Filing Flows › Bakkt (BKKT) › How it makes money
How Bakkt (BKKT) makes money
Bakkt (BKKT) made $578M of revenue in the second quarter 2025 (Q2 2025), +13% from a year earlier. Transaction revenue brought in $574M (99%); Subscription and service revenue brought in $4.0M (1%).
Drawing the Sankey…
Revenue by segment, Q2 2025
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Transaction revenue | $574M | 99.3% | -46% | +14% |
| Subscription and service revenue | $4.0M | 0.7% | -4% | -35% |
Where each dollar of revenue goes
| Line | Q2 2025 | % of revenue |
|---|---|---|
| Revenue | $578M | 100.0% |
| Income tax | $60K | 0.0% |
| Operating cash flow | $5.4M | 0.9% |
| Free cash flow | $5.3M | 0.9% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q2 2025 | $578M | +13% |
| Q1 2025 | $1.1B | +26% |
| Q4 2024 | $1.7B | +715% |
From Bakkt's 10-Q filed Aug 11, 2025 (on EDGAR).
Questions
How does Bakkt make money?
Bakkt (BKKT) made $578M of revenue in the second quarter 2025 (Q2 2025), +13% from a year earlier. Transaction revenue brought in $574M (99%); Subscription and service revenue brought in $4.0M (1%).
What is Bakkt's biggest business?
Transaction revenue: $574M in the second quarter 2025, 99% of revenue, +14% from a year earlier.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.