Company Overview - June Ambrose collaborates with Naturalizer as the global ambassador and guest creative director, launching a new footwear collection called STYLE-LETICS [1][2] - Naturalizer has a nearly 100-year history in women's footwear, focusing on comfort and fit, which is central to this collaboration [1][8] - Caleres, the parent company of Naturalizer, emphasizes building brands with cultural authority and evolving their legacy [1][9] Product Details - The STYLE-LETICS collection merges fashion aesthetics with athletic codes, designed for the demands of modern women's daily lives [2][3] - The first drop on February 4 includes two styles: the Nova-Shaft, a sandal-boot hybrid, and the Zyra, a ghillie pump with sneaker-inspired features [1][5] - The full collection, launching in March, will consist of five styles, including two sneakers and three hybrid dress shoes, utilizing premium materials and performance features [3][5] Design Philosophy - Ambrose's design philosophy centers on the idea that performance and style can collaborate rather than compete, creating footwear that is both functional and stylish [3] - The collection incorporates unexpected luxury finishes and materials, aiming to provide shoes that keep up with women's active lifestyles [3][4] Marketing Strategy - The campaign for STYLE-LETICS features Ambrose in motion, showcasing the shoes' ability to support an active lifestyle without sacrificing style [4] - The collection will be available on Naturalizer's website and at major retailers like Macy's and Nordstrom, expanding its reach [5]

Financial Data and Key Metrics Changes - Total GAAP revenue for Q3 2025 was $402 million, representing a 27% year-over-year increase, primarily driven by higher crypto trading activity [26] - Adjusted EBITDA reached $28.7 million, compared to a loss of $20.4 million in Q3 2024, indicating significant improvement in operational efficiency [26] - The company ended the quarter with approximately $64 million in cash and no long-term debt, reflecting a strengthened financial foundation [27][28] Business Line Data and Key Metrics Changes - Bakkt Markets serves as the core business, providing institutional-grade infrastructure for digital assets, with a focus on market making, OTC trading, and regulated custody [15][17] - Bakkt Agent is a programmable finance platform that integrates stablecoins and AI, facilitating seamless money movement and targeting the cross-border remittance market [19] - Bakkt Global focuses on international expansion through minority investments, with initial progress in Japan and plans to extend into South Korea and India [20][43] Market Data and Key Metrics Changes - Stablecoins now settle over $30 trillion annually, surpassing Visa, indicating a growing market for digital asset infrastructure [6] - The total addressable market for digital asset infrastructure is estimated to be enormous, with only a small fraction of global assets currently on blockchain rails [5] Company Strategy and Development Direction - The company aims to transform into a pure-play digital asset infrastructure provider, focusing on compliance, security, and scalability [2][4] - The strategy includes simplifying the capital structure by collapsing the UP-C structure, enhancing transparency and governance [12] - Future growth will be driven by three core verticals: Bakkt Markets, Bakkt Agent, and Bakkt Global, each contributing to a diversified revenue model [15][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in completing the transformation by the end of Q4 2025, with a focus on sustainable growth and profitability [30] - The regulatory environment is seen as favorable, with expectations for the Clarity Act to provide clarity for real-world asset tokenization [41] - The company is positioned to benefit from the increasing participation of large financial institutions in the stablecoin space [42] Other Important Information - The company raised approximately $100 million in new capital between Q2 and Q3 2025, further strengthening its balance sheet [13] - Management emphasized a disciplined approach to future capital raising, focusing on shareholder value [15] Q&A Session Summary Question: Insights on core offerings compared to ZeroHash - Management highlighted that both companies provide regulated infrastructure, but Bakkt aims for sustainable growth without heavy burn [32][33] Question: Key KPIs to monitor progress for 2026 - Key KPIs will include trading volume and spreads for Bakkt Markets, stablecoin transaction volume for Bakkt Agent, and NAV accretion for Bakkt Global [34][35][36] Question: Role of partnerships and M&A in strategy - The focus is on organic growth through distribution partnerships rather than M&A, with updates expected in the coming quarters [38][39] Question: Considerations for macro and policy impacts on growth - The Clarity Act is seen as a potential tailwind, with a positive outlook on stablecoin growth and regulatory clarity [40][41] Question: Competing with major payment networks - Bakkt does not see itself as a direct competitor but rather as a provider of the regulated infrastructure that supports the ecosystem [45][46] Question: Improving shareholder value with new leadership - The new leadership team is focused on restructuring and aligning the company with its core mission to enhance long-term shareholder value [48][49]