 17,500 | ||||||||||||
| Exchange of Class V shares for Class A shares | 2,501 | — | (2,501) | — | 7 | — | — | 7 | (7) | — | ||||||||||||
| Common Stock Issuance | 6,753,627 | 1 | 62,961 | 62,962 | 62,962 | |||||||||||||||||
| Currency translation adjustment, net of tax | — | — | — | — | — | (208) | (208) | (116) | (324) | |||||||||||||
| Net loss | — | — | — | — | — | (14,918) | — | (14,918) | (8,238) | (23,156) | ||||||||||||
| Balance as of September 30, 2025 | 16,446,495 | $2 | 7,174,575 | $1 | $934,896 | $(819,902) | $(603) | $114,394 | $14,170 | $128,564 | ||||||||||||
| Class A Common Stock · Class V Common Stock · Additional Paid-in Capital · Accumulated Deficit · Accumulated Other Comprehensive Income (Loss) · Total Bakkt Stockholders' Equity · Noncontrolling Interest · Total Equity | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares · $ · Shares · $ | |||||||||||
| Balance as of December 31, 2023 | 3,793,837 | $— | 7,200,064 | $1 | $799,683 | $(751,301) | $(101) | $48,282 | $87,432 | $135,714 | |
| Share-based compensation | — | — | — | — | 8,013 | — | — | 8,013 | — | 8,013 | |
| Shares issued upon vesting of share-based awards, net of tax withholding | 118,593 | — | — | — | (2,259) | — | — | (2,259) | — | (2,259) | |
| Equity offerings, net of issuance costs | 1,955,924 | 1 | — | — | 11,268 | — | — | 11,269 | — | 11,269 | |
| Exchange of Class V shares for Class A shares | 4,725 | — | (4,725) | — | 63 | — | — | 63 | (63) | — | |
| Currency translation adjustment, net of tax | — | — | — | — | — | — | (160) | (160) | (261) | (421) | |
| Unrealized loss on available-for-sale securities, net of tax | — | — | — | — | — | — | (60) | (60) | (98) | (158) | |
| Net loss | — | — | — | — | — | (8,165) | — | (8,165) | (13,110) | (21,275) | |
| Balance as of March 31, 2024 | 5,873,079 | $1 | 7,195,339 | $1 | $816,768 | $(759,466) | $(321) | $56,983 | $73,900 | $130,883 | |
| Share-based compensation | — | — | — | — | 2,406 | — | — | 2,406 | — | 2,406 | |
| Shares issued upon vesting of share-based awards, net of tax withholding | 86,178 | — | — | — | (59) | — | — | (59) | — | (59) | |
| Exercise of warrants | 12 | ||||||||||
| Equity offerings, net of issuance cost | 350,881 | — | — | — | 4,903 | — | — | 4,903 | — | 4,903 | |
| Exchange of Class V shares for Class A shares | 398 | — | (398) | — | 5 | — | — | 5 | (5) | — | |
| Currency translation adjustment, net of tax | — | — | — | — | — | — | (92) | (92) | (107) | (199) | |
| Unrealized gains on available-for-sale securities | — | — | — | — | — | — | 72 | 72 | 85 | 157 | |
| Net loss | — | — | — | — | — | (16,424) | — | (16,424) | (19,088) | (35,512) | |
| Balance as of June 30, 2024 | 6,310,548 | $1 | 7,194,941 | $1 | $824,023 | $(775,890) | $(341) | $47,794 | $54,785 | $102,579 | |
| Share-based compensation | — | — | — | — | 2,630 | — | — | 2,630 | — | 2,630 | |
| Forfeiture and cancellation of common units | — | — | — | — | — | — | — | — | — | — | |
| Shares issued upon vesting of share-based awards, net of tax withholding | 11,053 | — | — | — | (8) | — | — | (8) | — | (8) | |
| Exercise of warrants | 144,175 | — | — | — | 2,832 | — | — | 2,832 | 2,832 | ||
| Currency translation adjustment, net of tax | — | — | — | — | — | — | 116 | 116 | 131 | 247 | |
| Unrealized losses on available-for-sale securities | — | — | — | — | — | — | 2 | 2 | 2 | 4 | |
| Net loss | — | — | — | — | — | (2,893) | — | (2,893) | (3,398) | (6,291) | |
| Balance as of September 30, 2024 | 6,465,776 | $1 | 7,194,941 | $1 | $829,477 | $(778,783) | $(223) | $50,473 | $51,520 | $101,993 | |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.