Bakkt Review 2026

Is Bakkt safe?

Bakkt exchange puts emphasis on security and regulatory compliance. Customer funds are fully backed 1:1 and kept separately in an entity that is regulated by NYDFS. In terms of new coin listings, Bakkt first has to get approval from the NYDFS so that the coin listing uses best practices. 

Bakkt uses SOC1 Type 2 and SOC 2 Type 2 compliance efforts. It uses third-party penetration testing to make sure its security is top-notch. It has dedicated teams for compliance and auditing as well to make sure Bakkt continues operations without hassles. It does help that Bakkt is a subsidiary of Intercontinental Exchange (ICE).

Financial Highlights

Full Year 2024

For full year 2024, Bakkt reported a net loss of $103.4 million, an improvement of 54.2% year-over-year. Q4 2024 was a standout quarter, with total revenue of $1,797.3 million, an increase of 737.9% year-over-year, and notional crypto trading volume reaching a record $1,777.6 million.

Full Year 2025

For full year 2025, Bakkt reported GAAP revenue of $2.335 billion, down 32.1% year-over-year, driven by decreased cryptocurrency trading volumes. Net loss widened to $132.2 million, compared to $103.4 million in 2024. Total operating expenses declined 29.5% to $2.48 billion, primarily due to lower crypto costs and execution fees from reduced trading activity. The revenue decline reflects the full-year impact of losing Webull and Bank of America as clients, as well as the reclassification of the sold Loyalty business as discontinued operations.

Recent Developments

Bakkt Holdings, Inc. has made advancements in recent years, making a name for itself as a key player in the cryptocurrency ecosystem. In April 2023, the company completed the acquisition of Apex Crypto LLC, a platform for integrated crypto trading. This move enhanced Bakkt’s crypto capabilities by providing access to approximately 5.8 million crypto-enabled accounts and strengthening its position as a leading B2B2C crypto provider.

Later that year, in December 2023, Bakkt relaunched its custody services with enhanced features like segregated wallets and a flexible policy engine. The relaunched platform expanded its cryptocurrency support to include assets such as Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum Classic (ETC), Litecoin (LTC), Shiba Inu (SHIB), and USD Coin (USDC). 

In 2024, Bakkt focused on expanding its cryptocurrency offerings and institutional trading capabilities. In September, the company added nine new coins to its platform, followed by the inclusion of six more assets in November, including Arbitrum (ARB), Bonk (BONK), The Graph (GRT), Eos (EOS), Basic Attention Token (BAT), and Fantom (FTM). These additions diversified the assets available for trading.

The development of BakktX, a high-performance crypto Electronic Communication Network (ECN), marked another milestone. In partnership with Crossover Markets, Bakkt launched this platform to deliver customized liquidity solutions and ultra-low-latency trade execution, enhancing its US institutional trading capabilities. 

Financially, Bakkt reported substantial improvements in 2024. The third quarter saw a net loss reduction of 87.8% year-over-year, and trading volumes surged, with $279 million transacted by mid-November, surpassing October’s total of $165 million in just 12 days. 

As of late 2024, reports emerged that Trump Media & Technology Group is in advanced discussions to acquire Bakkt. 

BREAKING: President-elect Donald Trump’s $DJT in talks to buy crypto trading platform Bakkt. pic.twitter.com/KzTpTqWtiw

— Altcoin Daily (@AltcoinDailyio) November 19, 2024

This potential acquisition could signify a strategic expansion into the cryptocurrency sector for Trump Media, highlighting Bakkt’s growing influence in the industry. 

🚨 BREAKING:

PRESIDENT ELECT DONALD TRUMP‘s $DJT IS IN TALKS TO BUY CRYPTO TRADING PLATFORM BAKKT! 🇺🇸

BAKKT ONLY GOT 16 CRYPTO ASSETS LISTED AND #XRP IS ONE OF THEM! 💎

Source: https://t.co/wS7mih7Bru pic.twitter.com/bprxOLGNXz

— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) November 19, 2024

2025 Strategic Overhaul

2025 was the most consequential year in Bakkt’s history since its founding, defined by the collapse of its two largest client relationships, a near-total divestiture of two of its three business segments, a leadership change, and a fundamental repositioning as a pure-play crypto infrastructure company.

Trump Media Acquisition: Deal Fell Through

The review notes Trump Media & Technology Group was in “advanced discussions” to acquire Bakkt as of late 2024. Those talks never concluded in a deal. In January 2025, Trump Media announced a financial services strategy under the brand Truth.Fi, partnering with Charles Schwab to invest up to $250 million, which analysts interpreted as signaling the Bakkt acquisition was off the table. BKKT shares fell sharply on that announcement after having surged 160%+ on the original acquisition speculation.

Loss of Webull and Bank of America

On March 17, 2025, Bakkt disclosed that neither Bank of America nor Webull would renew their commercial agreements. Bank of America’s contract expired on April 22, 2025, and Webull’s on June 14, 2025. The scale of the loss was severe: Webull had accounted for 74% of Bakkt’s crypto services revenue during the first nine months of 2024, and Bank of America for 17% of loyalty services revenue, with analysts projecting a combined 73% decline in top-line revenue. BKKT shares fell more than 27% on the disclosure, and a class-action lawsuit was filed alleging Bakkt had violated US securities laws by failing to adequately disclose its revenue concentration risk.

Divestitures: Custody and Loyalty Businesses Sold

Facing existential pressure, Bakkt moved quickly to shed non-core operations. In Q1 2025, Bakkt signed a definitive agreement to sell its Bakkt Trust Company qualified custodian subsidiary to ICE for $1.5 million in cash plus the assumption of regulatory capital requirements. The sale of Bakkt Trust to ICE was completed on May 15, 2025. On July 23, 2025, Bakkt entered into a definitive agreement to sell its Loyalty business; the sale closed on October 1, 2025 and was reclassified as discontinued operations.

Public Platform Also Departs

On August 26, 2025, Public Platform LLC notified Bakkt of its decision to offboard customers from Bakkt’s platform by October 31, 2025. Public had represented 9% of Bakkt’s crypto services revenue in 2024, rising to 15% in the first half of 2025. 

Leadership Change: Akshay Naheta Becomes Sole CEO

Bakkt announced Akshay Naheta as co-CEO alongside Andy Main in March 2025, in conjunction with the DTR partnership announcement. On August 11, 2025, Andy Main stepped down as co-CEO and Director, with Naheta assuming the sole CEO position. Bakkt also strengthened its board with the appointments of Mike Alfred, Lyn Alden, and Richard Galvin, bringing experience in global capital markets, digital assets, and financial infrastructure.

Rebrand and Restructured Operating Model

Bakkt rebranded from Bakkt Holdings, Inc. to Bakkt, Inc. and reorganized around three operating engines: Bakkt Markets (crypto trading infrastructure), Bakkt Agent (technology and API solutions), and Bakkt Global (international expansion, with early traction signaled in Japan and India). The restructuring also eliminated the company’s long-term debt and collapsed its legacy Up-C structure into a single class of shares, simplifying governance.

DTR Acquisition: Stablecoin Push

On January 11, 2026, Bakkt entered into a definitive Share Purchase Agreement to acquire Distributed Technologies Research (DTR), a global digital payments infrastructure provider focused on enabling secure movement of value across fiat and crypto payment rails. The acquisition is expected to expand Bakkt’s stablecoin payment capabilities and introduce AI-native systems for modern financial flows.