[Bakkt's Q3 Profit Reaches $28.7 Million, Up 241% Year-on-Year] According to The Block, Bakkt (stock ticker: BKKT) reported its third-quarter financial results, showing the company has divested its loyalty rewards business and is nearing completion of its strategic transformation. It is now focusing on institutional-grade trading, liquidity, regulated custody, and AI services. Currently, the company operates under a 'B2B2C model,' providing a one-stop solution for traditional institutions looking to enter the cryptocurrency space. Notably, Bakkt has obtained money transmitter licenses to conduct cryptocurrency trading, transfers, and settlement services across 50 U.S. states. Additionally, the company has launched a Bitcoin treasury through public financing and appointed crypto industry veteran Mike Alfred to its board of directors. Bakkt plans to begin its international market expansion in Japan through minority equity investments. Bakkt CEO Naheta stated that the team took decisive actions this quarter, including dismantling the original structure, consolidating shares, settling debts, enhancing liquidity, clarifying the balance sheet, improving corporate governance, and strengthening institutional qualifications. In Q3 2025, Bakkt's revenue reached $402.2 million, up 27% year-on-year; EBITDA (earnings before interest, taxes, depreciation, and amortization) was $28.7 million, up 241% year-on-year. By the end of the quarter, the company had no long-term debt, cash equivalents of $64.4 million, but a net loss of $23.2 million. Its BKKT stock fell nearly 12% on the day.