Bakkt announced its 2025 financial results, with revenue declining 32.1% year-over-year to $2.34 billion on a GAAP basis, and a net loss of $132.2 million. The company is undergoing strategic restructuring. Chief Executive Officer Akshay Naheta outlined a repositioning centered around three core pillars: Bakkt Markets focuses on regulated digital asset trading, Bakkt Agent provides programmable payment channels, and Bakkt Global is committed to international expansion. The company eliminated long-term debt, divested non-core businesses, and announced the acquisition of Distributed Technologies Research to strengthen its technology infrastructure.