Bakkt

Bakkt builds digital-asset trading, stablecoin payment and related infrastructure that other businesses offer to their own customers. The company says its clients include financial institutions, fintechs, neobanks, exchanges, broker-dealers and registered investment advisers, and it sells mainly through these partners rather than directly to consumers. Bakkt was founded in 2018 out of Intercontinental Exchange, is based in New York and trades on the New York Stock Exchange as BKKT.

Its main product, Bakkt Markets, gives institutions a ready-made platform for crypto brokerage, trading and payments: digital-asset trading, liquidity, ramps between stablecoins and cash, custody integration and payment rails through a single technology stack, with know-your-customer and anti-money-laundering checks built in. Two newer lines, Bakkt Agent and Bakkt Global, aim at software for AI-driven financial services and at regulated entities outside the US. The US operating subsidiary, known as BFS, is a licensed money transmitter with 46 state licenses and holds a New York BitLicense.

During 2025 Bakkt restructured, selling its loyalty-redemption business and other non-core assets to concentrate on this platform. Its annual report also describes a pending purchase of Distributed Technologies Research Global Ltd., subject to a shareholder vote, and says the company carries $20 million of insurance on assets held in hot wallets.