Bakkt Holdings Inc (BKKT) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Bakkt first-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

您好，歡迎參加 Bakkt 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。

I will now turn it over to Cody Fletcher, Investor Relations Adviser at Bakkt. Please go ahead.

現在我將把發言權交給 Bakkt 投資者關係顧問 Cody Fletcher。請繼續。

Hello, everyone, and thank you for joining Bakkt's first-quarter 2025 earnings call. Before we get started, I'd like to remind everyone that today's earnings call includes a separate supplemental presentation that can be found at our Investor Relations website at www.investors.bakkt.com. During today's call, we will make certain forward-looking statements, including statements regarding our cooperation agreement with DTR, the proposed commercial agreement with DTR expected by Q3 2025, and the anticipated integration of DTR's stablecoin and AI payment infrastructure with Bakkt's regulated platform.

大家好，感謝您參加 Bakkt 2025 年第一季財報電話會議。在開始之前，我想提醒大家，今天的財報電話會議包含一份單獨的補充演示文稿，可在我們投資者關係網站 www.investors.bakkt.com 上找到。在今天的電話會議上，我們將做出一些前瞻性陳述，包括與我們與 DTR 的合作協議、預計於 2025 年第三季與 DTR 達成的擬議商業協議，以及 DTR 的穩定幣和人工智慧支付基礎設施與 Bakkt 受監管平台的預期整合相關的陳述。

We'll also discuss our strategic transformation to a pure-play crypto infrastructure company, including the divestiture of our Custody business to ICE, including expected timelines and ongoing discussions regarding our Loyalty business, as well as expectations regarding the stablecoin payments market, regulatory environment, and our product roadmap.

我們還將討論向純粹的加密基礎設施公司的策略轉型，包括將我們的託管業務剝離給 ICE，包括有關我們的忠誠度業務的預期時間表和正在進行的討論，以及對穩定幣支付市場、監管環境和我們的產品路線圖的期望。

These statements are based on management's current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from those expressed or implied in such forward-looking statements. For additional information regarding forward-looking statements and risk factors, please refer to our filings with the Securities and Exchange Commission, including our quarterly report on Form 10-Q for the first quarter of 2025.

這些聲明是基於管理層目前的預期，並受風險和不確定性的影響，這可能導致實際結果與此類前瞻性聲明中表達或暗示的結果有重大差異。有關前瞻性陳述和風險因素的更多信息，請參閱我們向美國證券交易委員會提交的文件，包括 2025 年第一季度的 10-Q 表季度報告。

Further, in addition to discussing results that are calculated in accordance with generally accepted accounting principles, we also make reference to certain non-GAAP financial measures. For more detailed information on our non-GAAP financial disclosures, please refer to our earnings release, which can be found on our Investor Relations website.

此外，除了討論依照公認會計原則計算的結果外，我們也參考某些非公認會計準則財務指標。有關我們的非公認會計準則財務披露的更多詳細信息，請參閱我們的收益報告，該報告可在我們投資者關係網站上找到。

Thank you. And I'll now turn the call over to Andy.

謝謝。現在我將把電話轉給安迪。

Thank you, Cody. And hello, everyone. Thanks for joining Bakkt's first-quarter 2025 earnings call, and it's great to connect with you all again. With me today is Karen Alexander, our Chief Financial Officer. And I am excited to introduce Akshay Naheta, Founder of Distributed Technologies Research, or DTR, who officially joined Bakkt as Co-CEO on March 21.

謝謝你，科迪。大家好。感謝您參加 Bakkt 2025 年第一季財報電話會議，很高興能再次與大家聯繫。今天和我一起的是我們的財務長凱倫·亞歷山大 (Karen Alexander)。我很高興介紹分散式技術研究（DTR）的創始人 Akshay Naheta，他於 3 月 21 日正式加入 Bakkt 擔任聯合執行長。

Starting with our Q1 performance, we navigated a slower crypto market following the post-election rally of late 2024 with our total transaction volume reaching $1.06 billion for the quarter. This represents a 40% sequential decline from our strong Q4 results and 23% below the broader market. On a year-over-year basis, our performance reflects a more positive story with volumes growing 23%, outpacing the growth of our broader market benchmark.

從第一季的業績來看，我們在 2024 年底大選後反彈之後度過了加密貨幣市場放緩的時期，本季我們的總交易量達到了 10.6 億美元。這比我們強勁的第四季業績下降了 40%，比大盤低了 23%。與去年同期相比，我們的業績表現更加積極，銷量成長 23%，超過了更廣泛的市場基準的成長。

This achievement is particularly meaningful considering we are comparing against the period that included March 2024's significant activity and price surge driven by Bitcoin ETF purchases and the meme coin rally we saw from SHIB and DOGE. Despite softer market conditions, this volume represents substantial progress for Bakkt as we continue to grow our market presence. We believe these metrics demonstrate our platform's resilience. While we adjust to current market dynamics, we believe our year-over-year performance relative to the industry demonstrates the strength of our value proposition and expanding customer base.

考慮到我們正在與 2024 年 3 月由比特幣 ETF 購買以及我們從 SHIB 和 DOGE 看到的模因幣反彈推動的顯著活動和價格飆升時期進行比較，這一成就尤為有意義。儘管市場環境疲軟，但隨著我們繼續擴大市場份額，這項交易量代表 Bakkt 取得了實質進展。我們相信這些指標證明了我們平台的彈性。在我們適應當前市場動態的同時，我們相信，我們相對於產業的同比表現證明了我們的價值主張和不斷擴大的客戶群的實力。

For the quarter, total revenues net of crypto costs, execution, clearing, and brokerage fees decreased 25.9% year over year to $12.6 million. Total operating expenses, excluding crypto costs and execution, clearing, and brokerage fees decreased 36.3% year over year to $31.1 million. Net income improved 176.5% year over year from a loss to a profit of $16.2 million. Adjusted EBITDA loss, non-GAAP, improved 11% year over year to $14.5 million.

本季度，扣除加密成本、執行、清算和經紀費用後的總收入年減 25.9% 至 1,260 萬美元。總營運費用（不包括加密成本和執行、清算和經紀費用）年減 36.3% 至 3,110 萬美元。淨收入年增 176.5%，由虧損轉為獲利 1,620 萬美元。調整後的 EBITDA 虧損（非 GAAP）年增 11% 至 1,450 萬美元。

From an operational standpoint, we are making progress on our transformation to a pure-play crypto infrastructure company. The sale of Bakkt Trust Company to Intercontinental Exchange is expected to close on or about May 15. And as mentioned on our previous earnings call, we continue to explore strategic alternatives for our Loyalty business and are in discussions with potential buyers. We believe this represents the best path forward, eliminating ongoing operational losses while focusing our resources on higher growth and higher-margin opportunities.

從營運的角度來看，我們正在向純粹的加密基礎設施公司轉型。Bakkt 信託公司向洲際交易所的出售預計將於 5 月 15 日左右完成。正如我們在先前的收益電話會議上提到的那樣，我們將繼續探索忠誠度業務的策略替代方案，並正在與潛在買家進行討論。我們相信這是最好的前進道路，消除持續的營運損失，同時將我們的資源集中在更高的成長和更高利潤的機會上。

These initiatives reflect our sharpened focus on core crypto infrastructure. We are deepening our strength in crypto trading and expect to expand into stablecoin payment ecosystem through our planned collaboration with DTR, steps that we believe will accelerate our evolution and position us to capture more potential opportunity in the digital asset space.

這些舉措反映了我們對核心加密基礎設施的高度關注。我們正在深化我們在加密貨幣交易方面的實力，並希望透過與 DTR 的計劃合作擴展到穩定幣支付生態系統，我們相信這些舉措將加速我們的發展，並使我們能夠在數位資產領域抓住更多潛在機會。

As Akshay will describe in more detail shortly, we remain committed to disciplined expense management. With our cooperation agreement with DTR signed and the negotiation of a commercial agreement and integration with DTR underway, we are taking a bottom-up rather than top-down approach to operational efficiency, methodically evaluating each aspect of our business to identify opportunities for improvement while preserving our ability to capture growth. We believe this granular approach will help ensure that we are making strategic decisions about resource allocation without compromising our competitive positioning.

正如 Akshay 稍後將詳細描述的那樣，我們仍然致力於嚴格的費用管理。隨著我們與 DTR 簽署合作協議以及與 DTR 進行商業協議和整合的談判，我們採取自下而上而非自上而下的方式提高運營效率，有條不紊地評估我們業務的各個方面以確定改進機會，同時保持我們抓住增長的能力。我們相信，這種細緻的方法將​​有助於確保我們在不損害競爭地位的情況下做出有關資源分配的策略決策。

During this period of refinement, we are suspending our practice of providing quarterly guidance as we work to finalize the definitive commercial agreement with DTR and complete our optimization review. Lastly, we have brought on key hires who are seasoned leaders in crypto and payments: Phillip Lord, President of Bakkt International; and Ankit Khemka, Chief Product Officer for Bakkt. Akshay will explain a little more about their backgrounds and how they bring tangible value to the table.

在此改進期間，我們將暫停提供季度指導的做法，同時致力於與 DTR 達成最終商業協議並完成優化審查。最後，我們聘請了加密貨幣和支付領域經驗豐富的領導者：Bakkt International 總裁 Phillip Lord 和 Bakkt 首席產品長 Ankit Khemka。Akshay 將進一步解釋他們的背景以及他們如何帶來實際的價值。

With our sharpened strategic focus, I want to take a moment to articulate our vision for Bakkt's future. Through our cooperation agreement and pending commercial agreement with DTR, Bakkt intends to power how businesses and consumers interact with digital payments. We are transforming to be not just a crypto trading platform, but an essential infrastructure layer for the future of finance.

隨著我們策略重點的加強，我想花點時間來闡明我們對 Bakkt 未來的願景。透過與 DTR 的合作協議和即將達成的商業協議，Bakkt 旨在為企業和消費者與數位支付的互動提供動力。我們正在轉型，不僅是成為一個加密交易平台，而且成為未來金融的重要基礎設施層。

The regulatory tailwinds we are experiencing have created unprecedented opportunities in crypto trading, stablecoin-related payments infrastructure, and agentic commerce. We believe that this favorable environment, coupled with our combination of regulated infrastructure and cutting-edge technology, positions us at the forefront of a multi-trillion-dollar transformation in global financial services.

我們正在經歷的監管順風為加密交易、穩定幣相關支付基礎設施和代理商務創造了前所未有的機會。我們相信，這種有利的環境，加上我們受監管的基礎設施和尖端技術的結合，使我們處於全球金融服務數萬億美元轉型的前沿。

I'd now like to hand over to Akshay Naheta to share more about DTR and our partnership. Akshay?

現在我想交給 Akshay Naheta 來分享更多有關 DTR 和我們合作關係的資訊。阿克謝？

Thank you, Andy. And thank you, everyone, for joining us today. I would like to preface my remarks by saying how optimistic I am for the future of Bakkt at this pivotal time as we stand at the cusp of transforming Bakkt into a prime gateway for programmable money. By leveraging our position as a regulated publicly traded entity with comprehensive license coverage across the US, a SOC 2-compliant tech stack, robust liquidity solutions, and brokerage-in-a-box capabilities, I believe Bakkt has a strong foundation to capture the significant opportunities ahead.

謝謝你，安迪。感謝大家今天的參與。首先我想說的是，在這個關鍵時刻，我對 Bakkt 的未來非常樂觀，因為我們正處於將 Bakkt 轉變為可程式貨幣主要門戶的邊緣。透過利用我們作為受監管的上市公司的地位，憑藉在美國的全面許可證覆蓋、符合 SOC 2 的技術堆疊、強大的流動性解決方案和一體化經紀能力，我相信 Bakkt 擁有堅實的基礎來抓住未來的重大機會。

In addition, I believe Bakkt's highly sophisticated and trusted infrastructure and regulatory moat gives us a competitive opportunity to leverage DTR's stablecoin and AI payments technology, allowing us to enter the global payments and remittance ecosystems. Most excitingly, we believe that the expected integration of DTR's APIs for agentic global payments will harness the power of AI to create intelligent programmable money solutions that transform how businesses and consumers interact with digital assets in their daily transactions.

此外，我相信 Bakkt 高度複雜且值得信賴的基礎設施和監管護城河為我們提供了一個競爭機會，可以利用 DTR 的穩定幣和人工智慧支付技術，使我們能夠進入全球支付和匯款生態系統。最令人興奮的是，我們相信，DTR 的代理全球支付 API 的預期整合將利用人工智慧的力量來創建智慧可程式貨幣解決方案，從而改變企業和消費者在日常交易中與數位資產的互動方式。

This collaboration aims to transform Bakkt into a pure-play crypto infrastructure company by combining complementary strengths. Bakkt's established regulatory framework and trading capabilities provide the secure foundation essential for institutional adoption and consumer trust. The planned DTR integration will introduce innovative technology that enables seamless movement of money by bridging national payment rails and currencies with stablecoins. We believe that this will result in a powerful convergence of regulated innovation between traditional and decentralized finance and will create an agentic infrastructure well suited for supporting the next generation of digital commerce at a global scale.

此次合作旨在透過結合互補優勢，將 Bakkt 轉變為純粹的加密基礎設施公司。Bakkt 已建立的監管框架和交易能力為機構採用和消費者信任提供了至關重要的安全基礎。計劃中的 DTR 整合將引入創新技術，透過使用穩定幣連接國家支付軌道和貨幣，實現資金的無縫流動。我們相信，這將導致傳統金融和去中心化金融之間受監管創新的強大融合，並將創建一個非常適合在全球範圍內支持下一代數位商務的代理基礎設施。

Now let me walk you through our go-to-market strategy and implementation timeline. While the commercial agreement is not yet complete, there will be engineering work to integrate DTR into Bakkt and finalize our ability to secure API-enabled fiat rails in the US This timeline reflects our expectations for a clear, phased approach to bring our combined capabilities to the US market. The foundation of this partnership will be a comprehensive commercial agreement between Bakkt and DTR, which we expect to complete by Q3 of this year.

現在讓我向您介紹我們的市場進入策略和實施時間表。雖然商業協議尚未完成，但將進行工​​程工作以將 DTR 整合到 Bakkt 中，並最終確定我們在美國保護支援 API 的法定貨幣軌道的能力。這個時間表反映了我們對以明確的、分階段的方式將我們的綜合能力推向美國市場的期望。此次合作的基礎是 Bakkt 和 DTR 之間的全面商業協議，我們預計該協議將於今年第三季完成。

Significantly, the collaboration agreement already executed by Bakkt and DTR included an option for Bakkt to acquire DTR, creating a potential path to full integration of our complementary technologies and teams. Following the execution of the commercial agreement, we expect to move into the integration phase, connecting DTR and Bakkt systems across three critical dimensions: risk and compliance frameworks, USD fiat rails, and our payments product suite. We believe this technical integration will create the infrastructure backbone necessary to deliver our enhanced offering.

值得注意的是，Bakkt 和 DTR 已經簽署的合作協議包括 Bakkt 收購 DTR 的選項，這為我們互補的技術和團隊的全面整合創造了潛在的途徑。在執行商業協議之後，我們預計將進入整合階段，在三個關鍵維度連接 DTR 和 Bakkt 系統：風險和合規框架、美元法定貨幣軌道和我們的支付產品套件。我們相信，這種技術整合將創建提供增強產品所需的基礎設施主幹。

By Q3 2025, we expect to begin product launch for our early access premium partners. These early adopters will be key strategic clients that can provide valuable feedback and validation as we refine our offering. We believe this careful testing phase will help ensure that we execute successfully.

到 2025 年第三季度，我們預計將開始為我們的早期訪問高級合作夥伴推出產品。這些早期採用者將成為關鍵的策略客戶，可以在我們改進產品時提供寶貴的回饋和驗證。我們相信這個仔細的測試階段將有助於確保我們成功執行。

One thing to note, timing of the initial launch will depend on Bakkt securing a reliable and efficient API-enabled fiat rail in the US, and those efforts are already actively underway. By the end of Q3, we anticipate a market-wide launch, extending our integrated offering to the broader marketplace. We believe this phased rollout strategy balances speed to market with client experience to ensure we capitalize on immediate opportunities while also building for sustainable long-term success.

需要注意的一點是，首次發布的時間將取決於 Bakkt 在美國確保可靠、高效的 API 支援的法定貨幣軌道，而這些努力已經在積極進行中。到第三季末，我們預計將在市場上推出該產品，將我們的綜合產品擴展到更廣泛的市場。我們相信，這種分階段推出的策略可以平衡上市速度和客戶體驗，以確保我們抓住眼前的機會，同時也為永續的長期成功奠定基礎。

As we focus the company to capitalize on becoming a gateway to programmable finance, I want to highlight the three key pillars of Bakkt's transformation. As Andy mentioned before, we believe the pending divestiture of our Custody business and our ongoing discussions for divesting our Loyalty business will streamline Bakkt to concentrate on its core strengths.

當我們專注於讓公司成為可程式金融的門戶時，我想強調 Bakkt 轉型的三大關鍵支柱。正如安迪之前提到的，我們相信即將剝離的託管業務以及我們正在進行的剝離忠誠度業務的討論將精簡 Bakkt 的運營，使其能夠專注於其核心優勢。

In parallel, we expect to implement comprehensive cost-reduction initiatives and optimize the efficiency of our organizational structure and technology stack. We believe these initiatives will strengthen our strategic priorities as we emerge as a more entrepreneurial company with scale trading systems, strengthened leadership, and enhanced capabilities in stablecoins payments and agentic AI technology.

同時，我們希望實施全面的成本削減舉措，並優化組織結構和技術堆疊的效率。我們相信，隨著我們成為一家更具創業精神的公司，擁有規模交易系統、加強的領導力以及增強的穩定幣支付和代理人工智慧技術能力，這些舉措將加強我們的戰略重點。

I am excited to introduce these two exceptional leaders to our executive team. They bring world-class experience to accelerate our strategic transformation. Phillip Lord joins us as President of Bakkt International, leveraging his significant growth experience across global platforms; leadership at crypto payments platform, Oobit; and extensive involvement in the DeFi space for over 10 years.

我很高興向我們的執行團隊介紹這兩位傑出的領導者。他們帶來世界級的經驗，加速我們的策略轉型。Phillip Lord 加入我們，擔任 Bakkt International 總裁，他擁有跨全球平台的豐富發展經驗、加密支付平台 Oobit 的領導經驗以及 10 多年來在 DeFi 領域的廣泛參與經驗。

And Ankit Khemka comes aboard as Chief Product Officer, bringing his expertise in scaling hyper-growth tech companies like Revolut and his proven track record in product innovation across international markets. Both executives bring invaluable expertise in crypto payments and global expansion that will be instrumental as we integrate DTR's capabilities and expand our footprint in the programmable money ecosystem.

Ankit Khemka 加入公司擔任首席產品官，帶來其在擴大 Revolut 等高成長科技公司規模方面的專業知識，以及在國際市場上產品創新方面的成功經驗。兩位高階主管都擁有加密支付和全球擴張方面的寶貴專業知識，這對於我們整合 DTR 的功能和擴大我們在可程式貨幣生態系統中的影響力至關重要。

Now I'd like to shift our focus to the transformative potential of our collaboration where we believe Bakkt's regulated infrastructure and DTR's cutting-edge stablecoin and AI technology, when integrated, will create a powerful combination that has the potential to help redefine digital payments globally. Let me highlight the transformative capabilities we believe DTR will bring to enhance Bakkt's ecosystem.

現在，我想將我們的重點轉移到我們合作的變革潛力上，我們相信 Bakkt 的受監管基礎設施和 DTR 的尖端穩定幣和人工智慧技術相結合後將形成強大的組合，有可能幫助重新定義全球數位支付。讓我強調我們相信 DTR 將帶來的變革能力，以增強 Bakkt 的生態系統。

We expect that DTR's technology will integrate frictionless global payments infrastructure with Bakkt's trusted regulatory framework. DTR's user-centric intent-driven architecture works invisibly behind existing interfaces, allowing customers to continue using familiar wallet and messaging systems without disruption. We believe DTR's lightning-fast settlement technology will revolutionize transaction processing, delivering instant FX conversions while maintaining the regulatory guardrails essential in today's environment.

我們預計 DTR 的技術將把無摩擦的全球支付基礎設施與 Bakkt 值得信賴的監管框架結合。DTR 以用戶為中心的意圖驅動架構在現有介面背後隱形運行，讓客戶可以繼續使用熟悉的錢包和訊息系統而不會中斷。我們相信，DTR 的閃電般快速的結算技術將徹底改變交易處理，提供即時外匯轉換，同時維護當今環境中必不可少的監管護欄。

DTR's extensive ION network, which is anticipated to span more than 90 countries by Q3 2025, will include relationships with local banking partners worldwide, solving the complex puzzle of cross-border payments and regulatory requirements. All of this will operate within a comprehensive security and compliance framework that will incorporate industry-leading KYC AML protocols. We anticipate that this powerful combination will create a seamless bridge between TradFi and next-generation digital payments, bringing institutional-grade infrastructure to power the future of programmable money.

DTR 廣泛的 ION 網路預計到 2025 年第三季將覆蓋 90 多個國家，該網路將與世界各地的當地銀行合作夥伴建立關係，解決跨境支付和監管要求的複雜難題。所有這些都將在全面的安全和合規框架內運作，該框架將納入業界領先的 KYC AML 協議。我們預計，這強大的組合將在 TradFi 和下一代數位支付之間架起一座無縫橋樑，帶來機構級基礎設施，為可編程貨幣的未來提供動力。

We believe the payments landscape is on the cusp of a massive transformation with stablecoins emerging as a key catalyst. The numbers highlight the enormous opportunity in front of us. Cross-border payments reached $195 trillion in 2024 and are projected to hit $320 trillion by 2032 according to FXC Intelligence. Today, stablecoins command just 3% of this payments market at $5.85 trillion, but industry projections indicate this share will surge 20% or $64 trillion by 2032, a remarkable growth trajectory driven by three factors.

我們相信，支付格局正處於大規模轉型的邊緣，穩定幣將成為關鍵的催化劑。這些數字凸顯了我們眼前的巨大機會。根據 FXC Intelligence 的數據，跨境支付規模到 2024 年將達到 195 兆美元，預計到 2032 年將達到 320 兆美元。目前，穩定幣僅佔支付市場的 3%，即 5.85 兆美元，但產業預測表明，到 2032 年，這一份額將飆升 20%，即 64 兆美元，這是一個由三個因素推動的顯著成長軌跡。

One, consumer demand is intensifying for faster, cheaper, and more trustworthy payment solutions with stablecoins delivered through instant settlement, lower validation-based fees, and blockchain transparency; two, the regulatory environment is increasingly favorable with the STABLE Act moving through Congress, major institutional players reportedly exploring stablecoin issuance; and three, the US positioning itself to become the crypto capital of the world.

一是消費者對更快、更便宜、更值得信賴的支付解決方案的需求日益強烈，穩定幣通過即時結算、更低的基於驗證的費用和區塊鏈透明度來提供；二是隨著《穩定法案》在國會的通過，監管環境越來越有利，據報道，主要機構參與者正在探索發行穩定幣；三是美國將自己定位為世界加密貨幣之都。

We believe this convergence of market size, technological capabilities, and regulatory tailwinds will create an unprecedented opportunity for Bakkt and DTR when integrated to capture significant market share in this rapidly evolving ecosystem. What you're seeing here is the planned architectural blueprint of our technology stack where Bakkt's regulated infrastructure will serve as the essential bridge between traditional and decentralized financial systems.

我們相信，市場規模、技術能力和監管順風的整合將為 Bakkt 和 DTR 創造前所未有的機會，從而在這個快速發展的生態系統中佔據重要的市場份額。您在這裡看到的是我們技術堆疊的規劃架構藍圖，其中 Bakkt 的受監管基礎設施將作為傳統和分散式金融系統之間的重要橋樑。

On the left, we connect seamlessly with TradFi's established payment rails, fiat currencies, and institutional infrastructure. While on the right, we plan to extend into the innovative on-chain ecosystems through AI agents, stable coins, and plug-and-play APIs and chatbots. We believe this unified approach will eliminate many of the traditional barriers between these worlds, creating a financial system that will combine the regulatory compliance and stability of traditional finance with the programmability, transparency, and efficiency of blockchain technology.

在左側，我們與 TradFi 已建立的支付軌道、法定貨幣和機構基礎設施無縫連接。在右側，我們計劃透過人工智慧代理、穩定幣、即插即用 API 和聊天機器人擴展到創新的鏈上生態系統。我們相信，這種統一的方法將消除這些世界之間的許多傳統障礙，創造一個將傳統金融的監管合規性和穩定性與區塊鏈技術的可程式性、透明度和效率相結合的金融體系。

By facilitating this convergence, we aim not just to enhance existing financial services but to enable entirely new capabilities that neither ecosystem could achieve independently. Through this expected integration, we will create a frictionless, programmable, and fully auditable payment ecosystem that reimagines our transactions are initiated and completed. The process will begin with agent triggers where AI will be able to intelligently initiate transactions based on predetermined conditions or real-time needs with enhanced functionalities through our combined payments infrastructure.

透過促進這種融合，我們的目標不僅是增強現有的金融服務，而且要實現任何一個生態系統都無法獨立實現的全新能力。透過這種預期的整合，我們將創建一個無摩擦、可編程且完全可審計的支付生態系統，重新構想我們的交易的啟動和完成。該流程將從代理觸發器開始，其中 AI 將能夠透過我們組合的支付基礎設施，根據預定條件或即時需求智慧地啟動交易，並具有增強的功能。

Critical to the system is the customer approval checkpoint, which will ensure that despite AI initiation, humans maintain control through verification requirements, preventing scenarios where the AI could autonomously execute transactions uncontrollably. We believe this balance between automation and human governance will be essential for compliance and responsible deployment.

客戶批准檢查點對系統至關重要，它將確保儘管人工智慧啟動，人類仍透過驗證要求保持控制，從而防止人工智慧自主地不受控制地執行交易的情況。我們相信，自動化和人類治理之間的平衡對於合規性和負責任的部署至關重要。

Bakkt's rails will provide the secure processing layer, leveraging regulated infrastructure to ensure every transaction meets compliance requirements, while maintaining the highest security standards throughout the payments journey. The final component, global settlement, will deliver instant completion across borders, currencies, and financial systems, eliminating the days-long settlement times typical in traditional cross-border transactions. Together, these four components aim to create a payments ecosystem that will combine AI efficiency with human oversight, fraud prevention, and regulatory compliance with technological innovation while dramatically reducing friction in global commerce.

Bakkt 的軌道將提供安全的處理層，利用受監管的基礎設施確保每筆交易都符合合規性要求，同時在整個支付過程中保持最高的安全標準。最後一個組成部分，全球結算，將實現跨境、跨貨幣、跨金融系統的即時完成，消除傳統跨境交易中通常長達數天的結算時間。這四個組成部分共同致力於創建一個支付生態系統，將人工智慧效率與人工監督、詐欺預防、法規遵從與技術創新相結合，同時大幅減少全球商業的摩擦。

The following products you'll see on this roadmap represent DTR's current capabilities that will be integrated into Bakkt's offering following the expected signing of a commercial agreement estimated by Q3 2025, with technical integration and testing already underway, which we believe will ensure we are prepared for our expected launch with premium partners in Q3 2025, followed by our expected market-wide launch targeted for the end of Q3 2025.

您將在此路線圖上看到的以下產品代表了 DTR 的當前功能，這些功能將在預計於 2025 年第三季度簽署商業協議後集成到 Bakkt 的產品中，技術集成和測試已在進行中，我們相信這將確保我們為預計於 2025 年第三季度與優質合作夥伴一起推出的產品做好準備，隨後於第三季度末在市場上推出全面準備。

While previously noted, the timing of the initial launch is contingent on Bakkt securing reliable and efficient API-enabled fiat rails in the US, a process that is actively underway today. Bakkt Checkout will represent our gateway solution for merchants to seamlessly integrate stablecoin payments into their existing commerce infrastructure.

正如之前所指出的，首次發布的時間取決於 Bakkt 在美國確保可靠、高效的 API 支援的法定貨幣軌道，而這一過程目前正在積極進行中。Bakkt Checkout 將代表我們的網關解決方案，幫助商家將穩定幣支付無縫整合到他們現有的商業基礎設施中。

We expect that this product will enable merchants to accept stablecoin payments with real-time confirmations, significantly lower fees compared to traditional payment processors and instant settlement directly into fiat currency in over 46 countries. We will design the solution so that implementation is remarkably straightforward.

我們預計該產品將使商家能夠接受具有即時確認的穩定幣支付，與傳統支付處理器相比費用明顯降低，並在 46 多個國家/地區直接以法定貨幣即時結算。我們將設計解決方案，以便實施非常簡單。

Merchants simply add crypto as a payment option to their checkout page, and our system will handle all the complexity of blockchain transactions, currency conversions, and regulatory compliance behind the scenes. As you can see from the illustrative interface on the right, we have designed the customer experience to be intuitive and familiar such that paying with stablecoins is as simple for the consumer as any traditional payment method while delivering significant efficiencies.

商家只需在結帳頁面添加加密貨幣作為付款選項，我們的系統就會在後台處理區塊鏈交易、貨幣兌換和監管合規等所有複雜的事務。正如您從右側的說明性介面所看到的，我們設計的客戶體驗直觀且熟悉，使得使用穩定幣付款對消費者來說就像使用任何傳統付款方式一樣簡單，同時還能顯著提高效率。

Bakkt Agent will be our white-label AI-powered plug-in that will transform any messaging interface with just a few lines of code into a programmable money box. We expect that this solution will deliver a native experience that uses existing app interfaces, eliminating the need for users to download new wallets or learn complex crypto flows. The core functionality will enable chat-based transfers where users can send, receive, and convert funds through natural interactions like voice commands, text messages, or even images.

Bakkt Agent 將成為我們的白標 AI 驅動插件，只需幾行程式碼即可將任何訊息傳遞介面轉變為可編程的錢箱。我們期望該解決方案能夠提供使用現有應用程式介面的原生體驗，從而無需用戶下載新的錢包或學習複雜的加密流程。核心功能將實現基於聊天的轉賬，用戶可以透過語音命令、簡訊甚至圖像等自然互動來發送、接收和轉換資金。

The intended result will be seamless global money movement, permitting transfers of both fiat and stablecoins worldwide through the familiar conversational interfaces people already use. Our design will ensure that developers can quickly integrate this powerful functionality into their existing applications with minimal technical overhead, dramatically reducing time to market for advanced payment capabilities.

預期結果將是無縫的全球資金流動，允許透過人們已經使用的熟悉的對話介面在世界範圍內轉移法定貨幣和穩定幣。我們的設計將確保開發人員能夠以最小的技術開銷將這項強大的功能快速整合到他們現有的應用程式中，從而大大縮短高級支付功能的上市時間。

Thank you for your time today as we have outlined our vision for the future of Bakkt in the world of programmable money. Looking forward, as we continue to further strengthen the leadership team, launch new products, and sign up new customers and partnerships, I believe that we are poised to accelerate sustainable growth, thereby unlocking significant value for Bakkt's customers and shareholders.

感謝您今天抽出時間，我們已經概述了 Bakkt 在可程式貨幣領域的未來的願景。展望未來，隨著我們繼續進一步加強領導團隊、推出新產品以及簽約新客戶和合作夥伴，我相信我們已準備好加速永續成長，為 Bakkt 的客戶和股東釋放巨大的價值。

Now I'll pass the call to Karen for her review of Bakkt's financials for the first quarter.

現在我將把電話轉給 Karen，請她對 Bakkt 第一季的財務狀況進行審查。

Thank you, Akshay. I will now walk you through Bakkt's first-quarter KPIs and financial results. As a reminder, in accordance with GAAP, we present crypto services revenue and crypto costs and execution, clearing, and brokerage fees on a gross basis as we are a principal in the crypto services we provide our customers. By contrast, we are an agent in the loyalty redemption services we provide our loyalty customers. Therefore, loyalty revenue is presented on a one-line net basis.

謝謝你，Akshay。現在我將向您介紹 Bakkt 第一季的 KPI 和財務表現。提醒一下，根據 GAAP，我們以總額列示加密服務收入和加密成本以及執行、清算和經紀費用，因為我們是向客戶提供加密服務的委託人。相較之下，我們是向忠誠客戶提供忠誠度兌換服務的代理商。因此，忠誠度收入以單線淨額呈現。

Starting on slide 20, I'll walk you through our Q1 KPIs, which provide insight into the underlying trends driving our business. We concluded the first quarter with 6.8 million crypto-enabled accounts, demonstrating continued steady growth over the past 12 months despite the broader market volatility.

從第 20 張投影片開始，我將向您介紹我們的第一季 KPI，它們深入了解了推動我們業務發展的潛在趨勢。第一季結束時，我們擁有 680 萬個加密貨幣帳戶，儘管市場波動較大，但過去 12 個月仍保持穩定成長。

Regarding transacting accounts, we recorded a total of 777,349 active accounts in the first quarter, segmented into 377,679 loyalty redemption accounts and 399,765 crypto trading accounts. While this represents a sequential decline from Q4 2024, it aligns with the broader crypto markets' cooling period following the exceptional activity we experienced in the fourth quarter, driven by post-election optimism. The year-over-year comparison is relatively flat.

關於交易帳戶，我們在第一季共記錄了 777,349 個活躍帳戶，其中包括 377,679 個忠誠度兌換帳戶和 399,765 個加密貨幣交易帳戶。雖然這與 2024 年第四季相比出現了連續下降，但它與更廣泛的加密貨幣市場在第四季度經歷的異常活動之後的降溫期相一致，這主要受到選舉後樂觀情緒的推動。與去年同期相比，情況相對穩定。

As Andy highlighted earlier, our notional volumes reflected the market's moderation after last quarter's record-breaking performance. Total notional volume in Q1 reached $1.21 billion, comprising $1.06 billion from crypto trading and $153 million from loyalty redemptions. Our crypto volumes underperformed market benchmarks on a sequential basis that outpaced the market on a year-over-year comparison, demonstrating our resilience over longer timeframes. Loyalty redemption volumes declined both sequentially and year over year.

正如安迪之前強調的那樣，我們的名義交易量反映了市場在上個季度創紀錄的表現之後的緩和。第一季的總名目交易量達到 12.1 億美元，其中加密貨幣交易 10.6 億美元，忠誠度兌換 1.53 億美元。我們的加密貨幣交易量較上季表現低於市場基準，但年比表現優於市場，證明了我們在較長時期內的韌性。忠誠度兌換量較去年同期均有所下降。

Finally, assets under custody at our custodian partners for our brokerage business totaled $1.873 billion at quarter end. This represents an 18.7% decrease from the previous quarter but a 52.5% increase year over year, with movements primarily driven by fluctuations in underlying crypto asset prices rather than significant changes in customer holdings.

最後，截至本季末，我們的經紀業務託管合作夥伴所託管的資產總額為 18.73 億美元。這比上一季下降了 18.7%，但比去年同期增長了 52.5%，其變動主要受基礎加密資產價格波動而非客戶持有量的重大變化所驅動。

On slide 21, we show our total revenue broken out between crypto and loyalty products. Total revenue for the first quarter of 2025 was $1.08 billion, up 25.8% year over year and down 40.2% sequentially. Gross crypto services revenue for the quarter was $1.07 billion, up 27.7% year over year and down 40.3% sequentially.

在投影片 21 上，我們展示了加密貨幣和忠誠度產品之間的總收入。2025 年第一季總營收為 10.8 億美元，年增 25.8%，季減 40.2%。本季加密服務總營收為 10.7 億美元，年增 27.7%，季減 40.3%。

As noted earlier, the sequential decline in gross crypto services revenue reflects the market's moderation after a record-breaking performance in the fourth quarter of 2024, while year-over-year increase demonstrates the improved market sentiment that we have seen in crypto since the fourth quarter of 2024. Crypto services revenue, net of crypto costs and execution clearing and brokerage fees, or ECB, totaled $3.5 million, reflecting a 5.4% decrease year over year and a 47.8% decrease sequentially.

如前所述，加密服務總收入的環比下降反映了市場在 2024 年第四季度創紀錄的表現之後的放緩，而同比增長則表明自 2024 年第四季度以來我們在加密領域看到的市場情緒有所改善。加密服務收入（扣除加密成本和執行清算及經紀費用，即 ECB）總計 350 萬美元，年減 5.4%，季減 47.8%。

Net royalty revenues were $9.2 million, down 30.3% year over year and 17.1% sequentially. Of this amount, loyalty transaction revenues contributed $5 million, while subscription and services revenues were $4.2 million. The year-over-year decline was primarily related to the exit of a loyalty client in 2024 as well as reduced volume-based service revenue and transaction volume.

淨特許權使用費收入為 920 萬美元，年減 30.3%，季減 17.1%。其中，忠誠度交易收入貢獻了 500 萬美元，而訂閱和服務收入則為 420 萬美元。年比下降主要與 2024 年忠誠度客戶的退出以及基於數量的服務收入和交易量的減少有關。

Moving to slide 22, total operating expenses for the quarter were $1.09 billion, including $1.06 billion of crypto costs and ECB, which are correlated to crypto trading volumes. SG&A expenses were $3.8 million, down 51.3% year over year and 19.1% sequentially, driven by reductions in insurance, marketing, and promotion and occupancy costs.

前往投影片 22，本季總營運費用為 10.9 億美元，其中包括 10.6 億美元的加密成本和 ECB，這些與加密交易量相關。銷售、一般及行政費用為 380 萬美元，年減 51.3%，較上季下降 19.1%，主要由於保險、行銷、促銷和入住成本的減少。

Total compensation expense was $17.8 million, down 27.3% year over year and up 17.1% sequentially. The year-over-year decline reflects lower salaries, wages, and benefits driven by our restructuring actions in 2024. The sequential increase in compensation expense is driven by a migration away from cash bonuses towards stock-based incentive compensation. Our Q4 '24 results included a $4 million reversal of cash bonus accrual, reflecting the change in compensation strategy that did not repeat in Q1 '25.

總薪酬支出為 1,780 萬美元，年減 27.3%，季增 17.1%。年比下降反映了我們 2024 年重組行動導致的薪資、薪資和福利下降。薪酬費用的連續增加是由於從現金獎金轉向股票激勵薪酬。我們的 24 年第四季業績包括 400 萬美元的現金獎金累積逆轉，反映了 25 年第一季未重複的薪酬策略變化。

Turning to slide 23, we present our condensed profit and loss statement. Net income for the quarter was $16.2 million, up 176.5% year over year, improving from a loss of $21.3 million for the last year. $8.5 million was attributable to the non-controlling interest in the operating company and $7.7 million was attributed to Bakkt Holdings, resulting in an income of $1.18 per basic share on an average share base of 6.4 million shares.

翻到第 23 張投影片，我們展示了簡潔的損益表。本季淨收入為 1,620 萬美元，年增 176.5%，較去年同期的 2,130 萬美元虧損有所改善。其中 850 萬美元歸屬於營運公司的非控股權益，770 萬美元歸屬於 Bakkt Holdings，平均每股收益為 640 萬股，每股基本收益為 1.18 美元。

On slide 24, we have our condensed balance sheet as of March 31, 2025. We ended the quarter with $23.0 million of cash and cash equivalents and $22.8 million in restricted cash, including after taking into account the $5 million draw on the ICE line of credit in the quarter. Cash and cash equivalents decreased by $16.0 million in Q1. Excluding the $5 million draw on the ICE line of credit, we utilized $23.1 million of available cash in the first quarter of 2025. As Andy mentioned, the sale of our trust business is now presented as an asset held for sale on the balance sheet for $3.5 million. The closing of that transaction is expected to occur on or about May 15.

第 24 張投影片是截至 2025 年 3 月 31 日的簡明資產負債表。本季末，我們的現金和現金等價物為 2,300 萬美元，受限現金為 2,280 萬美元，其中包括本季提取的 500 萬美元 ICE 信用額度。第一季現金和現金等價物減少了 1,600 萬美元。不包括 ICE 信用額度提取的 500 萬美元，我們在 2025 年第一季使用了 2,310 萬美元的可用現金。正如安迪所提到的，我們的信託業務的出售現在在資產負債表上以 350 萬美元的價格列為待售資產。該交易預計將於 5 月 15 日左右完成。

On slide 25, we have our adjusted EBITDA for the first quarter of 2025. Adjusted EBITDA reflects adjustments for certain non-cash and restructuring and transaction-related items that impacted the period. Adjusted EBITDA for the first quarter of 2025 was a loss of $14.5 million. The year-over-year improvement in adjusted EBITDA loss, which narrowed by 11%, was primarily due to the overall decrease in compensation and benefits and SG&A expenses, partially offset by an increase in professional fees.

第 25 張投影片顯示了 2025 年第一季的調整後 EBITDA。調整後的 EBITDA 反映了對該期間產生影響的某些非現金、重組和交易相關項目的調整。2025 年第一季調整後 EBITDA 虧損 1,450 萬美元。調整後 EBITDA 虧損較去年同期改善，收窄 11%，主要由於薪資福利以及銷售、一般及行政費用整體下降，但專業費用增加部分抵銷了這一影響。

Thank you, everyone. That concludes the prepared remarks section of our first-quarter 2025 earnings call. I will now pass it back to Cody for closing.

謝謝大家。這就是我們 2025 年第一季財報電話會議的準備好的評論部分。我現在將把這個決定交還給 Cody 來完成。

Thank you, Karen, Andy, Akshay, and everyone for attending our earnings call. We look forward to connecting with you again soon.

感謝 Karen、Andy、Akshay 以及所有人參加我們的收益電話會議。我們期待很快再次與您聯繫。

Ladies and gentlemen, this concludes our event. You may now disconnect. Thank you.

女士們、先生們，我們的活動到此結束。您現在可以斷開連線。謝謝。