Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net loss	$ (37,069)	$ (63,078)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	527	281
Non-cash lease expense	832	989
Share-based compensation expense	17,797	13,049
Impairment of long-lived assets	708	889
Loss on sale of Bakkt Trust	2,301	0
Gain on lease assignment	(1,755)	0
(Loss) gain from change in fair value of warrant liability	13,543	(13,916)
Loss on extinguishment of convertible debenture	2,617	0
Change in fair value of derivative asset	(43,350)	0
Other	537	2
Changes in operating assets and liabilities:
Accounts receivable	(7,321)	3,679
Prepaid insurance	12	7,430
Accounts payable and accrued liabilities	(3,352)	(13,679)
Due to related party	(2,360)	(570)
Deferred revenue	(133)	(2,877)
Operating lease liabilities	(3,572)	(2,619)
Customer funds payable	(77,505)	18,625
Assets and liabilities of businesses held for sale	(3,476)	0
Other assets and liabilities	(1,567)	(810)
Net cash used in operating activities	(142,586)	(52,605)
Cash flows from investing activities:
Capitalized internal-use software development costs and other capital expenditures	(703)	(2,779)
Purchase of available-for-sale securities	(5,094)	(25,986)
Proceeds from the settlement of available-for-sale securities	0	36,660
Proceeds from Sale of Bakkt Trust	4,518	0
Purchase of intangible assets	(2,650)	0
Purchase of equity method investment	(11,472)	0
Net cash (used in) provided by investing activities	(15,401)	7,895
Cash flows from financing activities:
Proceeds from Concurrent Offerings, net of issuance costs	0	46,505
Withholding tax payments on net share settlements on equity awards	(3,417)	(2,430)
Proceeds from Common Stock Issuance, net of issuance costs	62,961	0
Repayment of Convertible Debenture	(7,875)	0
Proceeds from borrowings on revolving credit facility	5,000	0
Repayments on revolving credit facility	(5,000)	0
Proceeds from issuance of convertible debentures, net of issuance costs	22,220	0
Net cash provided by financing activities	81,354	44,078
Effect of exchange rate changes	592	(373)
Net decrease in cash, cash equivalents, restricted cash, customer funds and deposits	(76,041)	(1,005)
Cash, cash equivalents, restricted cash, customer funds and deposits at the beginning of the period	153,746	118,498
Cash, cash equivalents, restricted cash, customer funds and deposits at the end of the period	77,705	117,493
Reconciliation of cash, cash equivalents, restricted cash, customer funds and deposits to consolidated balance sheets:
Cash and cash equivalents	58,319	28,984
Restricted cash	6,117	35,306
Customer funds	11,061	51,550
Deposits (Note 6)	2,208	1,653
Total cash, cash equivalents, restricted cash, customer funds and deposits	77,705	117,493
Non Pre-Funded Warrants
Cash flows from financing activities:
Proceeds from the exercise of warrants	1	3
Pre-funded warrants
Cash flows from financing activities:
Proceeds from the exercise of warrants	$ 7,464	$ 0