Bakkt reported a record quarterly profit of $80.8 million, but the result was largely driven by a $98.5 million unrealized warrant gain rather than stronger core operations. Revenue fell 70% to $170.1 million, and the company’s operating loss widened to $19.6 million, indicating that the headline profit obscured weaker performance in its crypto business. The figures point to a gap between accounting gains and operating fundamentals, a distinction investors often watch closely when assessing earnings quality.