Bakkt Holdings, Inc.

been answered and you'd like to remove yourself from the queue, simply press star 11 again. As a reminder, today's program is being recorded. I will now turn the call over to Cody Fletcher, Investor Relations Advisor at Bakkt. Please go ahead.

Hello, everyone, and thank you for joining Bakkt's third quarter 2025 earnings call.

Before we get started, I'd like to remind you, everyone, that During today's call, we may make certain forward-looking statements. These statements include, but are not limited to, our expectations regarding banks' transformation into a pure-play digital asset infrastructure company, the performance and future development of our markets, agent, and global, our international expansion strategy, including anticipated actions related to our Japan investment and future jurisdictions, our plans for platform upgrades, cost optimization, hiring, and brand initiatives, expectations regarding the stablecoin, bitcoin, and tokenization markets, and our outlook for 2026 KPIs and our planned investor day. These statements are based on management's current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from those expressed or implied in such forward-looking statements. For additional information regarding forward-looking statements and risk factors, please refer to our filings, the Securities and Exchange Commission. Further, in addition to discussing results that are calculated in accordance with generally accepted accounting principles, we will also make reference to certain non-GAAP financial measures. For more detailed information on our non-GAAP financial disclosures, please refer to our full earnings release, which can be found on our investor relations website.