Bakkt, Inc. builds digital financial infrastructure designed to support institutional participation in the digital asset economy. The company provides a platform that enables trading, custody, and payment services for digital assets through its three solutions: Bakkt Markets, Bakkt Agent, and Bakkt Global. It operates primarily through its subsidiary Bakkt Financial Solutions I, LLC which holds money transmitter licenses and a BitLicense allowing it to serve clients across the United States. Founded in 2018, the company traces its origins to Intercontinental Exchange Inc and has since developed a suite of products aimed at bridging traditional finance and digital assets.

The company generates revenue primarily from transaction fees on digital asset buy and sell transactions executed through its platform. It charges fees on both the buy and sell sides of each trade. Additionally, it earns platform fees from clients for providing access to its trading, custody, and payment infrastructure. The company also generates income from fees associated with custody services and payment processing facilitated through its infrastructure.

The company operates through the following segments: Bakkt Markets, Bakkt Agent, and Bakkt Global. The company does not report geographical segments as its operating decisions are based on product and service lines.

• Bakkt Markets enables institutions to launch secure compliant and advanced digital asset brokerage trading and payment capabilities through a plug and play platform. It provides access to digital asset trading, stablecoin on and off ramps, custody integration, liquidity, and payment infrastructure designed to reduce the time cost and complexity of building these capabilities internally. The business operates as a licensed money transmitter in all U. S. states where required and holds a BitLicense from the New York Department of Financial Services. Bakkt Markets supports trading in a wide range of digital assets including Bitcoin, Ethereum, and numerous altcoins as listed in the company's periodic disclosures.

• Bakkt Agent provides institutions with programmable access to Bakkt's financial infrastructure through an intelligent software layer that coordinates onboarding, account creation, funding, and global money movement. It uses automation and software based agents to facilitate functions such as customer onboarding and identity verification, virtual account issuance, stablecoin and fiat payment rails, and domestic and cross border payouts via application programming interfaces and configurable workflows. The modular architecture allows institutions to embed financial capabilities into their own applications and systems supporting faster product deployment, operational efficiency, and the ability to scale services across multiple jurisdictions and payment networks. The solution is designed to work with existing financial systems via standard APIs reducing integration time for partner institutions.

• Bakkt Global enables Bakkt to expand its technology and infrastructure into international markets through strategic investments in jurisdiction specific entities operating in regulated financial markets. These investments aim to establish a local presence in jurisdictions with established regulatory frameworks providing access to licenses, regulatory permissions, and operating capabilities required to offer digital asset trading, payment, and settlement services. Through Bakkt Global the company seeks to extend its trading infrastructure, stablecoin and fiat payment rails, and settlement services into new geographic markets by investing in locally regulated entities. As an example, Bakkt Global has invested in Bitcoin Japan Corporation listed on the Tokyo Stock Exchange under ticker 8105 acquiring roughly thirty percent of its voting shares to expand access in Japan.

Bakkt holds a competitive position in the digital asset infrastructure space where it faces competition from digital asset exchanges and other infrastructure providers. Its advantages include a multi faceted approach to security and compliance, a client led strategy, an institutional grade platform, and trusted scalable capabilities. The company holds a BitLicense from New York and money transmitter licenses in all states where required, which supports its ability to operate across the United States. The firm continues to invest in technology and compliance to maintain its edge as the digital asset market evolves.

The company serves a diverse client base that includes financial institutions, fintechs, broker dealers, neobanks, registered investment advisers, exchanges and other businesses. Specific clients named in the filing are Swan Bitcoin, Nexo, Blockchain.com, Blockwire, Oobit and Longbridge. The company emphasizes building long term partnerships with its clients to drive joint growth and product innovation.