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Bakkt, Inc. helps financial institutions, fintech platforms and digital-asset businesses offer trading and asset safekeeping to their customers. These businesses can embed Bakkt’s capabilities in their own services or use Bakkt-hosted interfaces. Bakkt Markets supplies trading, funding and custody integration; when end customers trade, Bakkt earns a spread on both the buy and sell sides. These transactions account for nearly all its revenue.
The business depends on a small group of client businesses bringing customers onto the platform and encouraging them to trade. Revenue has been heavily concentrated in relationships with Webull, Swan Bitcoin and Public. Webull, formerly its largest client, did not renew its main agreement, although Bakkt continues serving it in a limited number of states. Public has completed moving its customers off the platform. Retaining clients and getting new partnerships into active use are therefore central to the revenue model.
Bakkt permits only digital assets it determines are not securities. Its platform is not registered or licensed to operate as a securities broker-dealer, exchange or alternative trading system. If regulators disagree with its assessment of an asset, Bakkt may have to stop offering it.
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Bakkt’s results hinge on trading volumes from a concentrated client base, including Swan Bitcoin, and replacing revenue lost when Webull and Public moved most or all of their business away.
Coinbase Global both competes with Bakkt for institutions’ crypto trading and asset safekeeping business and holds customer assets for Bakkt’s BFS subsidiary. Watch its Webull business: Coinbase executes trades and holds assets in most U.S. jurisdictions, while Bakkt serves New York.
Bakkt relies on BitGo Holdings, Inc. to hold customer assets for BFS, even as both offer institutions crypto trading, asset safekeeping and infrastructure. BitGo’s recurring custody fees and fees for moving assets are worth watching for demand for those services.
Webull ended its broader Bakkt agreement but still uses Bakkt to execute crypto trades and hold assets for New York customers; Webull provides the investing interface, while Bakkt earns spreads on crypto purchases and sales. Webull accounted for about 74% of Bakkt’s Crypto services revenue in 2024 and 40% in 2025, making its remaining New York trading business worth watching.
Galaxy Digital’s Global Markets business competes with Bakkt to handle institutions’ digital-asset trades and transactions. Its trading-volume-linked transaction fees offer a more focused view of that business than its overall results, which also include investments and data-center development.
Bullish competes with Bakkt for institutions’ digital-asset trading volume, providing a platform for spot and derivatives trades while Bakkt supplies trading capabilities to financial platforms. Watch Bullish’s exchange fees, liquidity and product range—the features it uses to attract institutional trading.
Retail crypto trading activity matters to both Robinhood and Bakkt: Robinhood serves consumers directly, while Bakkt enables financial platforms to serve them and earns spreads on their purchases and sales. Robinhood’s consumer crypto trading activity is therefore worth watching alongside Bakkt’s transaction revenue.
Amber International Holding Limited competes with Bakkt for institutional clients buying crypto financial services through its Amber Premium brand. Its institutional platform activity and fees are worth watching for competition in the client market Bakkt is trying to grow.
Galaxy Digital Inc. earningsGLXY
Galaxy Digital’s Global Markets business competes with Bakkt for institutional digital-asset trades, and its report will show how trading activity and related fees are changing.
Read Global Markets’ trading activity alongside its transaction-fee revenue. If both rise, institutional trading demand is active, but Galaxy Digital is also capturing business; if both weaken, the market for institutional trades Bakkt seeks may be cooling. The first outcome means stronger demand and competition; the second, less trade flow to pursue.
Robinhood Markets, Inc. earningsHOOD
Robinhood serves consumers directly, and its report will show whether retail crypto trading is active—a signal of demand among the customers Bakkt’s platform clients serve.
Read Robinhood’s crypto trading volume alongside its crypto transaction revenue. If both rise, retail trading is active, creating more potential transactions for Bakkt’s financial-platform clients; if both fall, that source of demand may be weakening, making growth in Bakkt-client activity harder. This signals market demand, not that trades are routed through Bakkt.
Bakkt, Inc. earningsThis company
Bakkt earns most of its revenue from fees and spreads on customers’ crypto trades, and this report will show whether activity from remaining and new platform clients is filling the gap left by Webull and Public.
Read crypto transaction revenue alongside notional traded volume. If both recover, activity from platform clients is replacing lost business; if both keep falling, the departures of Webull and Public are still weighing on revenue. Without a recovery in either, client concentration and operating losses remain central pressures on Bakkt’s business.
BitGo Holdings, Inc. earningsBTGO
BitGo Holdings holds customer assets for Bakkt’s BFS subsidiary and competes for institutional clients, so its report will show how demand for custody and asset-transfer services is changing.
Read BitGo’s recurring custody fees alongside fees for moving assets. If both rise, institutions are using custody and transfer services more, supporting demand for services Bakkt offers, while BitGo also competes for clients; if both fall, activity in those services may be weakening. The result signals service demand, not a definite change in Bakkt’s custody costs.
