PANews reported on May 12th, citing Cointelegraph, that digital asset platform Bakkt disclosed its Q1 2026 crypto service revenue fell 77% to $243.6 million from approximately $1.07 billion in the same period last year. Affected by the decline in crypto trading volume, net profit turned into a loss of $11.7 million from $7.7 million, or $0.41 per share. The report shows that Bakkt's crypto costs and brokerage fees in the quarter were approximately $242 million, while operating expenses remained around $18.5 million after excluding related costs. The company held $82.6 million in cash at the end of the period and had no long-term debt. Bakkt is shifting from crypto trading infrastructure to stablecoin payments and "agentic AI," having completed the acquisition of Distributed Technologies Research and signed a memorandum of understanding with stablecoin payment company Zoth to build a cross-regional stablecoin payment infrastructure.
