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

Odaily reports that Bakkt has released its first-quarter 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 income of $7.7 million in the same period last year. Due to a decline in crypto trading volume, Bakkt's crypto services revenue fell to $243.6 million from $1.07 billion in the same period last year, a year-over-year decrease of 77%, although much of this 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 stated that it is shifting its focus from crypto trading infrastructure to stablecoin payments and AI financial infrastructure. It completed the acquisition of Distributed Technologies Research on April 30, gaining an AI-native payment engine and stablecoin compliance tech stack. (Cointelegraph)