Bakkt's first-quarter financial report doesn't look very good.
Cryptocurrency service revenue dropped from $1.07 billion last year to $243 million, a 77% decline, and the company shifted from profit to loss.
The core reason is the decline in trading volume.
Now it no longer solely bets on cryptocurrency trading infrastructure but has started to expand into stablecoin payments and Agentic AI, also acquiring related companies and building cross-regional stablecoin payment networks.
Relying solely on trading fees is becoming increasingly difficult.