Bakkt, Inc. operates as a pure-play digital asset infrastructure company, providing secure and regulated solutions for the cryptocurrency economy. The company's business model centers on offering business-to-business (B2B) crypto services, enabling financial institutions, fintechs, and merchants to embed digital asset trading, brokerage, and custody capabilities into their own platforms. Bakkt's core product offerings include Bakkt Markets, which provides plug-and-play digital asset brokerage and trading; Bakkt Agent, an intelligent software layer for programmable access to financial infrastructure, onboarding, and global money movement; and Bakkt Global, which facilitates international expansion into regulated markets. Historically, Bakkt operated a consumer-facing app and a loyalty points business, but it strategically divested its loyalty business in 2025 to focus entirely on institutional crypto infrastructure. The company generates the vast majority of its revenue from crypto services, primarily driven by trading volumes and transaction fees. Geographically, Bakkt is headquartered in New York and serves clients across the United States, Latin America, Europe, and Asia. Its competitive position is bolstered by its origins as a subsidiary of Intercontinental Exchange (ICE), which provides it with a strong foundation in regulatory compliance and institutional-grade security, distinguishing it from less regulated crypto platforms.
