[Bakkt Q3 EBITDA Reaches $28.7 Million, Up 241% Year-on-Year] Bakkt (stock ticker BKKT) reported its Q3 earnings, showing revenue of $402.2 million for the third quarter of 2025, a year-on-year increase of 27%; EBITDA reached $28.7 million, up 241% year-on-year. Bakkt has successfully divested its loyalty rewards business and shifted its focus to institutional-grade trading, liquidity, and regulated custody. Earlier this year, Bakkt announced a strategic adjustment to concentrate on three 'high-probability' investment projects. Bakkt was launched in 2018 with the support of Intercontinental Exchange, the operator of the New York Stock Exchange, initially focusing on an institutional-grade daily physically-settled Bitcoin futures trading platform, later exploring tokenization of corporate reward points.