Bakkt, Inc.
For the period ended Dec 31, 2025. Filed Mar 19, 2026.
View on SEC.govAbout this filing
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 Statements of Changes in Stockholders’ Equity
(in thousands, except share data)
| Class A Common Stock · Class V Common Stock · Additional Paid-in Capital · Accumulated Deficit · AccumulatedOtherComprehensiveIncome (Loss) · Total Stockholders’ Equity · Noncontrolling Interest · Total Equity | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Shares · $ · Shares · $ | ||||||||||
| Balance as of December 31, 2022 | 3,237,074 | $— | 7,339,310 | $1 | $773,000 | $(676,447) | $(290) | $96,263 | $239,811 | $336,074 |
| Share-based compensation | — | — | — | — | 15,452 | — | — | 15,452 | — | 15,452 |
| Unit-based compensation | — | — | — | — | — | — | — | — | 1,357 | 1,357 |
| Forfeiture and cancellation of common units | — | — | (193) | — | — | — | — | — | (13) | (13) |
| Shares issued upon vesting of share-based awards, net of tax withholding | 167,614 | — | — | — | 176 | — | — | 176 | — | 176 |
| Shares issued upon vesting of participation units, net of tax withholding | 4,472 | — | — | — | (2,634) | — | — | (2,634) | — | (2,634) |
| Shares issued in connection with Apex acquisition | 245,624 | — | — | — | 10,563 | — | — | 10,564 | — | 10,564 |
| Exchange of Class V shares for Class A shares | 139,053 | — | (139,053) | — | 3,126 | — | — | 3,126 | (3,126) | — |
| Currency translation adjustment, net of tax | — | — | — | — | — | — | 146 | 146 | 290 | 436 |
| Unrealized gains on available-for-sale securities | — | — | — | — | — | — | 43 | 43 | 71 | 114 |
| Net loss | — | — | — | — | — | (74,854) | — | (74,854) | (150,958) | (225,812) |
| 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 | — | — | — | — | 15,841 | — | — | 15,841 | — | 15,841 |
| Shares issued upon vesting of share-based awards, net of tax withholding | 243,794 | — | — | — | (2,588) | — | — | (2,588) | — | (2,588) |
| Exercise of warrants | 144,688 | — | — | — | 2,835 | — | — | 2,835 | — | 2,835 |
| Equity offerings, net of issuance costs | 2,306,805 | 1 | — | — | 16,171 | — | — | 16,172 | — | 16,172 |
| Exchange of Class V shares for Class A shares | 21,761 | — | (21,761) | — | 751 | — | — | 751 | (751) | — |
| Currency translation adjustment, net of tax | — | — | — | — | — | — | (671) | (671) | (830) | (1,501) |
| Unrealized losses on available-for-sale securities, net of tax | — | — | — | — | — | — | (69) | (69) | (104) | (173) |
| Net loss | — | — | — | — | — | (46,659) | — | (46,659) | (56,788) | (103,447) |
| 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 | — | — | — | — | 71,768 | — | — | 71,768 | — | 71,768 |
| Shares issued upon vesting of share-based awards, net of tax withholding | 1,959,279 | — | — | — | (3,071) | — | — | (3,071) | — | (3,071) |
| Exercise of warrants | 4 | — | — | — | 1 | — | — | 1 | — | 1 |
| Exercise of stock options | 43,831 | — | — | — | 385 | — | — | 385 | — | 385 |
| Conversion of Debentures | 1,746,552 | — | — | — | 17,500 | — | — | 17,500 | — | 17,500 |
| Common Stock Issuance | 6,753,627 | 1 | — | — | 62,961 | — | — | 62,962 | — | 62,962 |
| Exercise of pre-funded warrants | 746,362 | — | — | — | 7,464 | — | — | 7,464 | — | 7,464 |
| Exchange of Class V shares for Class A shares | 3,728 | — | (3,728) | — | 15 | — | — | 15 | (15) | — |
| Up-C Collapse | 7,174,575 | 1 | (7,174,575) | (1) | 4,305 | — | — | 4,305 | (4,305) | — |
| TRA Settlements | 584,196 | — | — | — | 22,983 | — | — | 22,983 | — | 22,983 |
| Sale of Loyalty | — | — | — | — | — | — | 1,301 | 1,301 | — | 1,301 |
| Currency translation adjustment, net of tax | — | — | — | — | — | — | 487 | 487 | 381 | 868 |
| Net loss | — | — | — | — | — | (107,212) | — | (107,212) | (25,020) | (132,232) |
| Balance as of December 31, 2025 | 25,523,039 | $3 | — | $— | $1,017,004 | $(905,172) | $947 | $112,782 | $— | $112,782 |
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