Bakkt Holdings Inc (BKKT) 2025 Q2 法說會逐字稿

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

您好，歡迎參加 Bakkt 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。

I will now turn the call over to Cody Fletcher, Investor Relations adviser at Bakkt. Please go ahead.

現在我將把電話轉給 Bakkt 投資者關係顧問 Cody Fletcher。請繼續。

Hello, everyone, and thank you for joining Bakkt's second-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 investors.bakkt.com. During today's call, we will make certain forward-looking statements, including statements regarding our signed commercial agreement with Distributed Technologies Research, or DTR, 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 年第二季財報電話會議。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 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，包括關於我們與分散式技術研究公司 (DTR) 簽署的商業協議，以及 DTR 的穩定幣和人工智慧支付基礎設施與 Bakkt 受監管平台預期整合的陳述。

We'll also discuss our strategic realignment into a pure-play crypto infrastructure company, including the divestiture of our Custody business to ICE, including expected time lines and the definitive agreement signed regarding the divestiture of our loyalty business, as well as expectations regarding the stablecoin payments market, regulatory environment, and our product road map.

我們還將討論我們向純粹的加密基礎設施公司的策略調整，包括將我們的託管業務剝離給 ICE，包括預期時間表和就剝離我們的忠誠度業務簽署的最終協議，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.

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，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。

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 second quarter of 2025.

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 年第二季度的 10-Q 表季度報告。

Further, in addition to discussing results that are calculated in accordance with generally accepted accounting principles, we will also make reference to certain non-GAAP financial measures. For more detailed information on our non-GAAP financial disclosures, please refer to our full 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，我們還將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，請參閱我們的完整收益報告，該報告可在我們的投資者關係網站上找到。

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

謝謝。現在我將把電話轉給安迪。安迪？

Thank you, Cody, and hello, everyone. Thanks for joining Bakkt's second quarter 2025 earnings call. It's great to connect with you all again. With me today is Akshay Naheta, co-CEO; and Karen Alexander, our Chief Financial Officer.

謝謝你，科迪，大家好。感謝您參加 Bakkt 2025 年第二季財報電話會議。很高興能再次與大家聯繫。今天與我一起的還有聯合執行長 Akshay Naheta 和財務長 Karen Alexander。

To begin today, I'd like to zoom out to view the broader market. As you can see, it's clear we're on the cusp of a generational shift of what money is, how it's used, and how it's moved around the globe. Blockchain technology is beginning to transform traditional markets, and over $700 trillion in global assets from equities and bonds to real estate are potential candidates for disruption.

今天首先，我想先放眼更廣大的市場。如你所見，很明顯，我們正處於貨幣是什麼、如何使用以及它如何在全球流動的世代轉變的風口浪尖。區塊鏈技術正在開始改變傳統市場，從股票、債券到房地產，全球超過 700 兆美元的資產都有可能被顛覆。

This is not a niche trend. We believe it's a re-architecture of the financial system itself. Digital assets are emerging as a transformational asset class, combining value, computing and programmable functionality in ways that legacy systems cannot replicate.

這不是一個利基趨勢。我們認為這是金融體系本身的重新架構。數位資產正在成為一種轉型資產類別，它將價值、運算和可編程功能以傳統系統無法複製的方式結合在一起。

Institutional adoption is accelerating with ETFs, tokenized securities and programmable payments bridging the gap between innovation and tradition. At Bakkt, we are positioning ourselves to be a core enabler of this monumental trend. Our stablecoin payment infrastructure, built in partnership with DTR, is designed to meet institutional grade standards while unlocking entirely new use cases for cross-border value transfer.

隨著 ETF、代幣化證券和可編程支付彌合創新與傳統之間的差距，機構採用正在加速。在 Bakkt，我們將自己定位為這一巨大趨勢的核心推動者。我們與 DTR 合作建立的穩定幣支付基礎設施旨在滿足機構級標準，同時開啟跨境價值轉移的全新用例。

With a leaner, more focused operating model and a team purpose built for this next phase, we believe Bakkt is well positioned to help lead the tokenization of real-world assets as this market evolves. Since stepping into the CEO role last March, I focused on strategically realigning Bakkt to unlock its full potential.

憑藉更精簡、更專注的營運模式和為下一階段打造的團隊目標，我們相信，隨著市場的發展，Bakkt 將有能力引領現實世界資產的代幣化。自去年 3 月擔任執行長以來，我一直致力於對 Bakkt 進行策略性調整，以充分發揮其潛力。

We took decisive action to streamline our operations, reducing costs, exiting noncore businesses and refocusing the company on crypto, where we see the greatest opportunity for long-term growth. A major step forward was forming our partnership with DTR, which gives us the infrastructure to compete in one of the most disruptive blockchain use cases, stablecoin payments.

我們採取了果斷行動，精簡運營，降低成本，退出非核心業務，並將公司重點重新放在加密貨幣上，我們認為這是長期成長的最大機會。我們向前邁出的重要一步是與 DTR 建立合作夥伴關係，這為我們提供了參與最具顛覆性的區塊鏈用例之一——穩定幣支付——的競爭基礎設施。

To drive this vision, I brought in Akshay Naheta, CEO of DTR as co-CEO of Bakkt, and a strengthened leadership team with deep expertise across crypto and fintech. Today, I'm excited to share with you that we have made significant progress since our last call that accelerates Bakkt's realignment into a pure-play crypto infrastructure company. During the quarter, we completed the sale of Bakkt Trust Company to Intercontinental Exchange or ICE.

為了實現這個願景，我聘請了 DTR 執行長 Akshay Naheta 擔任 Bakkt 的聯合首席執行官，並組建了一支在加密貨幣和金融科技領域擁有深厚專業知識的強化領導團隊。今天，我很高興與大家分享，自上次電話會議以來，我們取得了重大進展，這加速了 Bakkt 轉型為純粹的加密基礎設施公司。本季度，我們完成了將 Bakkt 信託公司出售給洲際交易所 (ICE) 的交易。

This was the first step in our strategic realignment as we saw significantly higher competition in the custody landscape following the repeal of SAB 121, which led larger institutions to enter the crypto custody space. On July 23, we entered into a definitive agreement to divest our Loyalty business to Project Labrador Holdco, LLC, a wholly owned subsidiary of Roman DBDR Technology Advisors, Inc.

這是我們策略調整的第一步，因為在 SAB 121 廢除後，我們看到託管領域的競爭明顯加劇，這導致大型機構進入加密貨幣託管領域。7 月 23 日，我們簽署了最終協議，將我們的忠誠度業務剝離給 Roman DBDR Technology Advisors, Inc. 的全資子公司 Project Labrador Holdco, LLC。

When completed, this transaction will represent the completion of our strategic divestiture initiatives and marks a pivotal step that will accelerate our focus entirely on our core crypto offerings and forthcoming stablecoin payments infrastructure. The transaction includes monetary accommodations of $11 million plus relief of estimated negative working capital and indebtedness to ensure a smooth transition. We expect the transaction to close in the third quarter, subject to customary closing conditions.

交易完成後，該交易將代表我們戰略資產剝離計劃的完成，並標誌著我們邁出了關鍵一步，將加速我們完全專注於核心加密產品和即將推出的穩定幣支付基礎設施。該交易包括 1,100 萬美元的資金援助以及預計的負營運資本和債務減免，以確保平穩過渡。我們預計該交易將在第三季完成，但需滿足慣例成交條件。

Beginning in Q3, once the sale was finalized, we will report the Loyalty business as a discontinued operation. With the divestiture of Bakkt Trust and the expected completion of the divestiture of our Loyalty business, we are transitioning into a lean efficient organization that's ready to execute at scale. Our newly streamlined organization ensures that we can move quickly to capitalize on market opportunities while maintaining cost discipline.

從第三季開始，一旦出售完成，我們將把忠誠度業務報告為已停止的業務。隨著 Bakkt Trust 的剝離以及忠誠度業務剝離的預期完成，我們正在轉型為一個精益和高效的組織，並準備大規模執行。我們新近精簡的組織確保我們能夠迅速採取行動，利用市場機遇，同時保持成本控制。

The divestitures of Trust and Loyalty will reduce our cost structure and free up working capital that will reduce our cash burn and accelerate our path towards profitability. On July 31, we signed a commercial agreement with DTR, which paves the way for the completion of the integration of our systems with DTR's, enabling innovative stablecoin payment solutions for our customers.

信託和忠誠度的剝離將降低我們的成本結構並釋放營運資金，從而減少我們的現金消耗並加速我們實現盈利的進程。7月31日，我們與DTR簽署了商業協議，為我們的系統與DTR系統的整合鋪平了道路，為我們的客戶提供創新的穩定幣支付解決方案。

We are already laying the groundwork for these innovative offerings, which Akshay will cover during his remarks. Further, on July 30, we successfully closed a $75 million SEC registered offering of common stock and warrants. This new funding significantly recapitalizes our balance sheet and supports our exciting growth initiatives as well as the launch of a differentiated Bitcoin treasury strategy, which Akshay will cover in more detail shortly.

我們已經為這些創新產品奠定了基礎，Akshay 將在他的演講中介紹這些產品。此外，7 月 30 日，我們成功完成了 7,500 萬美元的美國證券交易委員會 (SEC) 註冊普通股和認股權證發行。這筆新資金大大補充了我們的資產負債表，並支持了我們令人興奮的成長計劃以及差異化比特幣財務策略的推出，Akshay 很快就會對此進行更詳細的介紹。

We're now operating as a leaner, more agile organization, focused squarely on the growing trend of digitalization of real-world assets. It's still early innings, but I believe Bakkt is well positioned to lead in this next wave of innovation.

我們現在是一個更精簡、更敏捷的組織，專注於現實世界資產數位化的成長趨勢。雖然現在還處於早期階段，但我相信 Bakkt 已準備好引領下一波創新浪潮。

As a result of the tremendous progress we've made over the past year, the clear opportunities ahead of us as a pure-play crypto company and the regulatory approval process for Akshay substantially complete, I want to share that effective today, I am handing the reins over to Akshay, who will assume the sole CEO position to lead Bakkt forward.

由於我們在過去一年中取得的巨大進步，作為一家純粹的加密貨幣公司，我們面前有明顯的機遇，而且 Akshay 的監管審批流程已基本完成，我想分享的是，從今天開始，我將把權力移交給 Akshay，他將擔任唯一的首席執行官，帶領 Bakkt 繼續前進。

I'd like to take this opportunity to thank Akshay for his partnership over the last several months and to congratulate him on becoming Bakkt's next CEO. I will remain closely involved as an adviser, focusing on finalizing the Loyalty divestiture and offering strategic guidance as Bakkt enters this exciting phase of growth.

我想藉此機會感謝 Akshay 在過去幾個月中的合作，並祝賀他成為 Bakkt 的下一任執行長。我將繼續以顧問的身份密切參與，專注於完成 Loyalty 的剝離，並在 Bakkt 進入這一令人興奮的成長階段時提供策略指導。

I'm confident that with Bakkt's strong regulatory moat and technology infrastructure under Akshay's leadership, Bakkt will transform into a leading platform in the crypto ecosystem for sustained growth. Thank you to our shareholders and partners for your support over the past year and being a part of Bakkt's evolution.

我相信，在 Akshay 的領導下，憑藉 Bakkt 強大的監管護城河和技術基礎設施，Bakkt 將轉型成為加密生態系統中領先的平台，實現持續成長。感謝我們的股東和合作夥伴在過去一年中給予的支持以及你們作為 Bakkt 發展的一部分。

With that, I will now turn the call over to Akshay.

說完這些，我現在將電話轉給 Akshay。

Thank you, Andy, for your leadership through Bakkt's strategic restructuring and positioning the company for long-term success. I'm honored to build on this foundation to unlock the next phase of growth for Bakkt as a leading global crypto infrastructure platform.

感謝安迪 (Andy) 在 Bakkt 策略重組過程中發揮的領導作用，以及為公司實現長期成功所做的定位。我很榮幸能夠在此基礎上開啟 Bakkt 作為全球領先的加密基礎設施平台的下一階段成長。

Starting on slide 5, I want to frame that Bakkt is headed over the coming quarters. As Andy just mentioned, we're still in the early innings of a massive market opportunity. To better position Bakkt to capitalize on this opportunity, we are building Bakkt to be a leaner and more agile company free of our legacy noncore assets.

從第 5 張投影片開始，我想概述 Bakkt 在未來幾季的發展方向。正如安迪剛才所提到的，我們仍處於巨大市場機會的早期階段。為了讓 Bakkt 更好地利用這個機會，我們正在將 Bakkt 打造為更精簡、更敏捷的公司，擺脫我們遺留的非核心資產。

Further, we have successfully recapitalized our balance sheet with over $100 million of financing to accelerate the three pillars of our growth strategy, which positions us at the center of this transformation and money in global finance.

此外，我們已成功透過超過 1 億美元的融資對資產負債表進行資本重組，以加速我們成長策略的三大支柱，這使我們處於全球金融轉型和資金的中心。

First, our brokerage-in-a-box solution, a turnkey platform that enables clients to achieve a rapid time to market to launch in the US while operating under SOC 2 compliance and the necessary regulatory licenses. Over the second half of the year, we are preparing to roll out a comprehensive set of technology upgrades to our platform that will significantly enhance user experience, expand trading capabilities and create new monetization opportunities for Bakkt.

首先，我們的一體化經紀解決方案是一個交鑰匙平台，使客戶能夠快速將產品推向美國市場，同時符合 SOC 2 合規性並獲得必要的監管許可。今年下半年，我們準備對我們的平台進行全面的技術升級，這將顯著增強用戶體驗、擴展交易能力並為 Bakkt 創造新的獲利機會。

Second, stablecoin payments powered by our DTR partnership. This is where we are delivering programmable agentic solutions designed for cross-border value transfers, positioning Bakkt to compete in one of the most disruptive blockchain use cases in the market today stablecoins.

其次，由我們的 DTR 合作夥伴關係提供支援的穩定幣支付。在這裡，我們提供專為跨境價值轉移而設計的可編程代理解決方案，使 Bakkt 能夠在當今市場上最具顛覆性的區塊鏈用例之一——穩定幣中競爭。

Third, our Bitcoin treasury strategy, which we initiated just last week through our investment in Marusho Hotta to be renamed bitcoin.jp upon shareholder approval. We plan on taking this differentiated approach to other markets over the next few quarters that will leverage the technical know-how to drive and manage an active treasury strategy, institutional custody solutions, yield generation and seek MNAV expansion for these companies. Together, these three pillars give us a clear and high conviction road map to capture on the biggest trends in tokenization, stablecoin adoption and Bitcoin adoption.

第三，我們的比特幣財務策略，我們上週剛透過對 Marusho Hotta 的投資啟動了該策略，並在股東批准後更名為 bitcoin.jp。我們計劃在未來幾季將這種差異化方法推廣到其他市場，利用技術知識來推動和管理積極的財務策略、機構託管解決方案、收益生成，並為這些公司尋求 MNAV 擴張。這三大支柱共同為我們提供了清晰且高度可信的路線圖，以捕捉代幣化、穩定幣採用和比特幣採用的最大趨勢。

We will now discuss each of these three pillars in more detail beginning on slide 6. Our brokerage-in-a-box solution is already one of the most complete turnkey brokerage solutions available in the US today. We provide full license coverage across the country, integrated liquidity solutions and a regulated SOC 2-compliant technology stack, all designed to give clients rapid time to market with advanced brokerage and trading capabilities.

從第 6 張投影片開始，我們將更詳細地討論這三大支柱。我們的一體化經紀解決方案已經是當今美國最完整的交鑰匙經紀解決方案之一。我們提供覆蓋全國的全面許可、綜合流動性解決方案和符合 SOC 2 監管的技術堆棧，旨在讓客戶能夠透過先進的經紀和交易能力快速進入市場。

This combination of compliance infrastructure and speed positions us as a trusted partner for institutions that don't want to build their own infrastructure from scratch. Additionally, we are leveling up our trading infrastructure in a big way.

合規基礎設施和速度的結合使我們成為那些不想從頭開始建立自己的基礎設施的機構值得信賴的合作夥伴。此外，我們正在大力提升我們的交易基礎設施。

Over the second half of 2025, we plan to begin rolling out Brokerage-in-a-Box 2.0, a comprehensive technology upgrade to a platform that significantly expands our capabilities and revenue potential. These enhancements will increase the supported coins in our platform to over 200 from approximately 50 today. Upgrade our current trading engine, add social features such as copy trading, which lets users replicate the strategies of top traders in the platform, as well as yield generation capabilities.

2025 年下半年，我們計劃開始推出 Brokerage-in-a-Box 2.0，這是一項全面的平台技術升級，可顯著擴展我們的能力和收入潛力。這些增強功能將使我們平台支援的硬幣數量從目前的約 50 種增加到 200 多種。升級我們目前的交易引擎，添加複製交易等社交功能，讓用戶複製平台上頂級交易員的策略以及收益產生能力。

We are also introducing a redesigned user interface to improve the client experience and integrate support for tokenization use cases across broader assets aligned with the pending Digital Asset Market Clarity Act of 2025. We believe these upgrades will significantly enhance some monetization opportunities while maintaining the same speed to market and compliance standards which will make our platform extremely effective.

我們還推出了重新設計的使用者介面，以改善客戶體驗，並整合對更廣泛資產的標記化用例的支持，以符合即將出台的 2025 年數位資產市場澄清法案。我們相信這些升級將顯著增強一些貨幣化機會，同時保持相同的上市速度和合規標準，這將使我們的平台非常有效。

As we roll out Brokerage-in-a-Box 2.0, our immediate strategic priorities are deepen current clients and prospective client engagement, strengthen our growing sales pipeline and broadening our monetization opportunities. We are already seeing strong adoption. We've recently added Longbridge, Ascendex, and BITC to our platform and are seeing increased demand from institutions around our capabilities to offer other value-added crypto services while maintaining their existing brand relationships. Our platform is particularly compelling for international companies looking to immediately onshore into the US market.

隨著我們推出 Brokerage-in-a-Box 2.0，我們的當務之急是深化現有客戶和潛在客戶的參與度，加強我們不斷增長的銷售管道並擴大我們的貨幣化機會。我們已經看到了強勁的採用。我們最近將 Longbridge、Ascendex 和 BITC 添加到我們的平台，並且看到機構對我們提供其他增值加密服務的能力的需求不斷增加，同時保持現有的品牌關係。對於希望立即進入美國市場的國際公司來說，我們的平台尤其具有吸引力。

Our sales funnel also remains healthy with more than 400 leads at the top of the funnel and over 10 qualified leads moving through late-stage discussions. This strong pipeline reflects the growing global demand for turnkey brokerage solutions.

我們的銷售漏斗也保持健康，漏斗頂部有超過 400 條線索，並且有超過 10 條合格線索正在進入後期討論。這個強大的管道反映了全球對交鑰匙經紀解決方案日益增長的需求。

On the product side, we are focusing on delivering immediate enhancements that include institutional-grade custody partnerships to meet the highest standards of B2B controlled panel to give clients greater operational control and efficiency and margin-lending products to expand trading capabilities and to create new revenue streams.

在產品方面，我們專注於提供即時改進，包括機構級託管合作夥伴關係，以滿足 B2B 控制面板的最高標準，為客戶提供更大的營運控制權和效率，以及保證金貸款產品，以擴大交易能力並創造新的收入來源。

These initiatives are designed to reinforce Bakkt's leadership in compliance scalable brokerage infrastructure while positioning us to capture a larger share of the market as institutional adoption of digital assets accelerate. Our second pillar, stablecoin payments highlighted on slide 8 is becoming a reality through the upcoming launch of Bakkt Agent, our AI-powered global transfers product and the first step in our vision to simplify and automate complex financial transactions for consumers.

這些措施旨在加強 Bakkt 在合規可擴展經紀基礎設施方面的領導地位，同時隨著機構對數位資產的採用加速，使我們能夠佔領更大的市場份額。我們的第二個支柱，第 8 張投影片中強調的穩定幣支付，正在透過即將推出的 Bakkt Agent（我們的人工智慧驅動的全球轉帳產品）成為現實，也是我們為消費者簡化和自動化複雜金融交易的願景的第一步。

This product is designed to deliver efficient domestic and cross-border payments, one of the most disruptive blockchain use cases in the market. As consumers are getting more habituated with AI agents, the Bakkt Agent is capable of transforming any message interface into a programmable money platform with just a few lines of code.

該產品旨在提供高效的國內和跨境支付，這是市場上最具顛覆性的區塊鏈用例之一。隨著消費者越來越習慣人工智慧代理，Bakkt Agent 只需幾行程式碼就能將任何訊息介面轉變為可程式化的貨幣平台。

This solution will deliver chat-based transfers where users can send, receive and convert funds through natural interactions like voice commands, text messages or images all through very familiar conversational interfaces that people already use.

該解決方案將提供基於聊天的轉賬，用戶可以透過語音命令、文字訊息或圖像等自然互動來發送、接收和轉換資金，所有這些都透過人們已經使用的非常熟悉的對話式介面進行。

The conversational AI-driven experience will simplify the complexity of managing finances, allowing users to simply tell the agent what to do eventually moving beyond simple transfers to create a platform that truly differentiates us from neobanks of the past. Bakkt Agent is fully interoperable with our brokerage platform via APIs, enabling agentic global payments and expanding our remittance infrastructure through the DTR integration.

對話式人工智慧驅動的體驗將簡化財務管理的複雜性，使用戶能夠簡單地告訴代理人該做什麼，最終超越簡單的轉賬，創建一個真正使我們有別於過去的新銀行的平台。Bakkt Agent 透過 API 與我們的經紀平台完全互通，實現代理全球支付並透過 DTR 整合擴展我們的匯款基礎設施。

We have launched a private data for early testers this month, enabling transfers to over 36 countries initially, with plans to expand to more than 90 countries within the next few quarters. Our focus is on the high remittance corridors in Asia and LatAm. By the end of Q3, we are planning to roll out the consumer offering to existing clients followed by a Q4 pilot with select businesses.

我們本月已為早期測試人員推出了私人數據，最初可傳輸到 36 個國家/地區，並計劃在未來幾個季度內擴展到 90 多個國家/地區。我們的重點是亞洲和拉丁美洲的高匯款管道。到第三季末，我們計劃向現有客戶推出消費者產品，然後在第四季與精選企業進行試點。

Looking ahead, our road map is focused on developing a full featured financial AI agent that can autonomously manage and move money, a fundamental shift from traditional banking and not just an incremental improvement, but a new paradigm in how people interact with their money. This includes introducing clients to current and saving accounts, overnight interest-bearing accounts and payment cards for both local and international spending.

展望未來，我們的路線圖專注於開發一個功能齊全的金融人工智慧代理，可以自主管理和轉移資金，這是傳統銀行業務的根本轉變，不僅僅是漸進式的改進，而且是人們與資金互動的新範式。這包括向客戶介紹活期和儲蓄帳戶、隔夜計息帳戶以及用於本地和國際消費的支付卡。

These features will extend Bakkt's role in the digital money ecosystem, offering clients and consumers a comprehensive suite of blockchain and AI-enabled financial tools. This initiative not only positions us at the forefront of stablecoin adoption, but also builds a scalable capital-light SaaS platform with multiple monetization channels in a market that's still in its very early innings.

這些功能將擴展 Bakkt 在數位貨幣生態系統中的作用，為客戶和消費者提供全面的區塊鏈和人工智慧金融工具。這項舉措不僅使我們處於穩定幣採用的前沿，而且還在仍處於早期階段的市場中建立了一個具有多種貨幣化管道的可擴展的輕資本 SaaS 平台。

Finally, our third pillar, the Bitcoin treasury strategy beginning on slide 10. It is clear that leading companies adopting a Bitcoin treasury strategy at scale have created tremendous value for their shareholders. Our differentiated approach is to capitalize on markets with unique structural advantages.

最後，我們的第三個支柱，從第 10 張投影片開始的比特幣財務策略。顯然，大規模採用比特幣財務策略的領先公司為其股東創造了巨大的價值。我們的差異化方法是利用具有獨特結構優勢的市場。

We are focused on large liquid markets, beginning with Japan, where there are few publicly listed companies are institutionally credible vehicles such as ETF offering direct current exposure. This dynamic, combined with a strong demand for digital assets has resulted in premium and public companies that are actively accumulating Bitcoin onto their balance sheet.

我們專注於大型流動性市場，首先是日本，那裡很少有上市公司是機構可信賴的工具，例如提供直流電流敞口的 ETF。這種動態，加上對數位資產的強勁需求，導致優質公司和上市公司積極將比特幣累積到其資產負債表上。

The markets that we'll focus on present high barriers to entry in terms of regulatory licensing and market trust, creating a durable competitive moat. The markets also have more predictable supportive regulatory frameworks for digital assets as well as certain favorable tax-related advantages for corporations holding Bitcoin.

我們重點關注的市場在監管許可和市場信任方面具有較高的進入門檻，從而形成了持久的競爭障礙。市場還對數位資產擁有更可預測的支持性監管框架，並為持有比特幣的公司提供某些優惠的稅務相關優勢。

Furthermore, we plan on bringing retail brand recognition through the ownership of domains such as bitcoin.jp and bitcoin.kr, positioning us to achieve strong market visibility, which we believe will strengthen our position with institutional and retail investors.

此外，我們計劃透過擁有 bitcoin.jp 和 bitcoin.kr 等網域來提高零售品牌知名度，從而獲得強大的市場知名度，我們相信這將加強我們在機構和散戶投資者中的地位。

We believe our expertise and our unique approach will enable us to operate at scale, leveraging institutional-grade custody solutions, enhancing returns through yield generation capabilities, and creating recurring revenue streams for Bakkt via treasury management and related services. Together, these elements position Bakkt to deliver sustainable value for our shareholders, and we plan on expanding this model into other strategic markets and geographies over time.

我們相信，我們的專業知識和獨特的方法將使我們能夠大規模運營，利用機構級託管解決方案，透過收益產生能力提高回報，並透過財務管理和相關服務為 Bakkt 創造經常性收入來源。這些因素共同使 Bakkt 能夠為我們的股東提供可持續的價值，我們計劃隨著時間的推移將這種模式擴展到其他策略市場和地區。

And we've already begun executing, beginning with Japan. Japan's growing interest for crypto and clear regulatory framework for digital assets makes it an ideal jurisdiction to initiate our differentiated Bitcoin treasury strategy. On August 7, we successfully closed the share purchase agreement to acquire approximately 30% of Marusho Hotta Co Limited, or MHT, a Tokyo-listed company, making Bakkt the company's largest shareholder.

我們已經開始執行，從日本開始。日本對加密貨幣日益增長的興趣以及對數位資產的明確監管框架使其成為啟動我們差異化比特幣資金策略的理想司法管轄區。8 月 7 日，我們成功完成股份購買協議，收購東京上市公司 Marusho Hotta Co Limited（MHT）約 30% 的股份，讓 Bakkt 成為該公司最大股東。

As part of the transaction, we have nominated Phillip Lord, President of Bakkt International as CEO of MHT to oversee the integration of Bitcoin into the company's operating and financial model. Further, we plan on rebranding the company's name to bitcoin.jp pending MHT shareholder approval. Bitcoin.jp will also be the type two sponsor of the upcoming leading Web3 and Blockchain Conference in Asia WebEx 2025 in Tokyo at the end of August. We look forward to sharing more details on this at the next earnings call following the AGM of MHT, which is expected to be in the second half of October.

作為交易的一部分，我們已提名 Bakkt International 總裁 Phillip Lord 擔任 MHT 首席執行官，負責監督比特幣與公司營運和財務模式的整合。此外，我們計劃在獲得 MHT 股東批准後將公司名稱重新命名為 bitcoin.jp。Bitcoin.jp 也將成為 8 月底在東京舉行的亞洲領先的 Web3 和區塊鏈會議 WebEx 2025 的二類贊助商。我們期待在 MHT 年度股東大會之後的下一次財報電話會議上分享更多細節，預計將於 10 月下半月舉行。

In closing, as a result of Bakkt's strategic realignment, we believe that we will be a significantly more focused company, which is uniquely positioned to capitalize on the massive tailwind of the digitalization of assets.

最後，由於 Bakkt 的策略調整，我們相信我們將成為一家更專注的公司，並擁有獨特的優勢來利用資產數位化的巨大順風。

I want to end my remarks today on slide 12 and summarize the key near-term strategic priorities that we plan to execute over the next couple of quarters. One, finalize the sale of our loyalty business. This marks a pivotal milestone that will accelerate our focus entirely on our crypto offerings and stablecoin payments infrastructure. Two, as we move forward without our legacy non-crypto businesses, we will finalize our comprehensive review process, fully rightsizing our cost structure aligned to our existing revenue base.

我想在第 12 張投影片上結束我今天的發言，並總結我們計劃在未來幾季執行的關鍵近期策略重點。一、完成忠誠度業務的出售。這是一個關鍵的里程碑，它將加速我們完全專注於加密產品和穩定幣支付基礎設施。第二，隨著我們在沒有傳統非加密業務的情況下繼續前進，我們將完成全面的審查流程，完全調整與現有收入基礎相符的成本結構。

This includes a bottom-up evaluation of our organizational structure, third-party service providers, internal workflows and technology optimization to drive synergies across our business. We plan to share details of this plan on our next earnings calls.

這包括自下而上地評估我們的組織結構、第三方服務提供者、內部工作流程和技術最佳化，以推動整個業務的協同效應。我們計劃在下次財報電話會議上分享該計劃的詳細資訊。

Three, commence rollout of our Brokerage-in-a-Box 2.0 technology upgrades and new product road map to position back to capture efficiencies and significant monetization opportunities. Four, launch our stablecoin payments platform Bakkt Agent that efficiently enables cross-border payments and, over time, reshape the way consumers manage and move money in their everyday lives. Lastly, expand our Bitcoin treasury strategy to other markets, having initiated it with Japan, where there's a clear regulatory and structural advantage for Bakkt as we started with MHT.

第三，開始推出我們的 Brokerage-in-a-Box 2.0 技術升級和新產品路線圖，以重新定位以獲取效率和重大的貨幣化機會。第四，推出我們的穩定幣支付平台 Bakkt Agent，有效率地實現跨境支付，並隨著時間的推移重塑消費者在日常生活中管理和轉移資金的方式。最後，將我們的比特幣資金策略擴展到其他市場，首先在日本實施，由於我們從 MHT 開始，因此在日本對 Bakkt 具有明顯的監管和結構優勢。

We are looking forward to providing updates on this in our next earnings call. I want to thank our customers and shareholders for their continued support and patience as we are well on our way into a major strategic transformation.

我們期待在下次財報電話會議上提供有關此問題的最新消息。我要感謝我們的客戶和股東在我們順利進行重大策略轉型之際給予的持續支持和耐心。

We are still in the early stages of a generational shift in what money is, how money moves and how markets operate and trade. I'm excited to lead Bakkt into this exciting global trend of digital assets as we unlock long-term value for our shareholders through our differentiated position as a pure-play crypto infrastructure company.

我們仍處於貨幣是什麼、貨幣如何流動以及市場如何運作和交易的世代轉變的早期階段。我很高興能夠帶領 Bakkt 進入這一令人興奮的全球數位資產趨勢，因為我們透過作為純粹的加密基礎設施公司的差異化地位為股東釋放長期價值。

I'll now turn it over to Karen to review the Q2 financial results in more detail. Karen?

現在我將把時間交給 Karen 來更詳細地回顧第二季度的財務結果。卡倫？

Thank you, Akshay. I will now walk you through Bakkt's second 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。現在我將帶您了解 Bakkt 的第二季 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為基礎呈現。

Starting with our crypto trading volumes. Sequentially, Q2 experienced a decline in crypto trading volumes, which aligned with broader market trends during the second quarter. The crypto market faced headwinds from March through June as investors adopted a cautious stance amid regulatory uncertainty and macroeconomic pressures that characterized the first half of 2025.

從我們的加密貨幣交易量開始。連續第二季加密貨幣交易量出現下降，這與第二季的整體市場趨勢一致。由於 2025 年上半年監管不確定性和宏觀經濟壓力導致投資者採取謹慎態度，加密貨幣市場從 3 月到 6 月面臨阻力。

Crypto trading volume for the second quarter was also impacted by the previously announced restructuring of our relationship with Webull as we discussed in prior earnings calls. Despite these near-term challenges, we remain optimistic about the strong tailwinds ahead.

正如我們在先前的財報電話會議上所討論的那樣，第二季的加密貨幣交易量也受到了我們先前宣布的與 Webull 關係重組的影響。儘管面臨這些短期挑戰，我們仍然對未來的強勁順風持樂觀態度。

The regulatory environment has never been more supportive with the current administration and Congress demonstrating unprecedented bullishness towards digital assets. Since the end of Q2, with Bitcoin hitting new all-time highs in July, we experienced a significant improvement in our trading volumes, up 50% month-over-month.

監管環境從未像現在這樣支持，現任政府和國會對數位資產表現出前所未有的樂觀態度。自第二季末以來，隨著比特幣在 7 月創下歷史新高，我們的交易量顯著提升，環比增長了 50%。

As Akshay mentioned, we've also onboarded three new institutional clients to our platform, Longbridge, Assendex and who we expect will meaningfully contribute to our trading value activity moving forward. We believe this favorable policy backdrop, combined with our pure-play crypto infrastructure positioning, full-scale DTR integration and expanding partner pipeline, position us well to capitalize on the next wave of institutional adoption and market growth.

正如 Akshay 所提到的，我們的平台還引入了三個新的機構客戶，Longbridge 和 Assendex，我們期望他們將為我們未來的交易價值活動做出有意義的貢獻。我們相信，這種有利的政策背景，加上我們純粹的加密基礎設施定位、全面的 DTR 整合和不斷擴大的合作夥伴管道，使我們能夠充分利用下一波機構採用和市場成長。

Now on slide 15, I'll walk you through our Q2 KPIs, which provide insight into the underlying trends driving our business. In Q2, total active transacting accounts were 689,000, segmented into 265,000 loyalty redemption accounts and 424,000 crypto trading accounts. This reflected the overall market as the heightened activity we saw in Q4 of last year dwindled over the next two quarters with uncertainty in the markets around legislation.

現在在第 15 張投影片上，我將向您介紹我們的第二季 KPI，它們可以深入了解推動我們業務發展的潛在趨勢。第二季度，活躍交易帳戶總數為 689,000 個，其中忠誠度兌換帳戶 265,000 個，加密貨幣交易帳戶 424,000 個。這反映了整體市場的情況，因為我們看到的去年第四季的活動高峰在接下來的兩個季度逐漸減少，因為圍繞立法的市場存在不確定性。

The year-over-year comparison was relatively flat. Total notional volume for Q2 was $733 million comprised of $565 million from crypto trading and $168 million from loyalty redemptions. Our crypto trading volumes underperformed market benchmarks on a sequential basis but outpaced the market on a year-over-year comparison, demonstrating our resilience over longer time frames.

與去年同期相比，情況相對穩定。第二季的總名目交易量為 7.33 億美元，其中 5.65 億美元來自加密貨幣交易，1.68 億美元來自忠誠度兌換。我們的加密貨幣交易量較上季表現不如市場基準，但年比表現優於市場，展現了我們在較長時期內的韌性。

Loyalty redemption volumes declined year-over-year but increased sequentially. The year-over-year decline in volumes is driven by the exit of a loyalty client in 2024 and general softening in historical redemption levels.

忠誠度兌換量較去年同期下降，但較上季增加。交易量較去年同期下降的原因是 2024 年忠誠度客戶的退出以及歷史兌換水準的普遍下降。

The sequential increase in volume reflects redemption promotions that occurred in the second quarter. Finally, assets under custody at our custodian partners for our brokerage business totaled $1.36 billion. In the quarter, we completed the sale of our Trust business to ICE. We continue to offer custody solutions for our clients through our partner, Bitgo in coin-based custody.

交易量的持續成長反映了第二季度發生的贖回促銷活動。最後，我們的經紀業務託管合作夥伴託管的資產總額為 13.6 億美元。本季度，我們完成了將信託業務出售給 ICE 的交易。我們繼續透過我們的合作夥伴 Bitgo 為我們的客戶提供基於硬幣的託管解決方案。

On slide 16, we show our total revenue broken out between our crypto and loyalty products. Total revenue for the second quarter of 2025 was $577.9 million, up 13.3% year-over-year and down 46.2% sequentially. Gross crypto services revenue for the quarter was $568.1 million, up 14.3% year-over-year and down 46.7% sequentially.

在投影片 16 上，我們展示了加密貨幣和忠誠度產品之間的總收入。2025 年第二季總營收為 5.779 億美元，年增 13.3%，季減 46.2%。本季加密服務總收入為 5.681 億美元，年增 14.3%，季減 46.7%。

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 improved market sentiment we have seen in crypto since the fourth quarter of 2024.

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，我們看到加密市場的市場情緒有所改善。

Crypto services revenue, net of crypto costs and execution clearing and brokerage fees or ECB, totaled $2.9 million, reflecting a 41.1% increase year-over-year and a 15.7% decrease sequentially. Net loyalty revenues were $9.8 million, down 23.3% year-over-year and up 6.8% sequentially.

加密服務收入（扣除加密成本和執行清算及經紀費用或 ECB）總計 290 萬美元，較去年同期成長 41.1%，季減 15.7%。淨忠誠度收入為 980 萬美元，年減 23.3%，季增 6.8%。

Of this amount, loyalty transaction revenues contributed $5.8 million while subscription and services revenues were $4 million. The year-over-year decline was primarily related to the exit of a loyalty client in 2024 as well as reduced volume-based services revenue and transaction volume. The increase sequentially was due to higher transaction volumes driven by seasonal redemption promotions.

其中，忠誠度交易收入貢獻了 580 萬美元，而訂閱和服務收入貢獻了 400 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。環比增長是由於季節性兌換促銷活動推動交易量增加。

Moving to slide 17. Total operating expenses for the quarter were $596.4 million, including $565.2 million of crypto costs and ECB, which are correlated to crypto trading volumes. SG&A expenses were $3.6 million, down 34.9% year-over-year and 6.2% sequentially, driven by reductions in insurance, marketing and promotion and occupancy costs.

移至投影片 17。本季總營運費用為 5.964 億美元，其中包括 5.652 億美元的加密貨幣成本和 ECB，這些與加密貨幣交易量相關。銷售、一般及行政費用為 360 萬美元，年減 34.9%，較上季下降 6.2%，主要由於保險、行銷和促銷以及入住成本的減少。

Total compensation expense was $20.1 million, down 10.1% year-over-year and up 12.9% sequentially. The year-over-year decline reflects lower salaries some benefits driven by our restructuring actions in 2024. The sequential increase in compensation expense is driven by our stock-based compensation awards granted in lieu of cash bonuses and for new employees.

總薪酬支出為 2,010 萬美元，年減 10.1%，季增 12.9%。年比下降反映了我們 2024 年重組行動導致的薪資和一些福利下降。薪酬費用的連續增加是由於我們授予新員工的股票薪酬獎勵（取代現金獎金）所致。

Turning to slide 18, we present our condensed profit and loss statement. Net loss for the quarter was $30.2 million, improving 15.1% year-over-year from a loss of $35.5 million. $15.4 million was attributable to the noncontrolling interest in the operating company and $14.7 million attributable to back holdings, resulting in a loss of $2.16 per share for both basic and diluted EPS.

翻到第 18 張投影片，我們展示了簡潔的損益表。本季淨虧損為 3,020 萬美元，較去年同期的 3,550 萬美元虧損改善 15.1%。其中 1,540 萬美元歸因於營運公司的非控股權益，1,470 萬美元歸因於後備持股，導致基本每股收益和稀釋每股收益均為 2.16 美元。

On slide 19, we have our condensed balance sheet as of June 30, 2025. We ended the quarter with $61.5 million in cash, cash equivalents and restricted cash. The $20.5 million sequential increase in our cash position in Q2 was primarily driven by the $23.7 million of net proceeds from our convertible debt offering in June, $4.5 million of proceeds from the sale of Bakkt Trust in May, and a $1.9 million reduction in restricted cash collateral requirements, partially offset by the repayment of $5.2 million of principal and accrued interest on the ICE line of credit and other operating cash utilization.

第 19 頁是截至 2025 年 6 月 30 日的簡明資產負債表。本季末，我們擁有 6,150 萬美元的現金、現金等價物和受限現金。我們第二季的現金狀況較上季增加 2,050 萬美元，主要原因是 6 月發行可轉換債券獲得的 2,370 萬美元淨收益、5 月出售 Bakkt Trust 獲得的 450 萬美元收益以及限制性現金抵押品要求減少 190 萬美元，但部分被償還 520 萬美元的 ICE 信用額度以及其他經營現金和現金應計利息。

At the end of July, coinciding with our successful $75 million capital raise, of which we received approximately $68.8 million after deducting the underwriting discounts and commissions, we terminated a lifeline of credit agreement, given the pending sale of loyalty and our strengthened liquidity position.

7 月底，我們成功籌集了 7500 萬美元的資金，扣除承銷折扣和佣金後，我們獲得了約 6880 萬美元，考慮到忠誠度的待售和我們增強的流動性狀況，我們終止了信貸生命線協議。

On slide 20, we have our adjusted EBITDA for the second quarter of 2025. Adjusted EBITDA reflects adjustments for certain noncash and restructuring and transaction-related items that impacted the period. Adjusted EBITDA for Q2 2025 was a loss of $12.6 million. The year-over-year improvement in adjusted EBITDA loss, which narrowed by 29.9%, was primarily due to the overall decrease in compensation and benefits and SG&A expenses, partially offset by an increase in professional fees.

投影片 20 顯示了 2025 年第二季的調整後 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 年第二季調整後的 EBITDA 虧損 1,260 萬美元。調整後 EBITDA 虧損較去年同期改善，收窄 29.9%，主要由於薪資福利和銷售、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下降。

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

謝謝大家。這就是我們 2025 年第二季財報電話會議的準備好的評論部分。我現在將把此事交還給科迪 (Cody) 來完成結案。

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財報電話會議。我們期待很快再次與您聯繫。

That concludes the conference call. Thank you for your participation. Enjoy the rest of your day.

電話會議到此結束。感謝您的參與。享受這一天剩下的時間。