7Baggers

Bakkt Holdings Inc
(NYSE:BKKT) 

BKKT stock logo

Bakkt Holdings, LLC, through its subsidiary, operates as a crypto derivatives provider. It offers custody of bitcoins. The company was founded in 2018 and is headquartered in Atlanta, Georgia. Bakkt Holdings, LLC operates as a subsidiary of Intercontinental Exchange Holdings, Inc.

Founded: 2018
CEO: Gavin Michael  
Sector: Technology
Industry: Software—Infrastructure
SPACBlockchain
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At a glance:
Bull Thesis:
Bear Thesis:
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Income Statements:
Quarterly
Annual
    Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-10-15 2021-09-30 2021-06-30 
                         
      crypto services revenue
    		243,593,000 509,017,500 402,211,000                   
      operating expenses:
    		                     
      crypto costs
    		239,970,000 295,866,000 396,815,000 561,074,000 1,054,635,000 1,766,693,000 312,841,000 491,701,000 831,972,000 196,910,000 189,428,000 331,810,000          
      execution, clearing and brokerage fees
    		1,980,000 2,639,000 3,965,000 4,139,000 7,693,000 12,795,000 2,207,000 3,392,000 5,630,000 870,000 697,000 2,205,000          
      compensation and benefits
    		6,602,000 51,296,000 8,084,000 20,124,000 17,819,000 15,167,000 21,085,000 22,381,000 24,531,000 16,224,000 24,608,000 27,066,000 34,144,000 31,914,000 37,800,000 34,247,000 35,088,000     
      professional services
    		7,745,000 8,694,000 7,364,000 4,069,000 5,192,000 4,184,000 5,346,000 3,639,000 3,635,000 3,178,000 1,962,000 2,864,000 2,378,000 2,192,000 2,707,000 1,910,000 4,675,000     
      technology and communication
    		1,787,000 1,796,000 2,210,000 2,901,000 3,568,000 4,057,000 4,234,000 3,651,000 5,772,000 5,190,000 5,536,000 4,393,000 5,718,000 4,420,000 4,137,000 4,164,000 4,358,000     
      selling, general and administrative
    		2,362,000 2,688,000 3,211,000 3,590,000 3,829,000 4,734,000 8,493,000 5,516,000 7,811,000 11,663,000 7,447,000 7,566,000 6,709,000 8,419,000 7,792,000 9,769,000 9,435,000     
      depreciation and amortization
    		66,000 80,000 153,000 154,000 220,000 62,000 107,000 117,000 57,000 3,089,000 3,959,000 3,821,000 3,063,000 7,010,000 6,391,000 6,098,000 5,851,000     
      restructuring expenses
    		  5,107,000  228,000 702,000 425,000 926,000 6,140,000 137,000  220,000 4,251,000         
      other operating expenses
    		5,000 -51,000 85,000 320,000 246,000 394,000 313,000 387,000 422,000 361,000 322,000 244,000 795,000 622,000 502,000 490,000 728,000     
      total operating expenses
    		260,517,000 390,189,000 427,474,000 596,371,000 1,093,430,000 1,809,000,000 355,802,000 531,915,000 886,419,000 293,008,000 257,634,000 398,717,000 58,434,000 347,579,000 1,607,761,000 57,123,000 61,018,000     
      operating loss from continuing operations
    		-16,924,000                     
      interest income
    		185,000 273,000 -50,000 -53,000 622,000 1,103,000 1,014,000 1,245,000 956,000 836,000 1,177,000 701,000 1,624,000 1,039,000 623,000 153,000 61,000     
      gain from change in fair value of warrant liability
    		4,700,000 43,734,000 -37,187,000 -8,604,000 32,247,000 -31,102,000 19,984,000 -15,114,000 9,046,000 -714,000 -214,000 357,000 -1,000,000 3,499,000 428,000 10,283,000 2,428,000     
      change in fair value of derivative instrument
    		-224,000                     
      other income
    		846,000 -21,418,000 40,921,000 -2,946,000 1,939,000 1,363,000 -20,000 448,000 716,000 8,250 379,000 -329,000  -1,463,000 696,000 374,000   827,524  22,457,029 
      income from continuing operations before income taxes and equity in net earnings of affiliates
    		-11,417,000                     
      income tax expense
    		-12,000   -60,000 -49,000   -74,000 -156,000             
      net income from continuing operations before equity in net earnings of affiliates
    		-11,429,000                     
      loss from equity method investment
    		-221,000                     
      net income from continuing operations
    		-11,650,000 -68,600,000 -21,554,000                   
      net loss from discontinued operations, net of tax
    		 -26,563,000 -1,602,000                   
      net income
    		-11,650,000 -95,163,000 -23,156,000 -30,152,000 16,239,000 -40,369,000 -6,291,000 -35,512,000 -21,275,000 -78,693,000 -51,749,000 -50,511,000 -44,859,000 -326,425,000 -1,592,548,000 -27,641,000 -43,321,000  -151,941,894 -483,148 21,269,658 
      yoy
    		-171.74% 135.73% 268.08% -15.09% -176.33% -48.70% -87.84% -29.69% -52.57% -75.89% -96.75% 82.74% 3.55%  948.13% 5621.02% -303.68%     
      qoq
    		-87.76% 310.96% -23.20% -285.68% -140.23% 541.69% -82.28% 66.92% -72.96% 52.07% 2.45% 12.60% -86.26% -79.50% 5661.54% -36.19%   31348.31% -102.27%  
      net income margin %
    		-Infinity% -Infinity% -Infinity% -5.22% 1.51% -2.25% -1.92% -6.96% -2.49% -36.68% -25.27% -14.53% -345.44% -2092.07% -12383.73% -203.66% -345.68%  -Infinity% -Infinity% Infinity% 
      less: net income attributable to noncontrolling interest
    		    8,529,000                 
      net income attributable to bakkt, inc.
    		-11,650,000                     
      net income per share
    		                     
      basic
    		-0.41   -2.16  -3.1 -0.45 -2.67 -1.86 -0.29 -0.19 -0.19 -0.17 -1.12 -6.11       
      diluted
    		-0.41   -2.16  -3.1 -0.45 -2.67 -1.86 -0.29 -0.19 -0.19 -0.17 -1.12 -6.11       
      related party expenses
    		     150,000 150,000 150,000 150,000 757,000 1,033,000 1,512,000 600,000 267,000 267,000 267,000 367,000     
      impairment of long-lived assets
    		 253,000 480,000    601,000  288,000 30,209,000 56,000           
      operating income from continuing operations
    		 -14,204,750 -25,263,000                   
      loss from continuing operations before income taxes
    		 -7,239,250 -21,579,000                   
      income tax benefit
    		 -25,250 25,000   -54,000 114,000   -43,000 -231,000 -152,000 -18,000 2,476,000 606,000 5,100,000 3,138,000     
      less: net loss attributable to noncontrolling interest
    		 -9,893,000 -8,238,000 -15,418,000  -21,190,000 -3,398,000 -19,088,000 -13,110,000 -51,994,000 -34,418,000 -33,663,000 -30,883,000 -227,477,000 -1,124,416,000 -23,744,000 -36,193,000     
      net loss attributable to bakkt holdings, inc.
    		 -5,485,500 -14,918,000 -14,734,000  -19,179,000 -2,893,000 -16,424,000 -8,165,000 -26,699,000 -17,331,000 -16,848,000 -13,976,000 -98,948,000 -468,132,000 -3,897,000 -7,128,000     
      net income per share
    		                     
      basic and diluted
    		 -0.625 -1.15                   
      revenues:
    		                     
      crypto services
    		   568,103,000 1,065,756,000 1,786,242,000 316,333,000 497,141,000 841,340,000 199,462,000 191,750,000 335,333,000          
      loyalty services
    		   9,779,000 9,154,000 11,079,000 12,086,000 12,757,000 13,242,000 15,052,000 13,024,000 12,296,000          
      total revenues
    		   577,882,000 1,074,910,000 1,797,321,000 328,419,000 509,898,000 854,582,000 214,514,000 204,774,000 347,629,000 12,986,000 15,603,000 12,860,000 13,572,000 12,532,000     
      yoy
    		   13.33% 25.78% 737.86% 60.38% 46.68% 6480.79% 1274.83% 1492.33% 2461.37% 3.62%         
      qoq
    		   -46.24% -40.19% 447.26% -35.59% -40.33% 298.38% 4.76% -41.09% 2576.95% -16.77% 21.33% -5.25% 8.30%      
      operating income
    		   -18,489,000 -18,520,000 -11,679,000 -27,383,000 -22,017,000 -31,837,000 -78,494,000 -52,860,000 -51,088,000 -45,448,000 -331,976,000 -1,594,901,000 -43,551,000 -48,486,000     
      yoy
    		   -16.02% -41.83% -85.12% -48.20% -56.90% -29.95% -76.36% -96.69% 17.31% -6.27%         
      qoq
    		   -0.17% 58.58% -57.35% 24.37% -30.84% -59.44% 48.49% 3.47% 12.41% -86.31% -79.19% 3562.15% -10.18%      
      operating margin %
    		NaN% NaN% NaN% -3.20% -1.72% -0.65% -8.34% -4.32% -3.73% -36.59% -25.81% -14.70% -349.98% -2127.64% -12402.03% -320.89% -386.90%  NaN% NaN% NaN% 
      income before income taxes
    		   -30,092,000 16,288,000 -40,315,000 -6,405,000 -35,438,000 -21,119,000 -78,650,000 -51,518,000 -50,359,000 -44,841,000 -328,901,000 -1,593,154,000 -32,741,000 -46,459,000     
      net income attributable to bakkt holdings, inc.
    		    7,710,000                 
      net earnings per share attributable to class a common stockholders:
    		                     
      basic
    		    1.18                 
      diluted
    		    1.13                 
      acquisition-related expenses
    		     62,000  55,000 11,000 -12,754,000 -739,000 17,016,000 776,000 4,527,000 454,000 178,000 516,000     
      goodwill and intangible asset impairments
    		                     
      goodwill and intangible assets impairments
    		         37,174,000 23,325,000   274,378,000 1,547,711,000       
      other expense
    		            -17,000    -462,000     
      net income per share
    		                     
      class a common stockholders per share:
    		                     
      basic
    		               -0.05 -0.12     
      diluted
    		               -0.05 -0.14     
      general and administrative expenses
    		                  1,455,643.75 2,241,776 1,187,371 
      income from operations
    		                  -1,455,643.75 -2,241,776 -1,187,371 
      other income:
    		                     
      interest earned on investments held in trust account
    		                  4,974.5 2,669  
      change in fair value of warrant liabilities
    		                  -1,771,726.25 1,755,959 22,449,504 
      offering costs—warrants
    		                     
      total other income
    		                  -1,765,632.75 1,758,628  
      weighted-average shares outstanding of class a ordinary shares
    		                   20,737,202  
      basic and diluted net loss per share, class a
    		                  -0.125 -0.02  
      weighted-average shares outstanding of class b ordinary shares
    		                   5,184,300  
      basic and diluted net loss per share, class b
    		                  -0.125 -0.02  
      interest earned on marketable securities held in trust account
    		                    7,525 
      weighted-average shares outstanding of class a redeemable ordinary shares
    		                    20,737,202 
      basic and diluted net income per share, class a
    		                     
      weighted-average shares outstanding of class b non-redeemable ordinary shares
    		                    5,184,300 
      basic and diluted net income per share, class b
    		                    4.1 
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-10-01 
                            
        assets
      		                      
        current assets:
      		                      
        cash and cash equivalents
      		26,962,000 26,962,000 39,049,000 39,049,000 39,049,000 39,049,000 52,882,000 52,882,000 52,882,000 52,882,000 98,332,000 98,332,000 98,332,000 98,332,000 391,364,000 391,364,000 391,364,000 391,364,000     
        restricted cash
      		575,000 575,000 24,889,000 24,889,000 24,889,000 24,889,000 31,838,000 31,838,000 31,838,000 31,838,000 16,500,000 16,500,000 16,500,000 16,500,000 16,500,000 16,500,000 16,500,000 16,500,000     
        customer funds
      		14,662,000 14,662,000 88,566,000 88,566,000 88,566,000 88,566,000 32,925,000 32,925,000 32,925,000 32,925,000 591,000 591,000 591,000 591,000 551,000 551,000 551,000 551,000     
        investments
      		235,000 235,000                     
        accounts receivable
      		12,070,000 12,070,000 7,683,000 24,648,000 24,648,000 24,648,000 29,664,000 29,664,000 29,664,000 29,664,000 25,306,000 25,306,000 25,306,000 25,306,000 18,142,000 18,142,000 18,142,000 18,142,000     
        prepaid insurance
      		2,749,000 2,749,000 3,971,000 3,972,000 3,972,000 3,972,000 13,049,000 13,049,000 13,049,000 13,049,000 22,822,000 22,822,000 22,822,000 22,822,000 32,206,000 32,206,000 32,206,000 32,206,000     
        other current assets
      		14,947,000 14,947,000 2,168,000 2,721,000 2,721,000 2,721,000 3,332,000 3,332,000 3,332,000 3,332,000 6,060,000 6,060,000 6,060,000 6,060,000 4,784,000 4,784,000 4,784,000 4,784,000     
        total current assets
      		72,200,000 72,200,000 183,845,000 183,845,000 183,845,000 183,845,000 882,644,000 882,644,000 882,644,000 882,644,000 326,465,000 326,465,000 326,465,000 326,465,000 463,547,000 463,547,000 463,547,000 463,547,000 843,455 1,047,130 1,241,545  
        property, equipment and software
      		1,660,000 1,660,000 2,064,000 2,064,000 2,064,000 2,064,000 60,000 60,000 60,000 60,000 19,744,000 19,744,000 19,744,000 19,744,000 6,121,000 6,121,000 6,121,000 6,121,000     
        goodwill
      		64,658,000 64,658,000 68,001,000 68,001,000 68,001,000 68,001,000 68,001,000 68,001,000 68,001,000 68,001,000 15,852,000 15,852,000 15,852,000 15,852,000 1,527,118,000 1,527,118,000 1,527,118,000 1,527,118,000     
        intangible assets
      		5,550,000 5,550,000 2,900,000 2,900,000 2,900,000 2,900,000 2,900,000 2,900,000 2,900,000 2,900,000 55,833,000 55,833,000 55,833,000 55,833,000 388,469,000 388,469,000 388,469,000 388,469,000     
        equity method investment
      		11,149,000 11,149,000                     
        derivative asset
      		3,352,000 3,352,000                     
        other assets
      		4,219,000 4,219,000 10,403,000 12,567,000 12,567,000 12,567,000 13,262,000 13,262,000 13,262,000 13,103,000 22,458,000 22,458,000 22,458,000 22,458,000 13,879,000 13,879,000 13,879,000 13,879,000     
        total assets
      		162,788,000 162,788,000 269,378,000 269,377,000 269,377,000 269,377,000 966,867,000 966,867,000 966,867,000 966,867,000 455,502,000 455,502,000 455,502,000 455,502,000 2,414,285,000 2,414,285,000 2,414,285,000 2,414,285,000 208,239,566 208,440,572 208,627,462  
        liabilities and equity
      		                      
        current liabilities:
      		                      
        accounts payable and accrued liabilities
      		14,876,000 14,876,000 14,260,000 39,911,000 39,911,000 39,911,000 55,379,000 55,379,000 55,379,000 55,379,000 66,787,000 66,787,000 66,787,000 66,787,000 64,090,000 64,090,000 64,090,000 64,090,000     
        customer funds payable
      		14,662,000 14,662,000 88,566,000 88,566,000 88,566,000 88,566,000 32,925,000 32,925,000 32,925,000 32,925,000 591,000 591,000 591,000 591,000 551,000 551,000 551,000 551,000     
        deferred revenue, current
      		789,000 789,000  1,605,000 1,605,000 1,605,000 4,282,000 4,282,000 4,282,000 4,282,000 3,972,000 3,972,000 3,972,000 3,972,000 4,629,000 4,629,000 4,629,000 4,629,000     
        other current liabilities
      		2,703,000 2,703,000 4,752,000 5,277,000 5,277,000 5,277,000 3,706,000 3,706,000 3,706,000 4,702,000 3,819,000 3,819,000 3,819,000 3,819,000 3,717,000 3,717,000 3,717,000 3,717,000     
        total current liabilities
      		33,030,000 33,030,000 143,845,000 137,719,000 137,719,000 137,719,000 802,074,000 802,074,000 802,074,000 802,074,000 92,129,000 92,129,000 92,129,000 92,129,000 73,604,000 73,604,000 73,604,000 73,604,000 6,144,562 4,106,461 3,113,505  
        warrant liability
      		16,732,000  46,923,000 46,923,000 46,923,000 46,923,000 2,356,000 2,356,000 2,356,000 2,356,000 785,000 785,000 785,000 785,000 17,424,000 17,424,000 17,424,000 17,424,000     
        other noncurrent liabilities
      		244,000 244,000 15,757,000 19,261,000 19,261,000 19,261,000 23,525,000 23,525,000 23,525,000 23,525,000 23,402,000 23,402,000 23,402,000 23,402,000 12,674,000 12,674,000 12,674,000 12,674,000     
        total liabilities
      		50,006,000 50,006,000 206,525,000 206,524,000 206,524,000 206,524,000 831,153,000 831,153,000 831,153,000 831,153,000 119,428,000 119,428,000 119,428,000 119,428,000 120,114,000 120,114,000 120,114,000 120,114,000 43,002,553 42,720,411 64,176,959  
        commitments and contingencies
      		                      
        class a common stock
      		3,000 3,000 1,000 1,000 1,000 1,000    9,000 8,000 8,000 8,000 8,000 6,000 6,000 6,000 6,000     
        additional paid-in capital
      		1,017,004,000 1,017,004,000 832,693,000 832,693,000 832,693,000 832,693,000 799,683,000 799,683,000 799,683,000 799,656,000 772,973,000 772,973,000 772,973,000 772,973,000 566,766,000 566,766,000 566,766,000 566,766,000  22,262,164 43,531,612  
        accumulated other comprehensive loss
      		947,000  -841,000 -841,000 -841,000 -841,000 -101,000 -101,000 -101,000 -101,000 -290,000 -290,000 -290,000 -290,000 -55,000 -55,000 -55,000      
        accumulated deficit
      		-905,172,000 -905,172,000 -797,960,000 -797,960,000 -797,960,000 -797,960,000 -751,301,000 -751,301,000 -751,301,000 -751,301,000 -676,447,000 -676,447,000 -676,447,000 -676,447,000 -98,342,000 -98,342,000 -98,342,000 -98,342,000 -42,135,525 -17,263,148 -38,532,806  
        total bakkt, inc. stockholders' equity
      		112,782,000                      
        noncontrolling interest
      		  28,959,000 28,959,000 28,959,000 28,959,000 87,432,000 87,432,000 87,432,000 87,432,000 239,811,000 239,811,000 239,811,000 239,811,000 1,825,775,000 1,825,775,000 1,825,775,000 1,825,775,000     
        total equity
      		112,782,000 112,782,000 62,853,000 62,853,000 62,853,000 62,853,000 135,714,000 135,714,000 135,714,000 135,714,000 336,074,000 336,074,000 336,074,000 336,074,000 2,294,171,000 2,294,171,000 2,294,171,000 2,294,171,000     
        total liabilities and equity
      		162,788,000  269,378,000 269,377,000                   
        assets of businesses held for sale
      		  17,519,000                    
        noncurrent assets of businesses held for sale
      		                      
        liabilities and stockholders’ equity
      		                      
        due to related party
      		  2,360,000 2,360,000 2,360,000 2,360,000 3,230,000 3,230,000 3,230,000 3,230,000 1,168,000 1,168,000 1,168,000 1,168,000 617,000 617,000 617,000 617,000     
        liabilities of businesses held for sale
      		  33,907,000                    
        warrant liabilities
      		 16,732,000                 29,599,970 31,355,929 53,805,433  
        noncurrent liabilities of businesses held for sale
      		                      
        stockholders’ equity:
      		                      
        class v common stock
      		  1,000 1,000 1,000 1,000 1,000 1,000 1,000 19,000 19,000 19,000 19,000 19,000 21,000 21,000 21,000 21,000     
        accumulated other comprehensive income
      		 947,000                -55,000     
        total stockholders' equity
      		 112,782,000    33,894,000    48,282,000    96,263,000         
        total liabilities and stockholders’ equity
      		 162,788,000   269,377,000 269,377,000 966,867,000 966,867,000 966,867,000 966,867,000 455,502,000 455,502,000 455,502,000 455,502,000 2,414,285,000 2,414,285,000 2,414,285,000      
        available-for-sale securities
      		      17,398,000 17,398,000 17,398,000 17,398,000 141,062,000 141,062,000 141,062,000 141,062,000         
        non-current assets held for sale
      		  2,165,000                    
        noncurrent liabilities held for sale
      		                      
        total bakkt holdings, inc. stockholders' equity
      		  33,894,000 33,894,000                   
        convertible debentures
      		                      
        deferred revenue, noncurrent
      		   2,621,000 2,621,000 2,621,000 3,198,000 3,198,000 3,198,000 3,198,000 3,112,000 3,112,000 3,112,000 3,112,000 4,819,000 4,819,000 4,819,000 4,819,000     
        total stockholders’ equity
      		    33,894,000  48,282,000 48,282,000 48,282,000  96,263,000 96,263,000 96,263,000  468,396,000 468,396,000 468,396,000      
        safeguarding asset for crypto
      		      701,556,000 701,556,000 701,556,000 701,556,000 15,792,000 15,792,000 15,792,000 15,792,000         
        safeguarding obligation for crypto
      		      701,556,000 701,556,000 701,556,000 701,556,000 15,792,000 15,792,000 15,792,000 15,792,000         
        unsettled crypto trades
      		      996,000 996,000 996,000              
        stockholders' equity:
      		                      
        deposits with clearinghouse
      		         159,000 15,150,000 15,150,000 15,150,000 15,150,000         
        deferred tax liabilities
      		              11,593,000 11,593,000 11,593,000 11,593,000     
        cash held in escrow
      		                      
        safeguarding asset for cryptoassets
      		                      
        deposits with clearinghouse, noncurrent
      		              15,151,000 15,151,000 15,151,000 15,151,000     
        safeguarding obligations for cryptoassets
      		                      
        investment in shares of affiliate stock, current
      		                      
        deposits with clearinghouse, current
      		                      
        liabilities, stockholders’ equity and members’ equity
      		                      
        mezzanine equity:
      		                      
        incentive units
      		                      
        class a voting units
      		                      
        class b voting units
      		                      
        class b warrant
      		                      
        class c voting units
      		                      
        total stockholders’ equity and members’ equity.
      		                 468,396,000     
        total liabilities, stockholders’ equity and members’ equity
      		                 2,414,285,000     
        current assets
      		                      
        cash
      		                  708,642 861,171 1,001,772  
        prepaid expenses
      		                  134,813 185,959 239,773  
        cash and investments held in trust account
      		                  207,396,111    
        liabilities and shareholders’ equity
      		                      
        liabilities
      		                      
        current liabilities
      		                      
        accounts payable and accrued expenses
      		                  6,144,562 4,106,461 3,113,505  
        accrued offering costs
      		                      
        deferred underwriting fee payable
      		                  7,258,021 7,258,021 7,258,021  
        class a ordinary shares subject to possible redemption, 20,737,202 shares at 10.00 per share as of september 30, 2021 and december 31, 2020
      		                  207,372,020    
        shareholders’ deficit
      		                      
        preference shares, 0.0001 par value...
      		                      
        class a ordinary shares, 0.0001 par value...
      		                   467 679  
        class b ordinary shares, 0.0001 par value...
      		                  518 518 518  
        total shareholders’ deficit
      		                  -42,135,007    
        total liabilities and shareholders’ deficit
      		                  208,239,566    
        cash and marketable securities held in trust account
      		                   207,393,442 207,385,917  
        class a ordinary shares subject to possible redemption, 16,072,016 and 17,312,211 shares at 10.00 per share as of june 30, 2021 and december 31, 2020, respectively
      		                   160,720,160   
        shareholders’ equity
      		                      
        total shareholders’ equity
      		                   5,000,001 5,000,003  
        total liabilities and shareholders’ equity
      		                   208,440,572 208,627,462  
        class a ordinary shares subject to possible redemption, 13,945,050 and 17,312,211 shares at 10.00 per share as of march 31, 2021 and december 31, 2020, respectively
      		                    139,450,500  
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-10-15 2021-09-30 2021-06-30 2021-03-31 
                             
          cash flows from operating activities:
        		                     
          net income
        		-11,650,000    16,239,000             -151,941,894   -33,671,616 
          adjustments to reconcile net income to net cash from operating activities:
        		                     
          depreciation and amortization
        		66,000 80,000 153,000 154,000 220,000 62,000 107,000 117,000 57,000 3,089,000 3,959,000 3,821,000 3,063,000 7,010,000 6,391,000 6,098,000 5,851,000     
          non-cash lease expense
        		 63,000 266,000 300,000 266,000 732,000 0 367,000 622,000 760,000 750,000 759,000 789,000 786,000 802,000 757,000 334,000     
          share-based compensation expense
        		2,805,000 53,806,000 8,116,000 6,338,000 3,343,000 2,792,000 2,630,000 2,406,000 8,013,000 1,168,000 2,957,000 4,086,000 7,241,000 2,694,000 7,657,000 8,016,000 13,190,000     
          gain on lease assignment
        		  0 0 -1,755,000                 
          gain from change in fair value of warrant liability
        		-4,700,000    -32,247,000          -428,000 -10,283,000 -2,428,000     
          loss on equity method investment
        		221,000                     
          change in fair value of derivative asset
        		517,000                     
          changes in operating assets and liabilities:
        		                     
          accounts receivable
        		1,500,000 6,084,000 -8,993,000 5,265,000 -3,593,000 1,726,000 -2,356,000 12,323,000 -6,288,000 -13,643,000 -684,000 4,379,000 -88,000 -3,200,000 -677,000 -1,971,000 -1,316,000     
          prepaid insurance
        		1,082,000 1,211,000 -1,892,000 469,000 1,435,000 1,647,000 325,000 3,229,000 3,876,000 -999,000 3,901,000 2,539,000 4,332,000 -2,245,000 2,996,000 4,290,000 4,343,000     
          accounts payable and accrued liabilities
        		-2,123,000 -1,787,000 -6,944,000 5,402,000 -1,810,000 -1,982,000 2,560,000 -23,508,000 7,312,000 6,258,000 -3,099,000 4,847,000 -15,991,000 11,412,000 -8,026,000 -959,000 -1,683,000     
          unsettled crypto trades
        		-1,850,000      -500,000 -3,096,000 3,553,000             
          due to related party
        		 2,000 0 -2,210,000 -150,000 -300,000 0 150,000 -720,000 1,460,000 760,000 501,000 -659,000 267,000 267,000 267,000 -250,000     
          deferred revenue
        		-769,000 -19,000 402,000 -173,000 -362,000 -375,000 -467,000 -1,083,000 -1,327,000 260,000 956,000 -278,000 -542,000 -331,000        
          operating lease liabilities
        		-471,000 -563,000 -874,000 -895,000 -1,803,000 -1,017,000 -685,000 -977,000 -957,000 -941,000 -759,000 -737,000 -592,000 -111,000 3,574,000       
          customer funds payable
        		2,731,000 3,601,000 -10,275,000 9,333,000 -76,563,000 37,016,000 -1,780,000 -34,835,000 55,240,000 4,702,000 27,688,000 -20,000 -36,000 -1,000 -14,000 -24,000 79,000     
          assets and liabilities of businesses held for sale
        		 192,000 0 -19,000 -3,457,000                 
          other assets and liabilities
        		548,000 1,744,000 -1,074,000 551,000 -1,044,000 379,000 775,000 -590,000 -995,000 4,614,000 772,000 -315,000 -1,677,000 2,689,000 -1,120,000 322,000 -4,324,000     
          net cash from operating activities
        		-12,093,000 -10,813,000 -46,657,000 5,352,000 -101,281,000 31,402,000 -25,065,000 -65,893,000 38,353,000 -6,806,000 24,595,000 -31,245,000 -47,241,000 -23,692,000 -33,475,000 -27,274,000 -33,156,000 -82,917,964    
          capital expenditures
        		-728,000 -464,000 -554,000 -19,000  -308,000 -545,000 -540,000 -1,316,000 -1,528,000 -1,933,000 -3,302,000 -2,122,000 -8,010,000 -6,548,000 -12,016,000 -1,213,000 0    
          free cash flows
        		-12,821,000 -11,277,000 -47,211,000 5,333,000  31,094,000 -25,610,000 -66,433,000 37,037,000 -8,334,000 22,662,000 -34,547,000 -49,363,000 -31,702,000 -40,023,000 -39,290,000 -34,369,000 -82,917,964    
          cash flows from investing activities:
        		                     
          capitalized internal-use software development costs and other capital expenditures
        		-728,000 -464,000 -554,000 -19,000 -130,000 -308,000 -545,000 -463,000 -1,771,000 -1,528,000 -1,859,000 -2,327,000 -3,719,000 -8,010,000 -7,770,000 -11,641,000 -3,122,000     
          cash received from partial settlement of derivative arrangement
        		2,677,000                     
          purchase of investments
        		-14,000                     
          net cash from investing activities
        		1,935,000   4,499,000 -130,000  5,902,000 4,297,000 -2,304,000  -9,406,000 5,417,000 69,699,000  67,359,000 -200,815,000 -3,122,000     
          cash flows from financing activities:
        		                     
          proceeds from the exercise of warrants
        		 0 0 0 1,000 0 0       -1,000 1,000 1,000 1,000     
          withholding tax payments on net share settlements on equity awards
        		-280,000 346,000 -1,705,000 -806,000 -906,000                 
          proceeds from equity offerings
        		69,602,000                     
          cash paid for equity offerings
        		-2,541,000                     
          proceeds from borrowings on revolving credit facility
        		 0 0 0 5,000,000                 
          net cash from financing activities
        		66,781,000  60,090,000 17,169,000 4,095,000  -112,000 7,485,000 36,705,000  0    1,000 1,000 1,000     
          effect of exchange rate changes
        		94,000 1,000 -323,000 886,000 29,000 -1,128,000 247,000 -199,000 -421,000 472,000 -397,000 339,000 22,000  -775,000 -381,000 188,000     
          net increase in cash, cash equivalents, restricted cash, customer funds and deposits
        		56,717,000   27,906,000 -97,287,000  -19,028,000               
          cash, cash equivalents, restricted cash, customer funds and deposits at the beginning of the period
        		44,902,000  0 0 153,746,000  0               
          cash, cash equivalents, restricted cash, customer funds and deposits at the end of the period
        		101,619,000  -6,660,000 27,906,000 56,459,000  -19,028,000               
          reconciliation of cash, cash equivalents, restricted cash, customer funds and deposits to consolidated balance sheets:
        		                     
          cash and cash equivalents
        		79,984,000 -31,357,000 14,826,000 20,483,000 23,010,000 10,065,000 -18,515,000 -9,101,000 56,600,000 -15,337,000 -16,300,000 33,685,000 50,834,000 -61,518,000 33,099,000 -228,445,000 355,196,000     
          restricted cash
        		2,576,000 -5,542,000 -11,848,000 -1,789,000 19,754,000 -10,417,000 1,275,000 -9,977,000 44,008,000 3,576,000 3,404,000 5,553,000 19,305,000 -25,000 25,000 0 16,500,000     
          customer funds
        		17,393,000 3,601,000 -10,275,000 9,333,000 12,003,000 37,016,000 -1,780,000 -34,835,000 88,165,000 4,702,000 27,688,000 -20,000 555,000 -1,000 -14,000 -24,000 630,000     
          deposits
        		1,666,000 495,000 637,000 -121,000 1,692,000 -411,000 -8,000 -397,000 2,058,000             
          total cash, cash equivalents, restricted cash, customer funds and deposits
        		101,619,000                     
          net loss
        		 -95,163,000 -23,154,000   -40,369,000 -6,291,000 -35,512,000 -21,275,000 -78,693,000 -51,753,000 -50,507,000 -44,859,000 -326,425,000 -1,592,547,000 -27,641,000 -43,321,000     
          adjustments to reconcile net loss to net cash from operating activities
        		                     
          change in fair value of contingent consideration liability
        		                     
          unit-based compensation expense
        		         9,000 354,000 266,000 680,000 235,000 1,119,000 -954,000 157,000     
          forfeiture and cancellation of common units
        		         0    0 -110,000       
          impairment of long-lived assets
        		 253,000    0 601,000 0 288,000 30,209,000            
          loss on sale of businesses
        		                     
          gain on lease terminations
        		                     
          goodwill and intangible assets impairments
        		         37,174,000    274,378,000        
          loss on disposal of assets
        		         5,000 56,000 0 14,000         
          loss on extinguishment of convertible debenture
        		 0                    
          loss from change in fair value of warrant liabilities
        		                     
          change in fair value of derivative assets
        		                     
          loss on equity method investee
        		                     
          tra equity settlement
        		                     
          other
        		 1,000 450,000   -54,000 0   0 5,000 -229,000 243,000 57,000 57,000 -109,000 280,000     
          deposits with clearinghouse
        		         0 15,150,000 0 -159,000         
          purchase of marketable securities
        		                     
          proceeds from the maturity of marketable securities
        		                     
          proceeds from sale of bakkt trust
        		 0 0                   
          purchase of intangible assets
        		 0                    
          purchase of equity method investment
        		 0                    
          cash paid for loyalty divestiture
        		                     
          cash advance for loyalty buyer
        		                     
          cash proceeds from derivative
        		                     
          acquisition of bumped financial, llc
        		         0 0           
          acquisition of apex crypto llc, net of cash acquired
        		         -3,582,000 46,000           
          net cash from investing activities:
        		                     
          proceeds from concurrent offerings, net of issuance costs
        		     0 0 7,541,000 38,964,000             
          proceeds from exercise of exercise of stock options
        		                     
          proceeds from common stock issuance, net of issuance cost
        		                     
          proceeds from exercise of pre-funded warrants
        		 0                    
          repayment of convertible debenture
        		 0                    
          repayments on revolving credit facility
        		 0 0                   
          cash paid for financing fees
        		                     
          proceeds from issuance of convertible debentures, net of discounts
        		                     
          net cash from financing activities:
        		                     
          net increase in cash, cash equivalents, deposits, restricted cash and customer funds
        		                     
          cash, cash equivalents, deposits, restricted cash and customer funds at the beginning of the period
        		                     
          cash, cash equivalents, deposits, restricted cash and customer funds at the end of the period
        		                     
          supplemental disclosure of cash flow information:
        		                     
          cash paid for income taxes
        		                     
          supplemental disclosure of non-cash investing and financing activity:
        		                     
          non-cash operating lease right-of-use asset acquired
        		         5,000 3,000 4,000 3,776,000 -15,000 85,000 5,240,000 5,696,000     
          capitalized internal-use software development costs and other capital expenditures included in accounts payable and accrued liabilities
        		       -77,000 455,000             
          conversion of convertible debentures
        		                     
          reconciliation of cash, cash equivalents, deposits, restricted cash and customer funds to consolidated balance sheets:
        		                     
          total cash, cash equivalents, deposits, restricted cash and customer funds
        		                     
          adjustments to reconcile net loss to net cash from operating activities:
        		                     
          loss on sale of bakkt trust
        		  0                   
          loss from change in fair value of warrant liability
        		  37,187,000   31,102,000 -19,984,000 15,114,000 -9,046,000 714,000 214,000 -357,000 1,000,000         
          purchase of available-for-sale securities
        		     8,020,000 -7,990,000 0 -17,996,000 -17,230,000 -17,600,000 0 -26,999,000 -117,834,000 415,000       
          proceeds from the settlement of available-for-sale securities
        		      14,437,000 4,760,000 17,463,000             
          net cash (used in) provided by investing activities
        		                     
          proceeds from common stock issuance, net of issuance costs
        		                     
          proceeds from issuance of convertible debentures, net of issuance costs
        		                     
          net decrease in cash, cash equivalents, restricted cash, customer funds and deposits
        		                     
          proceeds from issuance of convertible debentures
        		                     
          total cash, cash equivalents, restricted cash and customer funds
        		   27,906,000 56,459,000         -61,544,000 33,110,000 -228,469,000 372,326,000     
          deferred income taxes
        		             -2,736,000        
          proceeds from the maturity of available-for-sale securities
        		         22,600,000 10,007,000 52,110,000 101,048,000 90,461,000        
          deposits with clearing house
        		                     
          repurchase and retirement of class a common stock
        		      -112,000   -132,000 0           
          repurchase and retirement of class a common stock for withholding purposes
        		        -2,259,000             
          net increase in cash, cash equivalents, restricted cash, cash held in escrow, customer funds and deposits
        		        72,333,000             
          cash, cash equivalents, restricted cash, cash held in escrow, customer funds and deposits at the beginning of the period
        		        118,498,000             
          cash, cash equivalents, restricted cash, cash held in escrow, customer funds and deposits at the end of the period
        		        190,831,000             
          reconciliation of cash, cash equivalents, restricted cash, cash held in escrow, customer funds and deposits to consolidated balance sheet:
        		                     
          cash held in escrow
        		            67,209,000         
          total cash, cash equivalents, restricted cash, cash held in escrow, customer funds and deposits
        		        190,831,000             
          net increase in cash, cash equivalents, restricted cash and customer funds
        		                     
          cash, cash equivalents, restricted cash and customer funds at the beginning of the period
        		             0 0 0 408,415,000     
          cash, cash equivalents, restricted cash and customer funds at the end of the period
        		             -61,544,000 33,110,000 -228,469,000 372,326,000     
          capitalized internal-use software development costs and other capital expenditures included in accounts payable and accrued liabilities.
        		          -74,000 -975,000 1,597,000  1,222,000 -375,000 1,909,000     
          reconciliation of cash, cash equivalents, restricted cash and customer funds to consolidated balance sheets:
        		                     
          net increase in cash, cash equivalents, restricted cash, cash held in escrow and customer funds
        		           -27,991,000 22,480,000         
          cash, cash equivalents, restricted cash, cash held in escrow and customer funds at the beginning of the period
        		           0 115,423,000         
          cash, cash equivalents, restricted cash, cash held in escrow and customer funds at the end of the period
        		           -27,991,000 137,903,000         
          deferred tax effect resulting from exchanges of opco common units
        		                     
          reconciliation of cash, cash equivalents, restricted cash, cash held in escrow and customer funds to consolidated balance sheets:
        		                     
          total cash, cash equivalents, restricted cash, cash held in escrow and customer funds
        		           -27,991,000 137,903,000         
          acquisition of bumped llc
        		            -631,000         
          reconciliation of cash, cash equivalents, restricted cash, cash held in escrow and customer funds to consolidated balance sheet:
        		                     
          recognition of affiliate capital contribution
        		                     
          amortization of customer consideration asset
        		                     
          loss on sale of shares of affiliate stock
        		                     
          (gain) on extinguishment of software license liability
        		                     
          modification and vesting of class c warrant
        		                     
          proceeds from disposal of assets
        		                     
          proceeds from sale of shares of affiliate stock
        		                     
          cash acquired through business combination
        		                     
          payment of finance lease liability
        		                     
          repurchase of redeemed class a common stock
        		                     
          payment of deferred underwriting fee
        		                     
          proceeds from pipe, net of issuance costs
        		                     
          effect of exchange rate changes.
        		                     
          issuance of class a voting units in exchange of capital contribution
        		                     
          cashless exercise of private placement warrants
        		                     
          deposits with clearinghouse affiliate
        		              0       
          proceeds from sale of equipment
        		                     
          net decrease in cash, cash equivalents, restricted cash and customer funds
        		              33,110,000 -228,469,000 -36,089,000     
          exercise of class b warrant
        		                     
          reconciliation of cash, cash equivalents, restricted cash and customer funds to consolidated balance sheet:
        		                     
          deferred income tax benefit
        		               -5,104,000 -3,144,000     
          unrealized gain on investment in shares of affiliate stock
        		                     
          deferred revenues
        		               -573,000 -943,000     
          cancellation of common units
        		                -60,000     
          operating lease liabilities.
        		                79,000     
          acquisition-related expenses paid by affiliate
        		                     
          income from change in fair value of warrant liability
        		                     
          gain on extinguishment of software license liability
        		                     
          other receivable
        		                     
          proceeds from maturities of short-term investments
        		                     
          repurchase of redeemed class a ordinary shares
        		                     
          proceeds from issuance of class c voting units
        		                     
          issuance of class b warrant
        		                     
          non-cash contribution of bridge2 holdings by affiliate
        		                     
          change in fair value of warrant liabilities
        		                     
          formation cost paid by sponsor in exchange for issuance of founder shares
        		                     
          interest earned on investments held in trust account
        		                     
          transaction costs allocated to warrants
        		                     
          prepaid expenses
        		                     
          accounts payable and accrued expenses
        		                     
          investment of cash into trust account
        		                     
          proceeds from sale of units, net of underwriting discount paid
        		                     
          proceeds from sale of private placement units
        		                     
          payment of offering costs
        		                     
          repayment of promissory note – related party
        		                     
          net change in cash
        		                     
          cash – beginning of period
        		                     
          cash – end of period
        		                     
          non-cash investing and financing activities:
        		                     
          offering costs included in accrued offering costs
        		                     
          offering costs paid by sponsor in exchange for issuance of founder shares
        		                     
          offering costs paid through promissory note
        		                     
          initial classification of class a ordinary shares subject to possible redemption
        		                     
          deferred underwriting fee payable
        		                     
          balance sheet as of december 31, 2020
        		                     
          class a ordinary shares subject to possible redemption
        		                     
          class a ordinary shares
        		                     
          additional paid-in capital
        		                     
          accumulated deficit
        		                     
          total shareholders’ equity
        		                     
          statement of cash flows for the period of july 31, 2020 through september 30, 2020
        		                     
          change in value of class a ordinary shares subject to possible redemption
        		                     
          redeemable class a ordinary shares
        		                     
          numerator: earnings allocable to redeemable class a ordinary shares interest income
        		                     
          redeemable net earnings
        		                   -2,179 9,704 
          denominator: weighted-average redeemable class a ordinary shares redeemable class a ordinary shares, basic and diluted
        		                     
          basic and diluted earnings per share – redeemable class a ordinary shares
        		                     
          non-redeemable class b ordinary shares
        		                     
          numerator: net income
        		                     
          non-redeemable net income
        		                   54,943,453 -33,681,320 
          denominator: weighted-average non-redeemable class b ordinary shares non-redeemable class b ordinary shares, basic and diluted
        		                     
          basic and diluted earnings per share – non-redeemable class b ordinary shares
        		                   10.6 -6.5 
          numerator: earnings allocable to redeemable class a ordinary shares
        		                     
          interest income
        		                    9,704 
          denominator: weighted-average redeemable class a ordinary shares
        		                     
          redeemable class a ordinary shares, basic and diluted
        		                    20,737,202 
          numerator: net income minus redeemable net earnings
        		                     
          denominator: weighted-average non-redeemable class b ordinary shares
        		                     
          non-redeemable class b ordinary shares, basic and diluted
        		                    5,184,300 
          earnings/basic and diluted redeemable class a ordinary shares
        		                     
          loss/basic and diluted non-redeemable class b ordinary shares