Bakkt Holdings Inc (BKKT) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Bakkt third-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, today's program is being recorded.

大家好，歡迎參加 Bakkt 2025 年第三季財報電話會議。（操作說明）提醒各位，今天的節目正在錄製中。

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

現在我將把電話交給 Bakkt 的投資人關係顧問 Cody Fletcher。請繼續。

Hello, everyone. And thank you for joining Bakkt's third-quarter 2025 earnings call. Before we get started, I'd like to remind everyone that during today's call, we may make certain forward-looking statements. These statements include, but are not limited to, our expectations regarding Bakkt's transformation into a pure-play digital asset infrastructure company, the performance and future development of our markets, agent and global, our international expansion strategy, including anticipated actions related to our Japan investment and future jurisdictions, our plans for platform upgrades, cost optimization, hiring and brand initiatives.

大家好。感謝您參加 Bakkt 2025 年第三季財報電話會議。在正式開始之前，我想提醒大家，在今天的電話會議中，我們可能會做出一些前瞻性陳述。這些聲明包括但不限於：我們對 Bakkt 轉型為純粹的數位資產基礎設施公司的期望、我們市場（包括代理商和全球市場）的業績和未來發展、我們的國際擴張策略（包括與我們在日本的投資和未來管轄區相關的預期行動）、我們的平台升級、成本優化、招聘和品牌舉措計劃。

Expectations regarding the StableCoin, Bitcoin and tokenization markets and our outlook for 2026 KPIs in our planned Investor Day. 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.

我們將在計畫中的投資者日上闡述對穩定幣、比特幣和代幣化市場的預期，以及我們對 2026 年關鍵績效指標的展望。這些聲明是基於管理階層目前的預期，並受風險和不確定性的影響，這些風險和不確定性可能導致實際結果與此類前瞻性聲明中明示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. 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.

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。此外，除了討論依照公認會計原則計算的結果外，我們還將提及某些非公認會計原則的財務指標。有關我們非GAAP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 will now turn the call over to Akshay.

謝謝。現在我將把電話交給阿克謝。

Thank you, everyone. Thank you for joining the call. Today, our focus is around 1 clear mission to power the next generation of Global Finance that clarity of purpose matters. It allows us to align our people, sharpen our strategy and channel our resources with conviction towards the future we see emerging. Across the world, individuals and institutions are reevaluating what money really is, how it moves and how markets operate.

謝謝大家。感謝您參加通話。今天，我們的重點是圍繞著一個明確的使命——推動下一代全球金融發展，因為目標明確至關重要。它使我們能夠協調人員，完善策略，並滿懷信心地將資源投入我們所預見的未來。世界各地的個人和機構都在重新評估貨幣的本質、貨幣的流動方式以及市場的運作方式。

We believe this shift will define the next era of Global Finance, and we see it unfolding across three major fronts. First, Bitcoins continue to rise as a globally recognized digital store of value, the new foundation for trust and savings. Second, the rapid transformation of banking and payments accelerated by AI and Stablecoins which are reshaping how value flows through the economy.

我們認為，這一轉變將定義全球金融的下一個時代，我們看到它將在三個主要方面展開。首先，比特幣作為全球公認的數位價值儲存手段，以及信任和儲蓄的新基礎，其地位持續上升。其次，人工智慧和穩定幣加速了銀行業和支付業的快速轉型，重塑了價值在經濟中的流動方式。

And third, the tokenization of real-world assets, redefining how everything from bonds to commodities to property is traded and settled in the future. Back stands at the center of this evolution, building the compliance, secure and scalable infrastructure that enables these systems to connect and grow.

第三，現實世界資產的代幣化，將重新定義未來從債券到大宗商品再到房地產等一切資產的交易和結算方式。Back 處於這一演變的核心，建立了合規、安全且可擴展的基礎設施，使這些系統能夠連接和發展。

Our vision is simply at bold to be the trusted bridge between the physical and digital world finance, enabling seamless value transfer society accelerates into an AI equivalent economy. If we take a step back, it's clear the evolution of global finance is already underway, and the scale of opportunity is extraordinary. Out of an estimated $700 trillion in global assets, only a small fraction currently live on blockchain rails. That's rapidly changing as digital infrastructure becomes increasingly integrated into traditional systems.

我們的願景很簡單，就是成為實體世界和數位世界金融之間值得信賴的橋樑，實現無縫價值轉移，推動社會加速邁向人工智慧經濟時代。如果我們退後一步來看，就會發現全球金融的變革已經開始，而且機會的規模是巨大的。據估計，全球資產總額達 700 兆美元，但目前只有一小部分資產在區塊鏈上運作。隨著數位基礎設施與傳統系統的整合日益加深，這種情況正在迅速改變。

Bitcoin continues to gain acceptance as a credible treasury asset among corporates, sovereigns and institutions. Stablecoins meanwhile now settle over $30 trillion annually surpassing Visa and new policy frameworks such as the US Genius Act, are establishing clear regulatory card rails that legitimize this market. At the same time, tokenization is moving from pilot to production. Financial institutions are beginning to issue and settle assets on programmable rails with BCG forecasting nearly $19 trillion in tokenized value by 2033.

比特幣作為一種可靠的國庫資產，正不斷被企業、主權國家和機構所接受。與此同時，穩定幣的年結算超過 30 兆美元，超過了 Visa，而像美國《天才法案》這樣的新政策框架正在建立明確的監管管道，使這個市場合法化。同時，代幣化正從試點階段過渡到生產階段。金融機構開始在可程式軌道上發行和結算資產，波士頓顧問公司 (BCG) 預測，到 2033 年，代幣化資產的價值將接近 19 兆美元。

The takeaway, the total addressable market for digital asset infrastructure is enormous, and we are still in the very early innings. Bakkt is positioning itself at the center of this transformation with a regulated rail custody and settlement layer that will power this ecosystem. We are aligning our capital talent and road map to deliver tangible outcomes shaped by these powerful global trends. This quarter represents an important milestone in Bakkt's journey.

由此可見，數位資產基礎設施的潛在市場規模龐大，而我們目前仍處於起步階段。Bakkt 將自身定位為這項變革的中心，透過規範的鐵路監管和結算層來驅動這個生態系統。我們正在調整我們的資本、人才和發展路線圖，以期在這些強大的全球趨勢的影響下，取得切實可見的成果。本季是 Bakkt 發展歷程中的重要里程碑。

We delivered strong results with $29 million in adjusted EBITDA, which demonstrates the scalability and efficiency of our evolving business model. On the balance sheet, we closed the quarter with approximately $64 million in cash and restricted cash and no debt, reflecting disciplined execution and a significantly strengthened financial foundation.

我們取得了強勁的業績，調整後 EBITDA 達到 2900 萬美元，證明了我們不斷發展的商業模式的可擴展性和效率。從資產負債表來看，本季末我們擁有約 6,400 萬美元的現金和受限現金，且無債務，這反映了我們嚴謹的執行力和顯著增強的財務基礎。

While I'm pleased with these results, I want to be absolutely clear, this is just the beginning. The heavy lifting of our transformation is largely behind us, and I expect to complete the process by the end of Q4 as the elements of our restructuring, product launches, distribution partnership and cost initiatives all start coming together. This quarter also affirms the strength of our back global business model, a framework built for durability and scale.

雖然我對這些結果感到滿意，但我必須明確指出，這只是個開始。我們轉型的艱鉅任務已經基本完成，我預計到第四季末，隨著重組、產品發布、分銷合作和成本控制等各項舉措逐步落實，整個過程將得以完成。本季也印證了我們強大的全球商業模式的優勢，這是一個為持久性和規模化而建構的框架。

It validates the structural and strategic changes we made are already translating into tangible performance. And as we look ahead, I'll walk you through the decisive actions we've taken since I became CEO, what remains in our road map and how Bakkt is uniquely positioned to power the structural rearchitecture of global finance.

這證明我們所做的結構和策略變革已經轉化為切實可見的績效。展望未來，我將帶您了解我擔任執行長以來我們採取的果斷行動，我們路線圖中還剩下哪些內容，以及 Bakkt 如何憑藉其獨特的優勢推動全球金融的結構重組。

When I stepped in as CEO following the cooperation agreement with DTR, that was spread to thing, a collection of disconnected initiatives burdened by non-core assets and inefficient cost structure and a lack of strategic focus that had built up over years of missteps. We acted with immense urgency. Over the past 2.5 quarters, we've executed a disciplined and deliberate transformation, one that touched every part of the business.

在與 DTR 達成合作協議後，我接任執行長一職，但當時的情況是，一系列互不關聯的舉措堆積如山，這些舉措受到非核心資產、低效的成本結構以及多年來因失誤而積累的缺乏戰略重點的拖累。我們採取了極為緊急的行動。在過去的兩個半季度裡，我們執行了一項有條不紊、深思熟慮的轉型，而這項轉型影響了業務的各個層面。

We exited non-core operations, reconstituted the Board, streamlined our organization and refocused entirely around one mission, building a leading regulated digital asset infrastructure platform. We rebuild back from the ground up, simplifying our technology stack, reducing external dependencies and attracting top-tier talent to lead our three core verticals. Bakkt Markets, Bakkt Agent and Bakkt Global, which I'll discuss shortly.

我們退出了非核心業務，重組了董事會，精簡了組織架構，並完全專注於一個使命：打造領先的受監管數位資產基礎設施平台。我們從零開始重建，簡化技術堆疊，減少外部依賴，並吸引頂尖人才來領導我們的三大核心垂直領域。Bakkt Markets、Bakkt Agent 和 Bakkt Global，我稍後會詳細介紹。

We also strengthened governance and leadership. Phillip Lord, our President of International, is driving our expansion across Japan, Korea and India, connecting us to some of the world's most dynamic capital markets. Ankit Kamka, our Chief Product Officer, and who was the former Head of Growth at Revolut is accelerating innovation and integration across our products primarily on the Stablecoin front.

我們也加強了治理和領導。我們的國際總裁菲利普·洛德正在推動我們在日本、韓國和印度的擴張，將我們與世界上一些最具活力的資本市場聯繫起來。我們的首席產品長 Ankit Kamka（曾任 Revolut 成長主管）正在加速我們產品的創新和整合，尤其是在穩定幣方面。

At the Board level, we previously welcomed Mike Alfred and Lynn Alden, and today, I'm very pleased to welcome Richard Galvin, three deeply independent thinkers and accomplished entrepreneurs. These are not professional quote-unquote, directors collecting fees. Each conducted their own diligence, challenged our assumptions and joined the Board after gaining conviction in our vision, our road map and the integrity of our transformation. That engagement brings institutional discipline and intellectual rigor to Bakkt's covenants, not box sticky.

在董事會層面，我們之前迎來了麥克·阿爾弗雷德和林恩·奧爾登，今天，我非常高興地歡迎理查德·加爾文，他們三位都是極具獨立思考能力的傑出企業家。這些並非收取費用的專業「董事」。每個人都進行了各自的盡職調查，對我們的假設提出了質疑，並在確信我們的願景、路線圖和轉型計​​劃的完整性之後加入了董事會。這種參與為 Bakkt 的契約帶來了製度紀律和嚴謹的學術態度，而不是僵化的條條框框。

We eliminated structural overhangs, significantly reduce costs and strengthen our balance sheet. Today, every dollar we spend is driving monetization through trading spreads, custody fees, Stablecoin flows and recurring revenues. This has not just been a cleanup exercise but instead a full-scale reboot of the company that is now ready for the exciting disruption currently underway for the next few decades of finance. And we did it at what many would consider lightning speed.

我們消除了結構性負擔，大幅降低了成本，並增強了資產負債表。如今，我們花的每一美元都在透過交易價差、託管費、穩定幣流動和經常性收入來推動貨幣化。這不僅僅是一次清理工作，而是對公司的全面重啟，使其能夠迎接未來幾十年金融領域激動人心的變革。而且我們完成的速度在許多人看來簡直是閃電般快。

As we approach the end of Q4, our transformation enters its final phase. From here the focus shifts from transformation to acceleration, integrating our platforms, expanding our regulated custody and advancing strategic partnerships across markets and Stablecoin infrastructure. A key milestone this quarter was the simplification of our capital structure.

隨著第四季接近尾聲，我們的轉型進入了最後階段。從此，重點將從轉型轉向加速，整合我們的平台，擴大我們的受監管託管業務，並推動跨市場和穩定幣基礎設施的策略合作夥伴關係。本季的一個重要里程碑是簡化了我們的資本結構。

In Q3, we announced -- and on November 3 close, the collapse of our Up-C structure, eliminating the Dualos share system that dates back to our deals back in 2021. That structure serves its purpose early on, but over time, it's become a total drag. It added complexity, reduced liquidity and created friction for institutional investors. With the Up-C collapse complete, Bakkt now operates as one company, one cap table and one mission. Shareholders, management employees are now aligned under a single corporate entity, a major step forward in transparency, governance and shareholder alignment.

在第三季度，我們宣布——並在 11 月 3 日收盤時，我們的 Up-C 結構崩潰，取消了可以追溯到 2021 年交易的 Dualos 股份系統。這種結構在早期階段確實能起到作用，但隨著時間的推移，它變得完全是一種累贅。它增加了複雜性，降低了流動性，並給機構投資者帶來了摩擦。隨著 Up-C 的徹底倒閉，Bakkt 現在以一家公司、一個股權結構表和一個使命的形式運作。股東、管理階層和員工現在都隸屬於同一個公司實體，這是在透明度、公司治理和股東利益一致性方面邁出的重要一步。

We also strengthened our balance sheet. Between Q2 and Q3, we raised roughly $100 million in new capital and eliminated all outstanding debt giving back a cleaner, stronger financial foundation. We carry more than $120 million of tax loss carryforwards, a valuable asset that will offset future taxable income as profitability scale. To underscore my own conviction, I personally invested about $1.5 million in back shares in August through open market purchases. And as of October 31, shareholders have authorized me to purchase up to 13.4 million more stock through an option plan.

我們也加強了資產負債表。在第二季到第三季期間，我們籌集了約 1 億美元的新資金，並消除了所有未償債務，從而恢復了更清晰、更強大的財務基礎。我們擁有超過 1.2 億美元的稅收虧損結轉，這是一項寶貴的資產，隨著盈利能力的擴大，它將抵消未來的應稅收入。為了強調我自己的信念，我自己在 8 月透過公開市場購買的方式，投資了約 150 萬美元購買了 Back 的股票。截至 10 月 31 日，股東已授權我透過選擇權計畫購買最多 1,340 萬股股票。

I view this not as a signal, but as a statement of belief. I'm fully aligned with our shareholders for the long term. And let me make one point very clear, Bakkt is not in the business of perpetual equity issuance. We are not a digital, a digit asset treasury vehicle, chasing exposure through dilution. We've turned the corner financially debt-free discipline and focus any future capital raising will be done strategically, selectively and with a deep respect for shareholder value.

我認為這不是一種訊號，而是一種信念的表達。我完全認同股東們的長期利益。我要非常明確地指出一點，Bakkt 的業務並非永久股權發行。我們不是那種透過稀釋股權來追求曝險的數位化、數位資產管理工具。我們已經扭轉了財務困境，實現了無債務的紀律和專注，未來任何資本籌集都將採取策略性、選擇性的方式，並充分尊重股東價值。

This new structure and capital position gives us the flexibility to pursue opportunities, but always with the discipline and alignment that shareholders expect and that I personally demand. With our foundation reset and capital structure simplified, we are now focused on what defines Bakkt our three growth engines, markets, agent and global. Bakkt markets is the foundation. It provides institutional-grade infrastructure for digital assets, connecting clients to liquidity, market-making and regulated custody through our nationwide money transition licenses and New York bid license.

這種新的組織結構和資本狀況使我們有更大的彈性去追求機遇，但始終保持股東期望的、也是我個人所要求的紀律和一致性。隨著我們基礎的重置和資本結構的簡化，我們現在專注於定義 Bakkt 的三大成長引擎：市場、代理商和全球。Bakkt 市場是基礎。它為數位資產提供機構級基礎設施，透過我們遍布全國的資金轉移許可證和紐約投標許可證，將客戶與流動性、做市和受監管的託管服務連接起來。

This is how institutions trade on Bakkt, compliant, efficient and secure. Bakkt agent is how money moves. It's our programmable finance platform, combining Stablecoins, AI agents and cross-border payments into one seamless system, making sending, spending, saving and transacting as easy as messaging. This positions Bakkt at the heart of the Sable coin adoption wave and global remittance demand. Bakkt Global takes our technology into new jurisdictions through a minority investment model designed to generate investment gains and our long-term recurring revenue.

這就是機構在 Bakkt 上進行交易的方式：合規、有效率、安全。Bakkt代理是資金流動的方式。這是我們的可程式金融平台，它將穩定幣、人工智慧代理和跨境支付結合到一個無縫系統中，使發送、消費、儲蓄和交易像發送訊息一樣簡單。這使得 Bakkt 處於 Sable 幣普及浪潮和全球匯款需求的核心地位。Bakkt Global 透過少數股權投資模式將我們的技術引入新的司法管轄區，旨在產生投資收益和長期經常性收入。

We started in Japan where early progress in validating the model, and we'll share more updates as it scales in the quarters ahead. Together, these businesses form a unified regulated digital asset company, connecting how markets trade, how money moves and how value is stored.

我們從日本開始，目前已初步驗證了該模型，隨著未來幾季規模的擴大，我們將分享更多更新。這些企業共同組成了一家統一的、受監管的數位資產公司，連結了市場交易方式、資金流動方式和價值儲存方式。

Let's start with Bakkt markets, our core business, the engine of our infrastructure and the foundation of how modern digital markets will eventually trade in my opinion. This division is primarily US-based and built around a simple but powerful flywheel, market infrastructure, balance sheet strength and regulatory licensing, each reinforcing the other as volumes grow and liquidity deepens.

讓我們先從 Bakkt 市場說起，這是我們的核心業務，也是我們基礎設施的引擎，也是我認為現代數位市場最終交易方式的基礎。該部門主要以美國為基地，圍繞著一個簡單但強大的飛輪、市場基礎設施​​、資產負債表實力和監管許可而建立，隨著交易量的增長和流動性的加深，這三者相互促進。

Our regulated core is anchored by MTL licenses across the US and our New York with license designed for institution-grade performance, offering deep liquidity, Stablecoin on and off ramps, OTC trading and secure custody through the new partnership of Bakkt eye storage with Intercontinental Exchange scheduled to launch in Q1 2026.

我們受監管的核心業務以美國各地的 MTL 牌照為基礎，並在紐約擁有專為機構級性能而設計的牌照，提供深度流動性、穩定幣的上下線通道、場外交易以及透過 Bakkt eye 存儲與洲際交易所 (Intercontinental Exchange) 的新合作關係提供的安全託管服務，該合作計劃於 2026 年第一季度推出。

We are also expanding through Bakkt FX and evolution of our brokerage-in-a-box business. It provides a single point of access for B2B2C clients to route trade settled and custody assets, serving exchanges, fintechs and brokers that want to operate compliantly in the US without building the regulatory stack themselves. Together, these elements make Bakkt markets, the engine room of our platform compliant connected and build to scale.

我們也透過 Bakkt FX 拓展業務，並持續發展我們的一體化經紀業務。它為 B2B2C 客戶提供單一入口，用於路由交易結算和託管資產，服務於希望在美國合規運營而無需自行構建監管體系的交易所、金融科技公司和經紀商。這些要素共同構成了 Bakkt 市場，我們平台的引擎室，符合規範、互聯互通且可擴展。

Next Bakkt Agent is how money moves seamlessly, intelligently and globally. Stablecoins have become one of the most disruptive forces in modern finance. They're reshaping how money is stored, sent and earned at a fraction of the cost of legacy rates. Bakkt Agent is our response, a programmable finance platform operating behind the scenes as the AI-driven architecture powering the next wave of digital banking.

Next Bakkt Agent 讓資金無縫、智慧地在全球流動。穩定幣已成為現代金融領域最具顛覆性的力量之一。他們正在以遠低於傳統費率的成本，重塑資金的儲存、發送和賺取方式。Bakkt Agent 是我們的應對之策，它是一個可編程的金融平台，在幕後作為人工智慧驅動的架構，為下一波數位銀行浪潮提供支援。

Under the hood, Bakkt Agent is an AI-first modular stack built from the ground up, multiple AI agents coordinate workflows across payments, compliance and treasury, integrating with partner banks, card networks and payment providers worldwide.

Bakkt Agent 的底層是一個從零開始建立的 AI 優先模組化堆疊，多個 AI 代理程式協調支付、合規和財務方面的工作流程，並與全球的合作夥伴銀行、卡片網路和支付供應商整合。

The result is a white label customizable foundation that allows any partner to launch a neobank grade experience quickly and compliantly. Rather than building a direct-to-consumer business, our model is distribution partnerships driven and asset-light partners embed Bakkt Agent into their products, leveraging our licensing coverage, global partnerships and modern APIs without the heavy integration costs.

最終成果是一個可自訂的白標基礎架構，任何合作夥伴都可以快速合規地推出新銀行級的體驗。我們的模式並非建立直接面向消費者的業務，而是以分銷合作夥伴關係為驅動，輕資產合作夥伴將 Bakkt Agent 嵌入到他們的產品中，利用我們的許可覆蓋範圍、全球合作夥伴關係和現代 API，而無需承擔高昂的整合成本。

Through our conversational interface Zaira we are starting with cross-border remittances, a nearly $850 billion market, where consumers still pay up to 7% fees. Bakkt Agent enables faster, cheaper and more intuitive transfers built for scale. At its core, Bakkt Agent is the programmable financial stack unifying Global Money Movement, rewards and AI-driven finance into one seamless platform. We expect to announce significant distribution partnerships in the near term as we move to a scale rollout in the quarters ahead.

我們透過對話式介面 Zaira 從跨國匯款入手，這是一個近 8,500 億美元的市場，消費者仍需要支付高達 7% 的手續費。Bakkt Agent 能夠實現更快、更便宜、更直覺的大規模傳輸。Bakkt Agent 的核心是一個可編程的金融堆棧，它將全球資金流動、獎勵和人工智慧驅動的金融整合到一個無縫平台中。隨著未來幾季大規模推廣，我們預計將在近期宣布重要的分銷合作夥伴關係。

Bakkt Global is where our infrastructure model meets international scale, enabling entry into high-value markets while compounding long-term shareholder value. At its core, Bakkt Global may give our shareholders look through exposure to Bitcoin through publicly listed entities and select jurisdictions if those entities decide to pursue a strategy to hold Bitcoin on their balance sheet. When these entities deploy capital to Bitcoin, Bakkt earns recurring custody and management fees by being the lowest cost regulated provider to these entities, while our shareholders indirectly participate in Bitcoin upside.

Bakkt Global 是我們的基礎設施模式與國際規模相結合的平台，使我們能夠進入高價值市場，同時不斷提升股東的長期價值。從本質上講，如果上市實體和特定司法管轄區決定採取在其資產負債表上持有比特幣的策略，Bakkt Global 可能會讓我們的股東透過這些實體和特定司法管轄區獲得比特幣的穿透式投資機會。當這些實體將資金投入比特幣時，Bakkt 作為這些實體成本最低的受監管服務提供者，可賺取持續的託管和管理費，而我們的股東則間接參與比特幣的上漲行情。

Each of these entities will maintain independent governance and boards to ensure transparency and credibility. Our first investment is already underway in Japan for which the AGM is set for November 11 and where we expect the company, Bitcoin Japan Corporation to outline its strategy. This model deliberately extends our markets and agent infrastructure globally, enabling us to own minority stakes in high-potential jurisdictions expand our footprint, compound fee income and generate recurring revenue, all while maintaining discipline on capital intensity.

這些實體將各自保持獨立的治理結構和董事會，以確保透明度和公信力。我們在日本的第一筆投資已經啟動，該公司將於 11 月 11 日舉行年度股東大會，我們預計 Bitcoin Japan Corporation 將在會上闡述其策略。該模式有意在全球範圍內擴展我們的市場和代理基礎設施，使我們能夠在高潛力司法管轄區擁有少數股權，擴大我們的業務範圍，增加費用收入並產生經常性收入，同時保持資本密集度的紀律。

As we look ahead for 2026 KPIs, I want to provide a clear view of how Bakkt makes money going forward ahead of the Investor Day scheduled for some time in Q1 2026. Our model is diversified, recurring and designed to compound as we scale dramatically over the coming quarters. Across markets, Agent and Global, each vertical contributes revenue streams, each reinforcing the other. Bakkt markets generates B2B and B2B2C revenue through market-making OTC spreads, trading volume and lending fees, the core liquidity engine of the platform.

展望 2026 年的關鍵績效指標，我想在 2026 年第一季某個時候舉行的投資者日之前，先清楚闡述 Bakkt 未來的獲利模式。我們的模式是多元化的、可循環的，旨在隨著我們在未來幾季的大幅擴張而實現複利增長。在各個市場，包括代理商和全球市場，每個垂直領域都貢獻了收入來源，彼此相互促進。Bakkt 市場透過做市場外交易價差、交易量和借貸費用產生 B2B 和 B2B2C 收入，這是該平台的核心流動性引擎。

Bakkt Agent earned Stablecoin on-ramp off-ramp revenue from transaction volume, spreads and FX conversion powered by our AI first architecture and embedded through distribution partnerships. Bakkt Global, add licensing, management fees, NAV accretion and investment gains from our minority holdings in international partners. Together, these form a resilient multilayer revenue engine where market provides liquidity agent drive Stablecoin and payment flows and global expands our reach into new jurisdictions that can amplify both.

Bakkt Agent 透過我們 AI 優先的架構和透過分銷合作夥伴關係嵌入的交易量、價差和外匯兌換，獲得了穩定幣的入場和出場收入。Bakkt Global，加上授權費、管理費、淨資產增值以及我們從國際合作夥伴的少數股權中獲得的投資收益。這些因素共同構成了一個具有彈性的多層收入引擎，其中市場提供流動性，代理驅動穩定幣和支付流，而全球則將我們的業務擴展到新的司法管轄區，從而可以放大這兩者。

As we look across our milestones for the fourth quarter, our goals are clear: Bakkt aims to complete its transformation while strengthening the core engine that will position us to drive growth in 2026. Everything we've done, the operational reset, technology upgrades and cost optimization moves in one direction towards a leaner, faster and more disciplined platform built for scale and sustained profitability for which we've already seen the green shoots in this quarter's results.

展望第四季的里程碑，我們的目標很明確：Bakkt 旨在完成轉型，同時加強核心引擎，從而在 2026 年推動成長。我們所做的一切，包括營運調整、技術升級和成本優化，都朝著一個方向發展，即建立一個更精簡、更快速、更自律的平台，以實現規模化和持續盈利，而我們已經在本季度的業績中看到了積極的跡象。

At the same time, we're expanding our reach across all three growth engines. In markets, we are driving customer growth, completing key technology upgrades that will enhance liquidity and trading performance. For Bakkt Agent, we are opening new distribution corridors and advancing partnerships that will expand our Stablecoin and cross-border flows and through Bakkt Global, we are extending our infrastructure into additional jurisdictions beyond Japan continuing to do so in a capital-light disciplined manner.

同時，我們正在擴大在所有三大成長引擎中的覆蓋範圍。在市場方面，我們正在推動客戶成長，完成關鍵的技術升級，這將提高流動性和交易效能。對於 Bakkt Agent，我們正在開闢新的分銷管道，推進合作夥伴關係，這將擴大我們的穩定幣和跨境資金流動；透過 Bakkt Global，我們正在將我們的基礎設施擴展到日本以外的其他司法管轄區，並繼續以輕資本、有紀律的方式進行。

We are also staying focused on the foundation, continuing to fine-tune our cost base, bringing in exceptional talent and rolling out the refreshed brand and website much needed that will reflect who we are today. As we released our 2026 KPIs and prepare for our to be announced Investor Day in Q1, shareholders will have a clear line of sight into how all these pieces come together into one cohesive strategy. And if we keep with the baseball analogy, I've been using on X recently, it feels like we are at the top of the mine.

我們將繼續專注於基礎建設，不斷優化成本結構，引進傑出人才，並推出煥然一新的品牌和網站，以反映我們今天的面貌。隨著我們發布 2026 年關鍵績效指標並準備在第一季宣布投資者日，股東們將清楚地了解所有這些部分如何組合成一個連貫的策略。如果繼續沿用我最近在 X 上一直使用的棒球比喻，感覺就像我們正處於礦井頂部。

The transformation innings are nearly behind us. Now it's about execution, closing out the quarter cleanly staying focused and finishing strong. By December 31, I'm feeling quite confident sitting here that we'll be able to look back and call this turnaround complete at that time.

轉型期已接近尾聲。現在關鍵在於執行，要乾淨俐落地結束本季度，保持專注，強勢收官。到 12 月 31 日，我坐在這裡很有信心，屆時我們回顧過去，就能宣布這次轉型已經完成。

With that, I'd like to hand over the call to Karen Alexander, our CFO, for a deeper dive into the financials. Karen?

接下來，我想把電話交給我們的財務長凱倫·亞歷山大，讓她更深入地分析一下財務狀況。凱倫？

Thank you, Akshay. Before I get into the numbers, I want to acknowledge that this quarter still reflects some residual impact from our Loyalty business, which remains part of our results through year-end 2025. This means you'll continue to see some accounting noise as we report both continuing and discontinued operations. While this may make the GAAP figures appearing even, the underlying economics of our core digital asset business are much clearer when you look at our adjusted metrics.

謝謝你，阿克謝。在介紹具體數字之前，我想說明一下，本季度仍然反映了我們忠誠度業務的一些剩餘影響，該業務仍將是我們 2025 年底之前業績的一部分。這意味著，由於我們會同時報告持續經營和已終止經營的業務，因此您仍會看到一些會計方面的波動。雖然這可能會讓 GAAP 數據看起來比較平衡，但當你查看我們調整後的指標時，我們核心數位資產業務的潛在經濟狀況就清晰得多。

As a reminder, beginning in Q1 2026 once loyalty is fully behind us, our financial reporting will be clean and directly aligned with the diversified revenue model, Akshay, outlined earlier. For the quarter, total GAAP revenue was $402 million, up 27% year-over-year, primarily driven by higher crypto trading activities.

再次提醒大家，從 2026 年第一季開始，一旦忠誠度問題完全解決，我們的財務報告將更加清晰，並與先前概述的多元化收入模式直接掛鉤，Akshay。本季度，GAAP總營收為4.02億美元，年增27%，主要得益於加密貨幣交易活動的增加。

Crypto costs and execution clearing and brokerage fees increased proportionately consistent with volume growth. Operating expenses, excluding those costs, were roughly flat at $26.7 million, reflecting lower compensation and SG&A following restructuring initiatives. Excluding about $5 million of non-recurring restructuring charges, operating expenses would have declined by over 18% year-over-year, demonstrating continued cost discipline.

加密貨幣成本、執行清算費和經紀費與交易量成長成比例增長。不包括這些成本，營運費用大致持平於 2,670 萬美元，反映出重組措施後薪酬和銷售、一般及行政費用降低。除去約 500 萬美元的非經常性重組費用，營運支出較去年同期下降超過 18%，顯示公司持續維持成本控制。

As a result, adjusted EBITDA reached $28.7 million compared with a loss of $20.4 million in Q3 2024. And adjusted net income from continuing operations was $15.7 million. These measures better represent the earnings power of our digital asset infrastructure platform.

因此，調整後的 EBITDA 達到 2,870 萬美元，而 2024 年第三季虧損 2,040 萬美元。經調整後，持續經營業務的淨收入為1570萬美元。這些指標更能反映我們數位資產基礎設施平台的獲利能力。

They exclude discontinued operations and onetime non-cash items, such as fair value changes and warrants, allowing investors to see the true progress of our core business. We expect the remaining transition noise to taper through year-end by Q1 2026 that financials will fully reflect the leaner, more focused company we've rebuilt with clear visibility into sustainable growth and profitability.

它們不包括已終止經營業務和一次性非現金項目，如公允價值變動和認股權證，使投資者能夠看到我們核心業務的真實進展。我們預計剩餘的過渡噪音將在年底前逐漸減少，到 2026 年第一季度，財務數據將充分反映出我們重建的這家更精簡、更專注的公司，並清晰地展現出可持續增長和盈利能力。

Turning to the balance sheet. We ended the quarter with $64 million in cash, cash equivalents and restricted cash and importantly, no long-term debt. As we complete our transformation, this balance sheet reflects a disciplined financial foundation, strong liquidity, no structural overhangs and sufficient flexibility to support both near-term commitments and future growth.

接下來看一下資產負債表。本季末，我們擁有 6,400 萬美元的現金、現金等價物和受限現金，更重要的是，沒有長期債務。隨著我們完成轉型，這份資產負債表反映了我們穩健的財務基礎、強勁的流動性、無結構性隱患以及足夠的靈活性，足以支持近期承諾和未來成長。

We expect to use a portion of this cash in the fourth quarter to close the loyalty divestiture and fund working capital, as we complete the transition to a pure-play digital asset platform. In our financial statements this quarter, you'll also notice the inclusion of current and non-current assets held for sale, which represents the loyalty business and associated balances. Upon closing, this will roll off the balance sheet, leaving behind a streamlined digital asset infrastructure company that clearly reflects the economics of our continuing operations.

我們預計將在第四季度使用這筆現金的一部分來完成忠誠度業務的剝離，並為營運資金提供資金，因為我們將完成向純粹的數位資產平台的轉型。在本季的財務報表中，您也會注意到待售流動資產和非流動資產的列示，這代表了會員忠誠度業務及相關餘額。交易完成後，該業務將從資產負債表中移除，留下一個精簡的數位資產基礎設施公司，清楚地反映出我們持續經營的經濟效益。

Our focus remains on maintaining a resilient and efficient balance sheet, ensuring that we have the liquidity and flexibility to execute on our road map, pursue strategic opportunities responsibly and continue delivering long-term value for shareholders.

我們將繼續專注於保持穩健且有效率的資產負債表，確保我們擁有足夠的流動性和靈活性來執行我們的發展路線圖，負責任地追求策略機遇，並繼續為股東創造長期價值。

With that, I'll hand it back to Akshay for closing remarks.

接下來，我將把發言權交還給阿克謝，請他作總結發言。

Thank you, Karen. To reiterate, this quarter marks another important step forward in Bakkt's transformation. As we move through the fourth quarter, you'll begin to see the changing of the guard, a new Bakkt taking shape. What's emerging reflects the culmination of a year of tough decisions, disciplined execution and the establishment of a foundation built for scale and long-term profitability.

謝謝你，凱倫。再次強調，本季標誌著 Bakkt 轉型過程中又向前邁出了重要一步。隨著我們進入第四季度，你會開始看到球隊的換代，一個新的 Bakkt 正在形成。目前的成果反映了過去一年來一系列艱難決策、嚴謹執行以及為規模化和長期盈利能力奠定的基礎的最終成果。

The heavy lifting is largely behind us, and the momentum heading into 2026 is not just exciting as well. The structure is now in place, the strategies to and alignment across our people, partners and shareholders have never been stronger.

最艱難的階段已經過去，邁向 2026 年的勢頭也令人振奮。組織架構現已到位，我們與員工、合作夥伴和股東之間的策略和協調程度也達到了前所未有的高度。

Over the coming weeks, we'll work to finalize the remaining elements of this transformation. And by the time we speak again, I'm confident Bakkt will have completed its restructuring phase and will be operating with a clear line of sight to sustain profitable growth in 2026 and beyond. To our partners, our customers and especially our shareholders, thank you for your continued trust, patience and belief in what we are building.

在接下來的幾周里，我們將努力完成這項轉型工作的剩餘部分。我相信，到我們下次見面時，Bakkt 將會完成重組階段，並擁有清晰的目標，在 2026 年及以後保持盈利增長。致我們的合作夥伴、客戶，特別是我們的股東，感謝你們一直以來對我們所做事業的信任、耐心和信念。

That concludes our third quarter 2025 earnings call. I'll hand it back to the operator.

本次2025年第三季財報電話會議到此結束。我會把它還給操作員。

(Operator Instructions)

（操作說明）

Chris, Rosenblatt Securities.

克里斯，羅森布拉特證券公司。

Hey, thanks, good morning. Congrats on the progress here. I'd just like to think about the business as it stands today? And maybe, Akshay, if you could sort of could sort of give us a little more insight on to -- in the core offerings on the sort of the brokerage side? And how that might compare to Bakkt Zero Hash is offering. I think that's been a pretty major transaction in the space and it feels like they're kind of similar to what Bakkt is doing, but I feel I'm not quite sure where all the dots connect and how this fits from a competitive standpoint. So maybe you could help me with that sort of area of questioning sort of how is Bakkt compared to Zero Hash?

嘿，謝謝，早安。恭喜你們的進展。我只想了解一下公司目前的經營狀況？阿克謝，或許你可以給我們更深入地介紹一下經紀業務的核心產品？以及這與 Bakkt Zero Hash 提供的服務相比如何。我認為這是該領域的一筆重大交易，感覺他們和 Bakkt 的做法有點類似，但我不太確定所有這些聯繫是如何形成的，以及從競爭的角度來看，這筆交易如何定位。所以，您或許可以幫我解答一下這方面的問題，例如 Bakkt 與 Zero Hash 相比如何？

Sure. Look, I think as far as Bakkt in Zero Hash, the direct comparison is concerned, I think we're both looking at being the picks and shovels layer, the regulated infrastructure that lets the ecosystem operate securely and at scale. I think there are lots of similarities and comparisons on that front. And as you can see, I think there is a lot of talk around Stablecoins and the new payment rails these days.

當然。我認為，就 Zero Hash 中的 Bakkt 而言，如果直接比較，我認為我們都在扮演「鎬和鏟」的角色，即提供受監管的基礎設施，使生態系統能夠安全、大規模地運行。我認為這方面有很多相似之處和可比性。正如你所看到的，我認為最近關於穩定幣和新的支付管道有很多討論。

And so from my perspective, when I look at everything that's happening in the space from the recent M&A activity, whether it's Zero Hash and others as well as private market valuations in the space, you can really draw your own conclusions in terms of what their value is relative to Bakkt, et cetera.

因此，從我的角度來看，當我審視該領域近期發生的併購活動，無論是 Zero Hash 等公司，還是該領域的私募市場估值，你都可以就它們相對於 Bakkt 等的價值得出自己的結論。

But I think that, look, we bring a pretty similar product suite just on the Bakkt Markets business relative to Zero Hash, except that we are doing this in a public setting where we plan on doing it without any heavy burn and not chasing top line volume and revenue growth, which is not profitable and doing it in a disciplined manner. So that's my perspective on this from what I know.

但我認為，你看，就 Bakkt Markets 業務而言，我們與 Zero Hash 的產品套件非常相似，只是我們是在公開環境下開展業務，我們計劃在不進行任何大規模燒錢的情況下開展業務，不追求無利可圖的成交量和收入增長，而是以一種自律的方式開展業務。以上就是我根據所了解的情況對此事的看法。

Okay. Great. Very exciting. Towards the back of the slides on the milestones. Number 9 is released KPIs for 2026. I'm not looking for a sneak preview of what your targets are. But what are the key KPIs? If you can talk about at this point, just what should we be following here to monitor the progress on the new Bakkt?

好的。偉大的。太令人興奮了。在幻燈片後半部分，關於里程碑。第 9 項是發布 2026 年的關鍵績效指標。我不是想提前了解你們的目標是什麼。但關鍵績效指標是什麼？如果可以的話，我們現在應該關注哪些方面來監測新 Bakkt 的進展？

So look, that's the reason why I laid out the slide earlier because I knew that there would be this question around key KPIs for 2026. And the slide earlier gives you exactly how we look at our business in terms of how the revenues are generated and how that all flows down to the bottom line. And so I would just say that in terms of KPIs, I think it will be driven from each of these six different boxes that I've highlighted. And the key variable for each of these boxes to actually make money and for it to actually flow down into revenues and then finally into profit.

所以你看，這就是我之前準備那張投影片的原因，因為我知道一定會有人問到 2026 年的關鍵 KPI。前面的幻燈片詳細展示了我們如何看待我們的業務，包括收入的產生方式以及最終的利潤流向。因此，就關鍵績效指標而言，我認為它將由我重點提到的這六個不同的面向所驅動。而這些環節中每個環節真正賺錢，最終轉化為收入，進而轉化為利潤的關鍵變量，就是…

So I think when you look at Bakkt Markets, as an example, it will be around trading volume and the spreads that we are generating, spreads and fees that we're generating, which then flows down to revenue. So that's very straightforward. On the Bakkt Agent side, I think you'd look at something around stabe coin transaction volume and the combined blended spread and FX conversion rates that we are making on that front.

所以我覺得，以 Bakkt Markets 為例，關鍵在於交易量和我們產生的點差、點差和費用，這些最終都會轉化為收入。就這麼簡單明了。在 Bakkt Agent 這邊，我認為你應該關注穩定幣交易量以及我們在這方面獲得的綜合價差和外匯兌換率。

And when it comes to Bakkt Global, I think you're looking at two aspects of it. One is the NAV accretion of our investments that we are making because that's -- all of the investments that we're making are booked based on an equity method of accounting.

而談到 Bakkt Global，我認為你需要從兩個方面來看待它。一是我們投資的淨資產增值，因為－－我們所有的投資都是依照權益法記帳的。

So for example, our $11 million investment or so in Japan is today worth significantly higher than that. but we haven't put it through the P&L statement. And so that's something that sits on our balance sheet marked that at -- sorry, at our cost value.

例如，我們在日本的約1,100萬美元投資，如今價值遠高於此，但我們尚未將其計入損益表。所以，這筆款項會以成本價——抱歉，是以我們的成本價——列在我們的資產負債表上。

But -- however, depending on, as I mentioned in my prepared remarks, depending on whether these companies that we invest in, decide to go and pursue a Bitcoin treasury strategy or want to leverage some of our technology and license that, then there will be additional licensing and recurring revenue in terms of revenues that we'll end up generating. And I think we'll give you more color on all of these fronts as we go ahead and release the KPIs for 2026.

但是——正如我在準備好的發言稿中提到的，這取決於我們投資的這些公司是否決定採取比特幣國庫策略，或者是否想利用我們的一些技術並進行授權，那麼我們將獲得額外的授權和經常性收入。我認為，隨著我們陸續發布 2026 年的關鍵績效指標，我們將為大家提供所有這些方面的更多細節。

Awesome. Great. Thanks so much.

驚人的。偉大的。非常感謝。

Mark Palmer, Benchmark.

馬克·帕爾默，基準。

Yes. Thank you. Good morning. I know you touched on this during your prepared remarks, but just wanted to dig into it a little bit more, can you talk about the roles of partnerships, joint ventures on the one hand and M&A on the other as potential accelerants of each of the companies strategies.

是的。謝謝。早安.我知道您在準備好的發言稿中已經提到過這一點，但我還想更深入地探討一下，您能否談談合作關係、合資企業和併購作為各公司戰略潛在加速器的作用？

So we are very focused on organic growth Mark for the moment. And so I can't really speak too much about M&A because we really haven't thought about that. But in terms of distribution partnership, as I said, we've been hard at work to work on these distribution partnerships. In my prepared remarks, I alluded to the fact that we expect to have something that we can publicly share with everyone over the next -- over the coming quarter or two, and I think that is actually one of the gating factors for actually releasing the KPIs because until we get this in hand or are very close to doing it, we don't want to go out and release the KPIs.

所以，馬克，目前我們非常注重的是內生成長。所以，關於併購我真的不能多說什麼，因為我們還沒有真正考慮過這個問題。但就分銷合作夥伴關係而言，正如我所說，我們一直在努力建立這些分銷合作夥伴關係。在我準備好的發言稿中，我提到我們預計在接下來的一個或兩個季度內，會有一些可以公開與大家分享的內容。我認為這實際上是發布關鍵績效指標 (KPI) 的關鍵因素，因為在我們掌握這些資訊或即將掌握這些資訊之前，我們不想對外發布 KPI。

So our model is to grow through partnerships because that's the best way to grow. We don't want to be consumer-facing directly. I think that costs a lot of money to go out and expand and spend the money on customer acquisition costs. And so we will definitely continue pursuing distribution lead partnership model to get the volumes onto the platform, and we look forward to updating everyone as and when we are ready to announce these partnerships.

所以我們的模式是透過合作發展，因為這是最好的發展方式。我們不想直接面向消費者。我認為拓展業務需要花費大量資金，還要把錢花在客戶獲取成本上。因此，我們一定會繼續推動分銷主導的合作模式，將銷售引入平台，我們期待在準備好宣布這些合作關係時及時向大家通報最新情況。

Thank you and congratulations on the progress.

謝謝，並祝賀你們的進展。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Justin Pan, Clear Street.

Justin Pan，Clear Street。

Hey, good morning. It's [Jason] Obviously, a ton of exciting work over the past quarter (inaudible) structure of the business and having a clear path for next year. I guess when we think about '26, what are some of the considerations done on both the macro and the policy side you would call out that would be both potential tailwinds and headwinds to growth as we think about that would look for 2026?

嘿，早安。顯然，[Jason]在過去一個季度做了很多令人興奮的工作（聽不清楚），包括業務結構和為明年制定清晰的發展路線。我想，當我們展望2026年時，在宏觀和政策方面，有哪些因素可能會對經濟成長產生有利影響，又有哪些因素會成為阻礙經濟成長的因素？

I mean, the most exciting thing is the CLARITY Act that's hopefully going to get past soon, certainly, hopefully, next year. I think that's a very exciting development for us. And just getting the regulatory clarity as it relates to real world asset tokenization is a big opportunity for us in general. Other than that, I think not much else on the policy front in the US I think the administration has already paved away. And from day one, they've declared their intention to make sure that America becomes a crypto capital of the world. And increasingly, it's already -- if it hasn't already become that, it's definitely well along its way to become that.

我的意思是，最令人興奮的事情是《CLARITY法案》，希望它能盡快通過，當然，最好是明年就能通過。我認為這對我們來說是一個非常令人振奮的進展。而對於現實世界資產代幣化而言，獲得監管的明確性，對我們來說是一個巨大的機會。除此之外，我認為美國政府在政策上已經清除太多障礙了。從一開始，他們就公開表示，他們的目標是確保美國成為世界加密貨幣之都。而且，這種情況越來越嚴重——即使它還沒有變成那樣，也肯定正在朝著那個方向發展。

I think the other thing that's very exciting is looking at all of these very large financial institutions getting their sleeves rolled out to participate in the Stablecoin space because we are the bigs and shovels, and we are Stablecoin agnostic, and I just see a very, very bright future in terms of volume growth, cross currency, Stablecoin FX-related growth and so on. And so we built a business which is ready to take advantage of all of those opportunities that lie ahead of us. And like I said, we're very early in the story very, very early innings for wants to transpire here over the next several decades. So that's my view.

我認為另一件非常令人興奮的事情是，看到所有這些大型金融機構都積極參與到穩定幣領域中來，因為我們是實力雄厚的機構，而且我們對穩定幣持中立態度，我看到了穩定幣在交易量增長、跨幣種交易、穩定幣外匯相關增長等方面的非常光明的前景。因此，我們建立了一家能夠抓住未來所有機會的企業。正如我所說，我們現在還處於故事的早期階段，未來幾十年這裡將發生的事情還處於非常非常早期的階段。這就是我的看法。

Got it. That's helpful. And just one more for me. You talked a bit about your international expansion model, beginning with Japan. I guess could you touch on some geographies that you're focused on next? And what's the strategy for scaling beyond the US and Europe.

知道了。那很有幫助。再給我來一杯。您簡要介紹了您的國際擴張模式，首先從日本開始。我想請您簡單介紹一下您接下來重點關注的地區？那麼，如何將業務拓展到美國和歐洲以外的地區呢？

I think the model is the same. I explained it in my prepared remarks. But I think, look, you're going to hear from the company in Japan tomorrow, there is EGM tomorrow. And I think it will become clearer as to what that company's strategy is going forward. The other jurisdictions that I alluded to in my prepared remarks are South Korea and India.

我認為模型是一樣的。我在事先準備好的發言稿中解釋過了。但我認為，你看，明天你會聽到日本公司的消息，明天要召開特別股東大會。我認為，這家公司未來的策略將會更加清晰。我在準備好的演講稿中提到的其他司法管轄區是韓國和印度。

And again, the idea will be to see what we can leverage on the markets and agent infrastructure side to grow in these high potential jurisdictions and expanding our footprint. So that we are very focused on our core market, which is the US, but then these companies are leveraging either our product services or technology to then grow, but then also give back some licensing and other revenue back-to-back.

再次強調，我們的想法是看看我們能利用市場和代理商基礎設施的哪些優勢，在這些高潛力地區實現成長並擴大我們的業務範圍。因此，我們非常專注於我們的核心市場，即美國，但這些公司利用我們的產品、服務或技術來實現成長，同時也連續地向我們返還一些授權和其他收入。

Got it. Thank you. Congrats on the quarter.

知道了。謝謝。恭喜你本季取得佳績。

If there are no further questions from analysts, I'll pass the call back to Cody Fletcher for some questions from the retail community.

如果分析師沒有其他問題，我會把電話轉回給 Cody Fletcher，讓他回答零售業的一些問題。

Thank you, operator. We have our first question from X user at (inaudible) His question was Visa, Mastercard, Zell, they're all now talking about stable points. So how can Bakkt kind of compete with these companies.

謝謝接線生。我們收到了 X 用戶的第一個問題（聽不清楚）。他的問題是 Visa、Mastercard、Zell，他們現在都在談論穩定點數。那麼 Bakkt 要如何與這些公司競爭呢？

Okay, you want to take this one?

好的，你想選這個嗎？

I mean, it's similar to what Chris was alluding to as it relates to Zero Ash. But look, I'll answer this as well. So it's a fair question. we don't really see ourselves competing head-on with the big card networks of the auto peer systems. What Bakkt is doing is more of the picks and shovels layer, the regulated infrastructure that lets the whole ecosystem operate securely and at scale.

我的意思是，這和克里斯之前提到的零灰燼的情況很相似。不過，我也會回答這個問題。所以這是個合理的問題。我們不認為自己會與大型汽車點對點支付系統的信用卡網路正面競爭。Bakkt 所做的更像是打地基、做工的底層，是建立受監管的基礎設施，使整個生態系統能夠安全、大規模地運作。

And so there's a lot being said about Stablecoins and new payment rails these days, and it's a good thing because it validates the overall direction that we are heading in. But there are still some very big gaps in how those systems work, particularly around compliance, custody, the payment rails and then the integration of it all into the [classified] rails.

因此，最近關於穩定幣和新型支付管道的討論很多，這是一件好事，因為它驗證了我們前進的整體方向。但這些系統在運作方式上仍然存在一些很大的差距，尤其是在合規性、託管、支付管道以及將所有這些整合到（機密）管道方面。

And for Bakkt, the cooperation agreement with VTR brings those capabilities directly inside Bakkt. And that really gives us a very solid footing as this market continues to evolve and grow materially over years to come, in my opinion. So the fintech space is huge. That's why I left a very lucrative career to be involved in this space because I believe that it's never going to be a winner take all space. It's that big.

對於 Bakkt 而言，與 VTR 的合作協議將這些功能直接帶入了 Bakkt 內部。在我看來，這確實為我們奠定了非常堅實的基礎，因為隨著這個市場在未來幾年不斷發展壯大，前景一片光明。所以金融科技領域非常龐大。也因為如此，我放棄了收入豐厚的職業，投身於這個領域，因為我相信這永遠不會是贏家通吃的領域。它就是那麼大。

Different players can go exist, some consumer-facing others like us providing the regulated backbone underneath. And if you look at generally speaking, what's happening in terms of the recent M&A activity, by some of the very companies that you were mentioned in the questions and the private market valuations in the space, you can draw your own conclusions. Many of these companies are being bought by the very large names that were mentioned while they might not be showing any top line growth and are doing it with a lot of heavy burn and with our profitability. At least that's what the bankers are telling us.

不同的參與者可以各自存在，有些面向消費者，而有些則像我們一樣提供受監管的底層架構。如果你從整體來看一看，看看最近的併購活動，看看你在問題中提到的一些公司的情況，以及該領域的私募市場估值，你就可以得出自己的結論。許多這類公司正被前面提到的那些大公司收購，儘管它們可能沒有展現出任何營收成長，而且是透過大量燒錢和損害獲利能力來實現的。至少銀行家是這麼告訴我們的。

So we are taking a much more disciplined approach. We're building a sustainable compliant business that can scale responsibly and as the transformation ramps up here at year-end, I think that discipline combined with where the broader market is headed, would speak for itself as to what Bakkt is building at this end. Hope that answers the question.

因此，我們採取了更嚴謹的方法。我們正在打造一個可持續、合規且能夠負責任地擴展規模的業務，隨著年底轉型步伐的加快，我認為這種自律精神，再加上更廣泛的市場發展方向，將足以說明 Bakkt 正在建立什麼。希望這能解答你的疑問。

That's great. And our last question here is from another X user at Amir Amex Trades. Amir said, being invested in your company for four-plus years like so many other shareholders back in time again loses all of its gains due to poor decisions and lack of updates. What will this new leadership team do differently to improve shareholder value over time.

那太棒了。最後一個問題來自 Amir Amex Trades 的另一位 X 用戶。阿米爾說，像其他許多股東一樣，在你的公司投資四年多，卻因為糟糕的決策和缺乏更新而再次失去所有收益。新領導團隊將採取哪些不同的措施來長期提升股東價值？

So yeah, Amir and a few other users on X have messaged me from time to time directly or treated at me, and I completely understand the frustration. I mean this is exactly why this new leadership team came in to fix the structure clean up the balance sheet and refocus Bakkt on its core mission.

是的，Amir 和 X 上的其他一些用戶不時會直接給我發訊息或對我進行騷擾，我完全理解他們的沮喪。我的意思是，這正是新領導團隊加入的原因，他們要整頓公司結構，清理資產負債表，讓 Bakkt 重新專注於其核心使命。

I definitely cannot control or manage the company based on short-term stock price moves. As Mr. Buffett famously says, in the short term, the markets are voting machine. But in the long term, it's a weighing machine. And our job really is to build the kind of substance that the market will weigh over time.

我絕對不能根據短期股價波動來控製或管理公司。正如巴菲特先生的名言所說，短期來看，市場就像一台投票機。但從長遠來看，它只是一台稱重機器。而我們真正的工作就是打造那種經得起時間考驗、能夠被市場認可的產品。

I believe we've made a lot of strong progress on the transformation, and we expect to have it largely completed by year-end. Either before year-end or at our Investor Day in Q1 26, we'll share clear KPIs. We hope to announce the distribution partnerships that are currently being worked out, and we'll outline the next phase of our road map accordingly. And I hope that, Amir, you will see that progress and you'll continue supporting us as a long-term shareholder. Back to you, Cody.

我相信我們在轉型方面取得了巨大進展，預計到年底將基本完成轉型。在年底前或 2026 年第一季的投資者日上，我們將公佈明確的 KPI。我們希望宣布目前正在洽談的分銷合作夥伴關係，並據此概述我們路線圖的下一階段。阿米爾，我希望你能看到這些進展，並繼續作為長期股東支持我們。把機會交給你，科迪。

Thanks, Akshay. That's all the questions we have from retail. So thank you, operator, to close this out.

謝謝你，阿克謝。這就是我們從零售部門收到的所有問題。感謝接線生結束通話。

Certainly. Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

當然。感謝各位女士、先生參加今天的會議。節目到此結束。您現在可以斷開連線了。再會。