XML 43 R26.htm IDEA: XBRL DOCUMENT v3.24.0.1
Safeguarding Obligation For Crypto
 9 Months Ended
Sep. 30, 2023
Platform Operator, Crypto-Asset [Abstract]  
Safeguarding Obligation For Crypto Safeguarding Obligation For Crypto
We provide custody services for Bakkt Crypto's customers and for Bakkt Trust's standalone custody customers. Bakkt Trust also provides custody services for Bakkt Marketplace crypto customers as described in Note 1. We do not own crypto held in a custodial capacity on behalf of our customers. We maintain the internal recordkeeping of those assets and are obligated to safeguard the assets and protect them from loss or theft. We hold the controlling majority of cryptographic key information on behalf of our Bakkt Trust custodial customers. Subcustodians used by Bakkt Crypto hold our customer cryptographic key information and are not permitted to move assets without our specific authorization.
As of September 30, 2023, we have a safeguarding obligation for crypto of $505.7 million. The safeguarding liability, and corresponding safeguarding asset for crypto on the balance sheet, are measured at the fair value of the crypto held for our customers. We are not aware of any actual or possible safeguarding loss events as of September 30, 2023. Therefore, the safeguarding obligation for crypto and the related safeguarding asset for crypto are recorded at the same amount.
We are responsible for holding the following crypto on behalf of our customers as of September 30, 2023 and December 31, 2022 (in thousands):
September 30, 2023December 31, 2022
Bitcoin$178,726 $15,717 
Ether148,733 75 
Shiba Inu105,181 — 
Dogecoin53,626 — 
Other19,431 — 
Safeguarding obligation for crypto$505,697 $15,792 
Safeguarding asset for crypto$505,697 $15,792