Bakkt Q1 Crypto Revenue Falls 77% Year-on-Year, Shifts Focus to Stablecoin Infrastructure

On May 12, Bakkt released its Q1 2026 financial report, showing a net loss attributable to the company of $11.7 million, or a loss of $0.41 per share; compared to a net profit of $7.7 million in the same period last year. The decline in crypto trading volume impacted Bakkt’s crypto services revenue, which fell from $1.07 billion in the same quarter last year to $243.6 million, a 77% year-on-year decrease, although most of this was offset by crypto costs and brokerage fees. At the end of the first quarter, the company held $82.6 million in cash and had no long-term debt. Bakkt stated that it is transitioning from crypto trading infrastructure to stablecoin payments and AI financial infrastructure, having completed the acquisition of Distributed Technologies Research on April 30, gaining an AI-native payment engine and a stablecoin compliance technology stack.