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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues:        
Total revenues $ 509,898 $ 347,629 $ 1,364,480 $ 360,848
Operating expenses:        
Crypto costs 491,701 331,810 1,323,673 332,173
Execution, clearing and brokerage fees 3,392 2,205 9,022 2,205
Compensation and benefits 22,381 27,066 46,912 61,209
Professional services 3,639 2,864 7,274 5,242
Technology and communication 3,651 4,393 9,423 10,111
Selling, general and administrative 5,516 7,566 13,326 14,275
Acquisition-related expenses 55 17,016 66 17,792
Depreciation and amortization 117 3,821 174 6,884
Related party expenses 150 1,512 300 2,112
Impairment of long-lived assets 0 0 288 0
Restructuring expenses 926 220 7,067 4,471
Other operating expenses 387 244 809 908
Total operating expenses 531,915 398,717 1,418,334 457,382
Operating loss (22,017) (51,088) (53,854) (96,534)
Interest income, net 1,245 701 2,201 2,326
(Loss) gain from change in fair value of warrant liability (15,114) 357 (6,068) (643)
Other (expense) income, net 448 (329) 1,164 (345)
Loss before income taxes (35,438) (50,359) (56,557) (95,196)
Income tax expense (74) (152) (230) (170)
Net loss (35,512) (50,511) (56,787) (95,366)
Less: Net loss attributable to noncontrolling interest (19,088) (33,663) (32,198) (64,546)
Net loss attributable to Bakkt Holdings, Inc. $ (16,424) $ (16,848) $ (24,589) $ (30,820)
Net loss per share attributable to Class A Common Stockholders:        
Basic (in dollars per share) $ (2.67) $ (4.69) $ (4.66) $ (8.97)
Diluted (in dollars per share) $ (2.67) $ (4.69) $ (4.66) $ (8.97)
Crypto services        
Revenues:        
Total revenues $ 497,141 $ 335,333 $ 1,338,481 $ 335,776
Loyalty services, net        
Revenues:        
Total revenues $ 12,757 $ 12,296 $ 25,999 $ 25,072