Bakkt Holdings Inc. has reported its first quarter 2025 financial results, highlighting a total revenue of $1,074.9 million, which marks a 25.8% increase compared to the same period last year. This growth in revenue is attributed to a rise in gross crypto services revenues driven by Bakkt Crypto and an overall increase in broader market activity. However, sequentially, revenues saw a 40.2% decrease due to reduced market activity. Net income for the quarter improved significantly, turning from a loss of $21.3 million in the previous year to a profit of $16.2 million, reflecting a 176.5% year-over-year improvement. This positive change was primarily driven by a reduction in operating expenses, excluding execution, clearing, and brokerage fees, and a recognized gain from the fair value of warrant liability. Net loyalty revenues experienced a decline, decreasing by 30.3% year-over-year and 17.1% sequentially, mainly due to reduced volume-based services revenue, transaction volume, and the exit of a loyalty client in 2024. Bakkt's operating expenses for the quarter rose by 23.3% year-over-year to $1,093.4 million, driven by increased crypto costs and execution, clearing, and brokerage fees due to higher trading volumes. However, there was a 39.6% sequential decline in operating expenses as broader market activity reduced following a post-election surge. In recent operational updates, Bakkt announced a cooperation agreement with Distributed Technologies Research $(DTR.AU)$ in March 2025. This planned collaboration aims to enhance Bakkt's access to stablecoin payment infrastructure, with DTR providing advanced payment processing technology and APIs to be integrated into Bakkt's platform for global transfers and settlement services.