Hi, I’m Jose E. McKenna. I’ve spent four years writing about crypto, blockchain, and money matters. My job is to make hard stuff simple so anyone can get it. I’ve watched Bitcoin soar and crash, and I’ve seen how blockchains change how we handle money. Today, I’m diving into Bakkt’s big 2025 changes and why they could push its stock way up. Let’s jump in with easy words and clear ideas.
What’s Bakkt, and Why’s It Been Struggling?
Bakkt started in 2018 to help big companies dive into crypto safely. It’s like a safe bridge between regular money systems and the crypto world. It’s owned by Intercontinental Exchange, the same folks who run the New York Stock Exchange. The plan was to make buying and selling Bitcoin easy for everyone—regular people, banks, you name it.
But things got tough. In 2022, crypto prices tanked, and Bakkt’s stock (BKKT) got hit hard. By early 2025, shares were under $10, and the company was losing money fast. They made only $12.6 million in the first quarter of 2025, down 25% from last year, after losing big clients like Webull and Bank of America. Losses reached $30 million in Q2 2025 alone. Why? The market was rough, and Bakkt was trying to do too much—like loyalty programs and crypto storage—that wasn’t making money.
From my four years covering crypto, I’ve seen this before. Companies spread themselves thin, chasing every idea, and it backfires. Bakkt had great tech but no clear focus. Investors got nervous, and the stock dropped. But in 2025, Bakkt decided to change everything with a big restructuring.
The 2025 Restructuring: Getting Back to Basics
In early 2025, Bakkt’s bosses said, “We’re fixing this.” They started a major overhaul to focus only on crypto infrastructure—think tools for trading and storing digital money. No more side projects. Here’s how they did it.
Selling Off the Extras
Bakkt’s first move was to sell businesses that weren’t working. In May 2025, they sold Bakkt Trust, their crypto storage arm, back to Intercontinental Exchange (ICE). Storing crypto is like running a super-safe vault, but it was costing too much and not bringing in enough clients. This sale gave Bakkt cash and stopped the bleeding.
Then, in July, they agreed to sell their loyalty business, which let companies reward customers with crypto points. It sounded neat, but it was losing money. By Q3 2025, the sale was done, and Bakkt was free of distractions. Now they could focus on what matters: crypto trading and payments.
These moves saved money big time. Bakkt cut costs by 40% in Q1 2025 compared to last year by hiring fewer people and spending smarter. They even turned a $21 million loss into a $16 million profit in Q1. In my years watching crypto firms, I know that cutting the junk can make a company fast and strong again.
New Leaders, New Vision
A good plan needs great leaders. In March 2025, Bakkt brought in Akshay Naheta as co-CEO with Andy Main. Naheta came from Distributed Technologies Research (DTR), a company big on stablecoin payments. By August, Main stepped down, and Naheta took over as CEO. This wasn’t messy—it was smart. Main helped start the cleanup, but Naheta knows crypto inside out.
Naheta added sharp people like Ankit Khemka as Chief Product Officer and Phillip Lord as President of Bakkt International. They also got Mike Alfred, a crypto expert, on the board in late 2025. A team like this can make big things happen. I’ve seen strong leaders turn crypto companies around, and Bakkt’s new crew looks ready.
Cash to Keep Going
To fund the comeback, Bakkt raised $75 million in July 2025 by selling new shares at $10 each. They used the money to buy Bitcoin and strengthen their finances. They even paid off a $50 million debt early. No debt, more cash—this shows Bakkt believes in its future.
Bakkt’s Big Plans: What’s Next?
With the cleanup done, Bakkt launched three smart strategies. These fit the crypto boom in 2025, with Bitcoin hitting $123,000 in October. Let’s look at each one.
Brokerage-in-a-Box: Crypto for Banks
Banks want to offer crypto trading but don’t know how. Bakkt’s “brokerage-in-a-box” is like a ready-to-go kit. Plug it in, and customers can trade Bitcoin safely. Bakkt’s upgrading this tech in late 2025 to make trades faster and safer.
This is huge because banks are jumping into crypto as U.S. rules get friendlier. Bakkt’s licenses, like being a qualified custodian, give it a leg up over smaller companies. Trading volumes spiked 465% in Q4 2024, and 2025 could be even bigger. The digital asset market is worth $760 trillion, and even a small piece could make Bakkt rich.
Bitcoin Treasury: Holding BTC Globally
Bakkt’s not just talking about Bitcoin—they’re buying it. In Q2 2025, they took a 30% stake in Japan’s Marusho Hotta Co. (now bitcoin.jp1) to start a “Bitcoin Treasury Strategy.” This means holding Bitcoin as a company asset, like MicroStrategy did with huge wins.
They’re also looking at India and South Korea next. Why? Bitcoin protects against inflation, especially with 2025’s global uncertainty. Bakkt’s assets under custody hit $1.35 billion by June, up 39% from last year. As Bitcoin rises, so does Bakkt’s value.
Stablecoin Power: Bakkt Agent for Fast Payments
The best move? Bakkt Agent, a stablecoin network with DTR. Stablecoins are digital dollars that stay steady—no wild swings. They’re perfect for payments. This taps into a $1.7 trillion cross-border payment market by 2027.
Launched in Q3 2025, Bakkt Agent offers merchant checkouts and AI tools for instant global transfers. No more slow bank wires—just fast, cheap payments anywhere. With big players like Visa testing stablecoins, Bakkt’s timing is spot-on.
Why a Rally’s Coming: The Signs Are Clear
Bakkt’s stock was a mess, down 90% from its peak. But the restructuring changed everything. Shares jumped 14% in March when Naheta joined. By October 2025, with Bitcoin up 12% in a week, BKKT soared 150% to $46. That’s real momentum.
Analysts are excited. Benchmark gave a “Buy” rating at $13 in September, then raised it to $40 in October, seeing 170% more upside. Clear Street also says “Buy,” targeting $42, noting Bakkt’s cheap at 0.2x sales compared to competitors at 1x or more. They think Bakkt’s earnings could hit 9.9x 2026 EBITDA, way below Coinbase’s 24x.
Social media’s buzzing too. Stocktwits shows “extremely bullish” vibes, with 150% more chatter. Short sellers might get squeezed as the stock climbs. The crypto market’s hot, with $9.7 trillion in trading volume in August 2025. Bakkt’s in the right place at the right time.
Risks: Every Rose Has Thorns
Crypto’s not perfect. Bakkt could hit bumps if U.S. rules get tough. Big players like Coinbase and Robinhood are tough competition. If Bitcoin crashes, everyone feels it. Revenue’s still down 46% from Q1 to Q2 2025. The new plans need to work perfectly.
But with $75 million in cash and no debt, Bakkt has room to breathe. In my four years covering crypto, I’ve seen focused companies bounce back, and Bakkt’s on that path.
Final Thoughts: Keep an Eye on BKKT
Bakkt’s 2025 restructuring isn’t just a fix—it’s a fresh start. By dropping weak businesses, hiring sharp leaders, and launching smart tools like Bakkt Agent and Bitcoin treasuries, they’re ready for the crypto boom. With shares up 150% and analysts cheering, a big rally looks likely.
If you’re into crypto stocks, BKKT’s worth watching. Do your research, but the signs point up. What do you think? Let me know below.
Also Read: cryptogonow.com Buy Crypto – Legit Platform or Risky Deal? Full Review & Verdict
Disclaimer: This article is only for learning and sharing information. It is not financial advice or a recommendation to buy or sell anything. I am not paid or sponsored by Bakkt or any other company mentioned here. This is not a promotional or affiliate article. Always do your own research or talk to a licensed financial advisor before making any investment decisions. Prices, facts, and opinions may change over time.
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