Bakkt Q1 Crypto Revenue Down 77% Year-on-Year, Transitioning to Stablecoin Infrastructure Sector

Foresight News reports that Bakkt has released its financial results for the first quarter of 2026, showing a net loss attributable to the company of $11.7 million, or a loss of $0.41 per share. In the same period last year, net profit was $7.7 million. Due to a decline in crypto trading volume, Bakkt's crypto services revenue fell from $1.07 billion in the same period last year to $243.6 million, a year-on-year decrease of 77%, though most of this was offset by crypto costs and brokerage fees. As of 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. On April 30, it completed the acquisition of Distributed Technologies Research, gaining an AI-native payment engine and a compliance technology stack for stablecoins.