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Consolidated Balance Sheet Components
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Consolidated Balance Sheet Components Consolidated Balance Sheet Components
Accounts Receivable, Net
Accounts receivable, net consisted of the following (in thousands):
September 30, 2025December 31, 2024
Trade accounts receivable$708 $164 
Receivables from customers, clients and liquidity partners3,903 5,833 
Unbilled receivables27 2 
Deposits2,208 1,242 
Other receivables5,948 1,250 
Total accounts receivable12,794 8,491 
Less: Allowance for doubtful accounts(236)(808)
Total$12,558 $7,683 
Deposits includes cash, as noted on the consolidated statements of cash flows, at clearing agencies used to settle customer transactions. Amounts payable and receivable to our liquidity providers are reported net by counterparty when the right of offset exists.

Other Current Assets
Other current assets consisted of the following (in thousands):
September 30, 2025December 31, 2024
Prepaid expenses$1,721 $2,016 
Other766 152 
Total$2,487 $2,168 
Property, Equipment and Software, Net
Property, equipment and software, net consisted of the following (in thousands):
September 30, 2025December 31, 2024
Internal-use software$1,901 $1,917 
Other computer and network equipment878 867 
Leasehold improvements276 276 
Property, equipment and software, gross3,055 3,060 
Less: accumulated amortization and depreciation(1,523)(996)
Total$1,532 $2,064 
For the three and nine months ended September 30, 2025, depreciation and amortization expense related to property, equipment and software amounted to $0.2 million and $0.5 million, of which $0.1 million and $0.5 million, respectively, related to amortization expense of capitalized internal-use software placed in service.
For the three and nine months ended September 30, 2024, depreciation and amortization expense related to property, equipment and software amounted to $0.1 million and $0.3 million, of which $0.1 million and $0.2 million, respectively, related to amortization expense of capitalized internal-use software placed in service.
Equity Method Investment

Our equity method investment balances were as follows (in thousands):

September 30, 2025December 31, 2024
Equity method investment$11,472 — 
On August 6, 2025, the Company entered into a share purchase agreement with RIZAP Group, Inc. under which it acquired approximately 28% of the outstanding shares of MarushoHotta Co., Ltd. (“MHT”), a publicly traded company listed in Tokyo for ¥1,676,551,082 ($11.5 million).
The Company did not identify any indicators of impairment as of the reporting date. The value of Bakkt's investment in MHT based on the public trading price as of September 30, 2025 was approximately $79.5 million.
Other Assets
Other assets consisted of the following (in thousands):
September 30, 2025December 31, 2024
Operating lease right-of-use assets$5,280 $7,946 
Deposits with clearinghouse— — 
Other2,369 2,457 
Total$7,649 $10,403 
The Company accounts for cryptocurrency it owns as indefinite-lived intangible assets and initially measures such crypto assets at cost (under a first-in, first-out basis). These assets are not amortized, but are measured at fair value each reporting period with changes recognized in net income (loss). Bakkt generally holds a nominal amount of each crypto asset it supports on its platform to facilitate trades and settlements, if necessary. The crypto assets are reported in "Other assets" on the consolidated balance sheets and fair value changes are recognized in "other (expense) income, net" on the consolidated statements of operations. The Company's owned crypto assets are typically liquidated on a daily basis during the fulfillment of customer orders and settlement with liquidity providers. Fair value changes were not material for the three and nine months ended September 30, 2025. Bakkt's owned crypto assets were $1.7 million and $1.2 million as of
September 30, 2025 and December 31, 2024. We classify cash flows from cryptocurrency within cash flows from operating activities.
Accounts Payable and Accrued Liabilities
Accounts payable and accrued liabilities consisted of the following (in thousands):
September 30, 2025December 31, 2024
Accounts payable$994 $1,767 
Payables to clients and customers9,190 6,111 
Accrued expenses4,705 3,305 
Purchasing card payable143 2 
Salaries and benefits payable650 491 
Other2,327 2,584 
Total$18,009 $14,260 
Other Current Liabilities
Other current liabilities consisted of the following (in thousands):
September 30, 2025December 31, 2024
Current maturities of operating lease liability2,307 3,793 
Other757 959 
Total$3,064 $4,752 
Other Noncurrent Liabilities
Other noncurrent liabilities consisted of the following (in thousands):
September 30, 2025December 31, 2024
Operating lease liability, noncurrent$10,207 $15,757 
Total$10,207 $15,757