Bakkt, Inc. reported significant financial changes in its latest 10-Q filing for the quarter ending June 30, 2026. The company generated $170.1 million in crypto services revenue, a substantial decrease of 70% compared to $568.1 million in the same quarter of the previous year. This decline was primarily attributed to reduced trading volumes, particularly following the loss of key clients such as Webull and Public. Operating expenses also decreased to $189.8 million from $584.2 million, reflecting lower crypto trading costs in line with the drop in revenue.
The company’s net income for the quarter was $80.8 million, a notable turnaround from a net loss of $30.2 million in the prior year. This improvement was bolstered by a $98.5 million gain from the change in fair value of the Transchem Warrants, which Bakkt acquired in June 2026. The overall financial performance indicates a strategic shift, as Bakkt continues to integrate its recent acquisitions, including Distributed Technologies Research Global Ltd. (DTR), which was completed on April 30, 2026.
In terms of operational metrics, Bakkt's total transacting volume (TTV) for the quarter was $168.8 million, which included $161.9 million from digital asset trading and $6.8 million from payments activity. The company has also expanded its geographic reach, offering digital asset services in the U.S., Latin America, Europe, and Asia. As of June 30, 2026, Bakkt's employee headcount stood at 300, reflecting ongoing adjustments to align with its operational priorities.
Strategically, Bakkt has focused on enhancing its product offerings and integrating new technologies. The acquisition of DTR is expected to enhance its payment and compliance capabilities, while the integration of Gyzer's fiat-to-crypto on- and off-ramp technology aims to streamline user transactions. The company is also actively pursuing international investments, with strategic positions in Bitcoin Japan Corporation and Transchem Limited, which are anticipated to contribute to future growth.
Looking ahead, Bakkt's management expressed optimism about its ability to generate sustainable operating profits, although it acknowledged the challenges posed by market conditions and client acquisition cycles. The company plans to continue optimizing its capital allocation and reducing cash expenses while focusing on expanding its client base and enhancing product adoption rates.
About Bakkt, Inc.
Bakkt Holdings, Inc. provides a technology platform offering crypto trading, custody, and loyalty solutions through SaaS and API services. Serving financial institutions, merchants, and loyalty sponsors primarily in the U.S. and Canada, Bakkt enables clients’ customers to buy, sell, store, and transfer approved crypto assets and redeem loyalty points. Its institutional-grade platform integrates compliance features and liquidity partnerships, supporting scalable, secure crypto commerce and rewards management.
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