BakktQ1 encryption revenue fell 77% year-on-year, transforming into stablecoin infrastructure

Bakkt released its first-quarter 2026 financial report. The quarterly net loss attributable to the company was US$11.7 million, or a loss per share; net profit for the same period last year was US$7.7 million. Affected by the decline in crypto trading volume, Bakkt's crypto services revenue fell to US$243.6 million from US$1.07 billion in the same period last year, a year-on-year decrease of 77%, but most of it was offset by crypto costs and brokerage fees. The company held $82.6 million in cash at the end of the first quarter and had no long-term debt. Bakkt said it is moving from crypto transaction infrastructure to stablecoin payments and AI financial infrastructure, and completed the acquisition of Distributed Technologies Research on April 30, acquiring an AI native payment engine and a stablecoin compliant technology stack.