Bakkt (NYSE: BKKT) is undergoing a significant transformation, with CEO Akshay Naheta stating that 2025 was a year of substantial rebuilding aimed at transforming the company into a streamlined engine for the modern financial system. Nahetas identified three major factors in this transformation: historic debt levels in major economies, digital systems changing how we store and transfer value, and artificial intelligence accelerating financial infrastructure and capital markets. Much of 2025 was spent cleaning up the company’s internal structure, including selling its Custody business to ICE and selling its Loyalty business. The company also completed the collapse of its legacy "Up-C" structure, transitioning to a single class of common stock to improve transparency for public investors. Looking forward to 2026, the focus has shifted from rebuilding to execution.