Bakkt's Q1 crypto revenue declined by 77% year-on-year, prompting it to shift its focus to stablecoin infrastructure.

According to Foresight News , Bakkt released its Q1 2026 financial results, reporting a net loss attributable to the company of $11.7 million, or $0.41 per share, compared to a net profit of $7.7 million in the same period last year. Affected by a decline in crypto trading volume, Bakkt's crypto services revenue decreased by 77% year-over-year to $243.6 million from $1.07 billion in the same period last year, but this was largely offset by crypto costs and brokerage fees. The company held $82.6 million in cash at the end of Q1 and had no long-term debt. Bakkt stated that it is shifting from crypto trading infrastructure to stablecoin payments and AI financial infrastructure, and completed its acquisition of Distributed Technologies Research on April 30, gaining access to an AI-native payment engine and a stablecoin compliance technology stack.