Bakkt Holdings (BKKT): Blueprint for Institutional Crypto or Survival Math?
⟁ DeltaSignal Deep Dive
Form: 10-Q (filed 2025-08-11)
Period: Q2 2025
Bakkt looks stronger on paper. But the growth you see comes from new accounting rules and new shares sold to investors — not from customers paying more for its services.
Who Is Bakkt and Why This Matters
Bakkt started as a crypto wallet and payments app but has shifted into infrastructure: custody (safekeeping crypto for institutions), clearing, and white-label services for partners.
Why it matters: Bakkt is one of the few publicly listed companies trying to provide regulated, institutional-grade crypto rails in the U.S. If it succeeds, it sets the template for how Wall Street interacts with crypto. If it fails, it becomes a warning case of how fragile the business model can be.