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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Operating expenses:        
Crypto costs $ 396,815 $ 312,841 $ 2,012,524 $ 1,636,514
Execution, clearing and brokerage fees 3,965 2,207 15,797 11,229
Compensation and benefits 8,084 9,868 26,040 31,250
Professional services 7,364 5,282 16,562 12,300
Technology and communication 2,210 2,158 5,511 7,306
Selling, general and administrative 3,211 7,830 9,978 19,744
Depreciation and amortization 153 107 527 281
Related party expenses 0 150 0 450
Impairment of long-lived assets 480 601 480 744
Restructuring expenses 5,107 425 5,335 7,492
Other operating expenses 85 1 135 97
Total operating expenses 427,474 341,470 2,092,889 1,727,407
Operating income (loss) from continuing operations (25,263) (25,137) (56,819) (72,593)
Interest (expense) income, net (50) 1,014 518 3,215
(Loss) gain from change in fair value of warrant liability (37,187) 19,984 (13,543) 13,916
Other (expense) income, net 40,921 263 40,887 910
Loss from continuing operations before income taxes (21,579) (3,876) (28,957) (54,552)
Income tax (expense) benefit 25 113 (101) (119)
Net loss from continuing operations (21,554) (3,763) (29,058) (54,671)
Net loss from discontinued operations, net of tax (1,602) (2,528) (8,011) (8,407)
Net loss (23,156) (6,291) (37,069) (63,078)
Less: Net loss attributable to noncontrolling interest (8,238) (3,398) (15,127) (35,598)
Net loss attributable to Bakkt Holdings, Inc. $ (14,918) $ (2,893) $ (21,942) $ (27,480)
Net loss per share attributable to Class A Common Stockholders:        
Basic (in dollars per share) $ (1.15) $ (0.45) $ (2.50) $ (4.87)
Diluted (in dollars per share) $ (1.15) $ (0.45) $ (2.50) $ (4.87)
Crypto services        
Total revenues and gains from operations $ 402,211 $ 316,333 $ 2,036,070 $ 1,654,814