Bakkt Q1 Crypto Revenue Down 77% YoY, Pivots to Stablecoin Infrastructure

Odaily reported that Bakkt released its Q1 2026 financial results, reporting 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. Due to a decline in crypto trading volume, Bakkt's crypto services revenue dropped from $1.07 billion in the same period last year to $243.6 million, a year-over-year decrease of 77%, although this was mostly 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 shifting from crypto trading infrastructure to stablecoin payments and AI financial infrastructure. It completed the acquisition of Distributed Technologies Research on April 30, obtaining an AI-native payment engine and stablecoin compliance technology stack. (Cointelegraph)