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Net Loss per share | 6 Months Ended
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Jun. 30, 2025
Earnings Per Share [Abstract] |
Net Loss per share | Net Loss per share Basic loss per share is based on the weighted average number of shares of Class A Common Stock issued and outstanding. Diluted earnings per share is based on the weighted average number shares of Class A Common Stock issued and outstanding and the effect of all dilutive common stock equivalents and potentially dilutive share-based awards outstanding. The potentially dilutive securities that would be anti-dilutive are not included in the calculation of diluted earnings per share attributable to controlling interest. The following is a reconciliation of the denominators of the basic and diluted per share computations for net income (loss) (in thousands, except share and per share data):
| Three Months Ended June 30, 2025 |  | Three Months Ended June 30, 2024 |  | Six Months Ended June 30, 2025 |  | Six Months Ended June 30, 2024
Net loss per share: |  |  |  |  |  |  |
Numerator – basic and diluted: |  |  |  |  |  |  |
Net loss | $ | (30,152) |  |  | $ | (35,512) |  |  | $ | (13,915) |  |  | $ | (56,787) |
Less: Net loss attributable to noncontrolling interest | (15,418) |  |  | (19,088) |  |  | (6,889) |  |  | (32,198) |
Net loss attributable to Bakkt Holdings, Inc. – basic | (14,734) |  |  | (16,424) |  |  | (7,026) |  |  | (24,589) |
Net loss attributable to Bakkt Holdings, Inc. – diluted | $ | (14,734) |  |  | $ | (16,424) |  |  | $ | (7,026) |  |  | $ | (24,589) |
Denominator – basic and diluted: |  |  |  |  |  |  |
Weighted average shares outstanding – basic | 6,825,634 |  |  | 6,161,704 |  |  | 6,677,934 |  |  | 5,279,065 |
Weighted average shares outstanding –diluted | 6,825,634 |  |  | 6,161,704 |  |  | 6,677,934 |  |  | 5,279,065 |
Net loss per share – basic | $ | (2.16) |  |  | $ | (2.67) |  |  | $ | (1.05) |  |  | $ | (4.66) |
Net loss per share – diluted | $ | (2.16) |  |  | $ | (2.67) |  |  | $ | (1.05) |  |  | $ | (4.66) |
Potential common shares issuable to employees or directors upon exercise or conversion of shares under our share-based and unit-based compensation plans, conversion of debentures, and exercise of warrants are excluded from the computation of diluted earnings per common share when the effect would be anti-dilutive. The following table summarizes the total potential common shares excluded from diluted earnings per common share as their effect would be anti-dilutive (in thousands):
| Three Months Ended June 30, 2025 |  | Three Months Ended June 30, 2024 |  | Six Months Ended June 30, 2025 |  | Six Months Ended June 30, 2024
RSUs and PSUs (treasury stock) | 3,215 |  |  | 1,109 |  |  | 3,215 |  |  | 1,109 |
Public warrants (treasury stock) | 286 |  |  | 286 |  |  | 286 |  |  | 286 |
Class 1 and Class 2 warrants (treasury stock) | 2,018 |  |  | 2,307 |  |  | 2,018 |  |  | 2,307 |
Convertible debentures (if-converted) | 1,912 |  |  | — |  |  | 1,912 |  |  | — |
Opco warrants (if-converted) | — |  |  | 32 |  |  | — |  |  | 32 |
Opco common units (if-converted) | 7,177 |  |  | 7,195 |  |  | 7,177 |  |  | 7,195 |
Total | 14,608 |  |  | 10,929 |  |  | 14,608 |  |  | 10,929 |

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