Bakkt, Inc.

What they do

Bakkt Markets is described as its regulated infrastructure layer and includes trading infrastructure, stablecoin and digital-asset OTC, stablecoin on- and off-ramps, cross-border payments through the Zaira API, and the Bakkt Widget. Bakkt Agent is an embedded-finance and intelligence layer offering accounts, payments and international transfers to partners. Bakkt Global holds international investments, including a warrant position in India-listed Transchem and Bitcoin Japan, aimed at broker-led distribution outside the U.S.

Revenue drivers

• Bakkt Markets — Transaction and trading infrastructure revenue tied to Total Transacting Volume; TTV was $168.8 million in Q2 2026 and $410.0 million for the first half, with six commercial offerings live.
• Bakkt Agent Embedded Finance — Partner-integrated accounts, payments and international transfer modules, with co-branded card programs and Neobank-as-a-Service targeted for Q4 2026.
• Acquired payments infrastructure (DTR) — Payment, stablecoin, onboarding and compliance technology acquired April 30, 2026; payments volume processed through it has been included in TTV since May 1, 2026.
• Bakkt Global investments — Non-operating holdings such as the 47.5 million Transchem warrants, carried at fair value ($107.9 million at June 30, 2026) with changes recognized in earnings.

Recent performance

Q2 2026 GAAP net income was $80.8 million, or $1.96 per basic and $1.94 per diluted share, per the August 10, 2026 earnings release. Total Transacting Volume was $168.8 million in Q2, bringing first-half TTV to $410.0 million, with payments volume included for the first time via infrastructure acquired in April. Cash, cash equivalents and restricted cash were $50.7 million at June 30, 2026, with no long-term debt, and total assets were $403.6 million against total liabilities of $49.2 million. Revenue was $577.9 million in the quarter ended June 30, 2025 and $2.34 billion for full-year 2025, while operating cash flow was negative $153.4 million in 2025.

Strategy

Management describes building a financial operating system for the AI and token economy through three complementary engines: Bakkt Markets, Bakkt Agent and Bakkt Global. During Q2 2026 it consolidated onboarding and identity processes and went live with wire and ACH funding connecting bank rails to stablecoin settlement in a single API. A unified Commercial department under Chief Commercial Officer Daniel Ishag is bringing trading, OTC, stablecoin on/off-ramps, Zaira cross-border payments, the Bakkt Widget and Agent modules to market. International expansion includes the Transchem warrant allotment in India after regulatory approvals and the Bitcoin Japan position. The pending acquisition of Distributed Technologies Research Global Ltd. (DTR) remains subject to closing conditions, including a shareholder vote.

Risks

• History of operating losses — Bakkt reports a limited operating history and prior operating losses, including net losses of $107.2 million in 2025 and negative operating cash flow of $153.4 million that year, and may not achieve or sustain profitability.
• DTR acquisition execution — The DTR acquisition remains subject to customary closing conditions, including a shareholder vote, and the company cites risks in integrating DTR's infrastructure and achieving expected benefits.
• Digital asset price and accounting exposure — The company cites risks from owning digital assets including Bitcoin, fair-value accounting on holdings, and potential corporate alternative minimum tax on unrealized fair value gains.
• Roman litigation — Bakkt is seeking approximately $10 million plus attorneys' fees from Project Labrador Holdco (Roman) over the Loyalty Business purchase agreement, while Roman filed counterclaims of up to $19 million and appealed after the Court granted Bakkt judgment on the pleadings.

Outlook

Management is targeting Q4 2026 for initial co-branded card programs and Neobank-as-a-Service offerings, and for a conversational interface on the Bakkt Agent rails, subject to product, partner and regulatory requirements. Bakkt Agent Embedded Finance is available for partner integration today. The company states its Markets and Agent stack can over time connect eligible global and private-market assets to scaled local distribution in Japan and India, subject to required approvals and product readiness.