Goodwill and Intangible Assets, Net (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in goodwill consisted of the following (in thousands):

Balance as of January 1, 2025
Goodwill	$	1,579,265
Accumulated impairment	(1,511,264)
	68,001
Sale of Bakkt Trust	(3,343)
Balance as of September 30, 2025
Goodwill	1,575,922
Accumulated impairment	(1,511,264)
	$	64,658

Schedule of Finite-Lived Intangible Assets

Intangible assets consisted of the following as of September 30, 2025 (in thousands):

	September 30, 2025
	Weighted Average Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trademarks / trade names	Indefinite	$	2,900	—		$	2,900
Domain names	Indefinite	2,650		—		2,650
Total		$	5,550	$	—	$	5,550

	December 31, 2024
	Weighted Average Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trademarks / trade names	Indefinite	$	2,900	—		$	2,900
Total		$	2,900	$	—	$	2,900

Schedule of Indefinite-Lived Intangible Assets

Intangible assets consisted of the following as of September 30, 2025 (in thousands):

	September 30, 2025
	Weighted Average Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trademarks / trade names	Indefinite	$	2,900	—		$	2,900
Domain names	Indefinite	2,650		—		2,650
Total		$	5,550	$	—	$	5,550

	December 31, 2024
	Weighted Average Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trademarks / trade names	Indefinite	$	2,900	—		$	2,900
Total		$	2,900	$	—	$	2,900