Bakkt Reports First Quarter 2026 Results

Bakkt, Inc. (NYSE: BKKT) reported first-quarter 2026 revenue of $243.6 million, a 77.1% decline from $1.0658 billion in the year-ago period. The Atlanta-based regulated fintech company posted a net loss attributable to Bakkt of $11.7 million, compared with net income of $7.7 million in Q1 2025. Adjusted EBITDA loss widened to $13.7 million from an $11.7 million loss on a continuing-operations basis a year earlier.

Total operating expenses fell to $260.5 million from $1.0812 billion, driven mainly by lower crypto costs. Crypto costs and execution, clearing and brokerage fees dropped to $242.0 million from $1.0623 billion. Operating loss from continuing operations was $16.9 million, versus $15.4 million in Q1 2025. The company ended the quarter with $82.6 million in cash, cash equivalents and restricted cash, up from about $27.5 million at the end of 2025.

CEO Akshay Naheta called the quarter the beginning of a new chapter for Bakkt and described stablecoin infrastructure as a generational opportunity. He said the company's strategy is built around three growth engines: Bakkt Markets, Bakkt Agent, and Bakkt Global.

Operational developments

On April 30, Bakkt completed its all-stock acquisition of Distributed Technologies Research (DTR). The company issued 11,316,775 shares of Class A common stock to DTR's beneficial holders, with up to 725,592 additional shares issuable upon exercise of certain warrants. Bakkt said the combined platform integrates DTR's AI-native agentic payments engine and stablecoin compliance stack with its regulated infrastructure to support 24/7 cross-border settlement at institutional scale. The deal also brings together pan-U.S. money transmission licenses, the New York BitLicense, DTR's payments stack, and a European Virtual Asset Service Provider license.

Bakkt also signed a strategic memorandum of understanding with Zoth, a stablecoin solutions provider focused on the Global South and the agentic economy. Under the MoU, Zoth will operate as an authorized agent within Bakkt Financial Solutions I, LLC, Bakkt's pan-U.S. money transmitter subsidiary. The partnership is intended to extend Bakkt's regulated U.S. licensing footprint into Zoth's payment corridors across South Asia, the Middle East, and Sub-Saharan Africa. The MoU was signed in May 2026, with definitive commercial agreements expected to follow.

The company also appointed Daniel Ishag, founder of Gyzer Network and co-founder of Return Finance, as chief commercial officer. Bakkt said Ishag will lead the rebuild of its commercial organization, focusing on converting the institutional pipeline across Bakkt Markets and Bakkt Agent.