Bakkt Holdings posts Earnings Per Share (EPS) of minus $2.16, netting a revenue of $577.88 million

Bakkt Holdings posts Earnings Per Share (EPS) of minus $2.16, netting a revenue of $577.88 million

In a strategic move to solidify its position as a major player in the Bitcoin infrastructure market, Bakkt Holdings has announced a $75 million capital raise, completed in July 2025. This funding round is part of a larger $1 billion fundraising plan, intended to support bitcoin and other digital asset acquisitions.

The capital influx will enable Bakkt to strategically accumulate bitcoin reserves domestically while expanding internationally. Notably, the company has acquired Marusho Hotta, a Tokyo-listed company, which will be rebranded as bitcoin.jp, facilitating a multinational bitcoin treasury business. This move is designed to leverage Japan's crypto-friendly regulations and strong balance sheet.

The acquisition supports Bakkt's global expansion, providing a presence in a regulated, crypto-friendly environment. The company aims to compete with large bitcoin holders such as MicroStrategy and Tesla.

In addition to capital acquisition and international expansion, Bakkt is streamlining its operations towards crypto infrastructure. The company is incorporating AI and stablecoin technologies, and expanding cross-border payment capabilities through partnerships. The goal is to cover about 90 countries by 2025.

The company's Q2 financial performance shows a net loss of $30.2 million, a 15.1% year-over-year improvement. The adjusted EBITDA loss for Q2 also improved by 29.9% year-over-year to $12.6 million. Bakkt's shares saw a 0.4% increase, but experienced a dip after pricing the $75M securities offering.

Significant upgrades to Bakkt's brokerage trading technology stack are planned for the second half of 2025. However, challenges such as Bitcoin price volatility, execution risks from past operational struggles, regulatory scrutiny, and cybersecurity threats remain considerations for Bakkt’s strategy execution.

In other developments, Bakkt Holdings reported a revenue of $577.88M for Q2, a 13.3% increase year-over-year. The company has also executed a commercial agreement with Distributed Technologies Research Global Ltd., unlocking stablecoin payment capabilities.

Andy Main, Co-CEO and Director of Bakkt Holdings, has stepped down, effective immediately. Akshay Naheta will become the new Chief Executive Officer. Bakkt Holdings has also signed a definitive agreement to divest its Loyalty business, with the closing expected in Q3 2025.

[References] 1. BusinessWire 2. Yahoo Finance 3. Bloomberg 4. CoinDesk 5. Financial Times

1. The capital raised by Bakkt Holdings is not only expected to facilitate a multinational bitcoin treasury business but also to fund the integration of AI and stablecoin technologies into their operations, aiming to enhance cross-border payment capabilities.
2. Bakkt Holdings' strategic move to acquire Marusho Hotta will not only aid their global expansion by providing a presence in a regulated, crypto-friendly environment but also positions them to compete with finance giants like MicroStrategy and Tesla in the digital asset market.

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