Bakkt, Inc.
For the period ended Dec 31, 2025. Filed Mar 19, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 19, 2026
BKKT$4.65+8.1%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets
(in thousands, except share data)
| As of December 31, 2025 | As of December 31, 2024 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $26,962 | $39,049 |
| Restricted cash | 575 | 24,889 |
| Customer funds | 14,662 | 88,566 |
| Investments | 235 | — |
| Accounts receivable, net | 12,070 | 7,683 |
| Prepaid insurance | 2,749 | 3,971 |
| Assets of businesses held for sale | — | 17,519 |
| Other current assets | 14,947 | 2,168 |
| Total current assets | 72,200 | 183,845 |
| Property, equipment and software, net | 1,660 | 2,064 |
| Goodwill | 64,658 | 68,001 |
| Intangible assets | 5,550 | 2,900 |
| Equity method investment | 11,149 | — |
| Derivative asset | 3,352 | — |
| Noncurrent assets of businesses held for sale | — | 2,165 |
| Other assets | 4,219 | 10,402 |
| Total assets | $162,788 | $269,377 |
| Liabilities and stockholders’ equity | ||
| Current liabilities: | ||
| Accounts payable and accrued liabilities | $14,876 | $14,260 |
| Customer funds payable | 14,662 | 88,566 |
| Deferred revenue, current | 789 | — |
| Due to related party | — | 2,360 |
| Liabilities of businesses held for sale | — | 28,127 |
| Other current liabilities | 2,703 | 4,406 |
| Total current liabilities | 33,030 | 137,719 |
| Warrant liabilities | 16,732 | 46,923 |
| Noncurrent liabilities of businesses held for sale | — | 5,778 |
| Other noncurrent liabilities | 244 | 16,104 |
| Total liabilities | 50,006 | 206,524 |
| Commitments and contingencies (Note 16) | ||
| Stockholders’ equity: | ||
| Class A common stock ($0.0001 par value, 560,000,000 shares authorized, 25,523,039 and 6,510,885 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively) | 3 | 1 |
| Class V common stock ($0.0001 par value, 10,000,000 shares authorized, 0 and 7,178,303 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively) | — | 1 |
| Additional paid-in capital | 1,017,004 | 832,693 |
| Accumulated other comprehensive income (loss) | 947 | (841) |
| Accumulated deficit | (905,172) | (797,960) |
| Total stockholders' equity | 112,782 | 33,894 |
| Noncontrolling interest | — | 28,959 |
| Total equity | 112,782 | 62,853 |
| Total liabilities and stockholders’ equity | $162,788 | $269,377 |
The accompanying notes are an integral part of these consolidated financial statements
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.