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v3.25.2

Related Parties - Narrative (Details) - USD ($) $ in Thousands |  |  |  | 3 Months Ended | 6 Months Ended |  |  |  |  |  |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
May 15, 2025 | Mar. 27, 2025 | Aug. 12, 2024 | Jun. 30, 2025 | Jun. 30, 2024 | Jun. 30, 2025 | Jun. 30, 2024 | Sep. 29, 2025 | Jun. 29, 2025 | Jun. 18, 2025 | Mar. 31, 2025 | Mar. 30, 2025 | Dec. 31, 2024
Related Party Transaction [Line Items] |  |  |  |  |  |  |  |  |  |  |  |  |
Loss on sale of Bakkt Trust |  |  |  |  |  | $ 2,301 | $ 0 |  |  |  |  |  |
Restricted cash |  |  |  | $ 17,965 | $ 34,031 | 17,965 | 34,031 |  |  |  |  |  | $ 24,889
Prepaid expenses |  |  |  | 2,143 |  | 2,143 |  |  |  |  |  |  | 2,569
Related Party |  |  |  |  |  |  |  |  |  |  |  |  |
Related Party Transaction [Line Items] |  |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  |  |  | 0 |  | 0 |  |  |  |  |  |  | 2,360
ICE | Related Party |  |  |  |  |  |  |  |  |  |  |  |  |
Related Party Transaction [Line Items] |  |  |  |  |  |  |  |  |  |  |  |  |
Loss on sale of Bakkt Trust | $ 2,300 |  |  |  |  |  |  |  |  |  |  |  |
ICE | Related Party | Transition Services Agreement |  |  |  |  |  |  |  |  |  |  |  |  |
Related Party Transaction [Line Items] |  |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  |  |  | 0 |  | 0 |  |  |  |  |  |  | $ 2,400
Line of Credit | ICE Credit Facility |  |  |  |  |  |  |  |  |  |  |  |  |
Related Party Transaction [Line Items] |  |  |  |  |  |  |  |  |  |  |  |  |
Maximum borrowing capacity |  |  | $ 40,000 |  |  |  |  |  | $ 20,000 |  |  | $ 10,000 |
Annual increase in interest, when interest is elected to be paid-in-kind |  |  | 1.00% |  |  |  |  |  |  |  |  |  |
Interest rate in event of default |  |  | 2.00% |  |  |  |  |  |  |  |  |  |
Commitment fee percentage |  |  | 0.50% |  |  |  |  |  |  |  |  |  |
Proceeds from lines of credit |  | $ 5,000 |  |  |  |  |  |  |  |  |  |  |
Long-Term Debt, Gross |  |  |  |  |  |  |  |  |  |  | $ 5,000 |  |
Interest expense |  |  |  | $ 200 | $ 0 | $ 200 | $ 0 |  |  |  |  |  |
Debt instrument, interest rate |  |  |  |  |  |  |  |  |  | 16.30% |  |  |
Line of Credit | ICE Credit Facility | Secured Overnight Financing Rate (SOFR) |  |  |  |  |  |  |  |  |  |  |  |  |
Related Party Transaction [Line Items] |  |  |  |  |  |  |  |  |  |  |  |  |
Debt instrument, variable rate |  |  | 12.00% |  |  |  |  |  |  |  |  |  |
Line of Credit | ICE Credit Facility | Prime Rate |  |  |  |  |  |  |  |  |  |  |  |  |
Related Party Transaction [Line Items] |  |  |  |  |  |  |  |  |  |  |  |  |
Debt instrument, variable rate |  |  | 11.00% |  |  |  |  |  |  |  |  |  |
Line of Credit | ICE Credit Facility | Subsequent Event |  |  |  |  |  |  |  |  |  |  |  |  |
Related Party Transaction [Line Items] |  |  |  |  |  |  |  |  |  |  |  |  |
Maximum borrowing capacity |  |  |  |  |  |  |  | $ 30,000 |  |  |  |  |

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