PANews reported on November 11th that, according to The Block, Bakkt (stock code: BKKT) announced in its Q3 financial report that it is spinning off its loyalty rewards business and is nearing a strategic transformation, focusing on institutional-grade trading, liquidity, regulated custody, and AI services. Currently, the company operates on a "B2B2C model," providing a one-stop service for traditional institutions looking to enter the cryptocurrency space. Notably, Bakkt has obtained money transfer licenses to conduct cryptocurrency trading, transfers, and settlements in all 50 US states. Furthermore, the company launched a Bitcoin treasury through a public offering and hired crypto industry veteran Mike Alfred to join its board of directors. Bakkt plans to start in Japan and expand into international markets through minority equity investments. Bakkt CEO Naheta stated that his team acted decisively this quarter, eliminating the old structure, unifying shareholding, settling debt, improving liquidity, clarifying the balance sheet, improving corporate governance, and enhancing institutional credibility. In the third quarter of 2025, Bakkt's revenue was $402.2 million, a 27% year-over-year increase; EBITDA (earnings before interest, taxes, depreciation, and amortization) reached $28.7 million, a 241% year-over-year increase; at the end of the quarter, it had no long-term debt and $64.4 million in cash equivalents, but suffered a net loss of $23.2 million. Bakkt's stock fell nearly 12% that day.PANews reported on November 11th that, according to The Block, Bakkt (stock code: BKKT) announced in its Q3 financial report that it is spinning off its loyalty rewards business and is nearing a strategic transformation, focusing on institutional-grade trading, liquidity, regulated custody, and AI services. Currently, the company operates on a "B2B2C model," providing a one-stop service for traditional institutions looking to enter the cryptocurrency space. Notably, Bakkt has obtained money transfer licenses to conduct cryptocurrency trading, transfers, and settlements in all 50 US states. Furthermore, the company launched a Bitcoin treasury through a public offering and hired crypto industry veteran Mike Alfred to join its board of directors. Bakkt plans to start in Japan and expand into international markets through minority equity investments. Bakkt CEO Naheta stated that his team acted decisively this quarter, eliminating the old structure, unifying shareholding, settling debt, improving liquidity, clarifying the balance sheet, improving corporate governance, and enhancing institutional credibility. In the third quarter of 2025, Bakkt's revenue was $402.2 million, a 27% year-over-year increase; EBITDA (earnings before interest, taxes, depreciation, and amortization) reached $28.7 million, a 241% year-over-year increase; at the end of the quarter, it had no long-term debt and $64.4 million in cash equivalents, but suffered a net loss of $23.2 million. Bakkt's stock fell nearly 12% that day.