Bakkt is a digital asset infrastructure company operating as a B2B2C platform that enables financial institutions, fintechs, and broker-dealers to offer crypto trading and payment services to their own customers. Bakkt's core product is a regulated, plug-and-play crypto brokerage platform: client businesses embed Bakkt's infrastructure into their own apps, and their end customers buy, sell, and hold digital assets—while Bakkt handles compliance, trading execution, custody, and settlement behind the scenes. Bakkt's key structural advantage is its regulatory stack, including a New York BitLicense and money transmitter licenses across all 50 U.S. states, which lets partners launch compliant digital asset products without navigating their own licensing process. Bakkt generates revenue primarily from transaction fees and spreads on digital asset trades, acting as a riskless principal on each transaction. Beyond its core Markets business, Bakkt is developing Bakkt Agent, an AI-driven platform for cross-border stablecoin payments and embedded digital banking, targeting distribution through large-network partners like telcos rather than direct consumer marketing. Bakkt also operates Bakkt Global, a capital-light vehicle that takes minority stakes in publicly listed companies in international markets to expand its digital asset footprint. Bakkt recently divested its Loyalty business and its custody subsidiary to refocus entirely on digital asset infrastructure, and a pending acquisition of DTR would add live cross-border stablecoin payment technology and a European regulatory license to its platform.