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Bakkt Reports $80.8 Million GAAP Net Income in Q2 2026, Highlights Growth in Transaction Volume and Strategic Asset Expansion
Bakkt Holdings, Inc. (NYSE: BKKT) released its second‑quarter 2026 financial results on Tuesday, reporting a GAAP net income of $80.8 million, or $1.96 per basic share and $1.94 per diluted share. The turnaround follows a $14.7 million net loss in the same period a year earlier, underscoring the company’s shift toward higher‑margin services and expanded transaction activity.
Total revenue for the quarter stood at $170.1 million, a 70.0 % decline from $568.1 million in Q2 2025. The drop mirrors a reduction in digital‑asset trading volumes and a shift in the client mix, while crypto‑related costs—execution, clearing and brokerage fees—amounted to $169.3 million and consumed most of the top line.
Operating expenses fell to $189.8 million, down 67.5 % from $584.2 million in Q2 2025. Excluding crypto‑related costs, the company’s core operating spend was just $20.5 million, reflecting a leaner cost base as it scales its infrastructure.
Bakkt’s adjusted EBITDA for the quarter was an $11.8 million loss, compared with a $9.8 million loss a year earlier. The widening loss of $2.0 million stems mainly from a $2.0 million drop in crypto‑services revenue after costs, a $0.7 million rise in salaries and contract labor, and a $0.3 million loss on an equity‑method investment that was not recorded in the prior year.
As of June 30, 2026, the company held $50.7 million in cash, cash equivalents and restricted cash—up from $27.5 million at the end of 2025. The boost was driven by $48.1 million in gross proceeds from a February registered direct offering and $21.5 million from an at‑the‑market offering. Bakkt reports no long‑term debt.
Transaction activity rose to $168.8 million in Q2 2026, pushing first‑half total transacting volume (TTV) to $410.0 million. The figure now includes payments processed through the stable‑coin and payment infrastructure that Bakkt acquired in April 2026. Management reiterated a full‑year TTV target of $2.5 billion, contingent on client integration, regulatory approvals and market conditions.
Bakkt’s strategic asset value (SAV) reached $118.6 million as of June 30, 2026. The valuation combines a $10.6 million equity‑method investment in Bitcoin Japan Corporation and $107.9 million fair value of Transchem warrants. The warrants, issued in June 2026 after receiving Indian regulatory approvals, were purchased for $9.4 million, covering 25 % of the subscription amount.
The quarter also marked significant growth in Bakkt’s commercial footprint. The company completed integration of Distributed Technologies Research (DTR) payment and stable‑coin infrastructure, consolidating onboarding, identity, wire and ACH funding into a single API. Payments routed through the newly acquired infrastructure are now reflected in TTV.
Bakkt Agent, the firm’s intelligence layer, moved from beta to commercial availability, allowing partners to embed its capabilities directly into their platforms.
The Embedded Finance platform, which offers accounts, payments and international transfers on a regulated stack, launched this quarter. The company plans to roll out co‑branded card programs and a Neobank‑as‑a‑Service offering in Q4 2026, subject to partner, bank, network and regulatory approvals.
Under Chief Commercial Officer Daniel Ishag, Bakkt’s commercial organization has been streamlined into a unified sales team focused on digital‑asset trading, OTC execution, stable‑coin on‑ and off‑ramps, cross‑border payments, the Bakkt Widget and Agent modules.
CEO Akshay Naheta said the company is building a financial operating system for the AI and token economy through its Markets, Agent and Global engines, noting progress across all three during the quarter.
Bakkt will host a conference call on Monday, August 10, 2026, at 5:30 PM ET to discuss the results in detail.
In sum, Bakkt returned to profitability after a loss in 2025, bolstered its cash position, and expanded transaction volume and strategic assets. The firm is pushing forward its embedded‑finance and neobank initiatives while integrating the stable‑coin infrastructure it recently acquired. Full‑year expectations remain tied to client activation, regulatory approvals and market conditions.
Total revenue for the quarter stood at $170.1 million, a 70.0 % decline from $568.1 million in Q2 2025. The drop mirrors a reduction in digital‑asset trading volumes and a shift in the client mix, while crypto‑related costs—execution, clearing and brokerage fees—amounted to $169.3 million and consumed most of the top line.
Operating expenses fell to $189.8 million, down 67.5 % from $584.2 million in Q2 2025. Excluding crypto‑related costs, the company’s core operating spend was just $20.5 million, reflecting a leaner cost base as it scales its infrastructure.
Bakkt’s adjusted EBITDA for the quarter was an $11.8 million loss, compared with a $9.8 million loss a year earlier. The widening loss of $2.0 million stems mainly from a $2.0 million drop in crypto‑services revenue after costs, a $0.7 million rise in salaries and contract labor, and a $0.3 million loss on an equity‑method investment that was not recorded in the prior year.
As of June 30, 2026, the company held $50.7 million in cash, cash equivalents and restricted cash—up from $27.5 million at the end of 2025. The boost was driven by $48.1 million in gross proceeds from a February registered direct offering and $21.5 million from an at‑the‑market offering. Bakkt reports no long‑term debt.
Transaction activity rose to $168.8 million in Q2 2026, pushing first‑half total transacting volume (TTV) to $410.0 million. The figure now includes payments processed through the stable‑coin and payment infrastructure that Bakkt acquired in April 2026. Management reiterated a full‑year TTV target of $2.5 billion, contingent on client integration, regulatory approvals and market conditions.
Bakkt’s strategic asset value (SAV) reached $118.6 million as of June 30, 2026. The valuation combines a $10.6 million equity‑method investment in Bitcoin Japan Corporation and $107.9 million fair value of Transchem warrants. The warrants, issued in June 2026 after receiving Indian regulatory approvals, were purchased for $9.4 million, covering 25 % of the subscription amount.
The quarter also marked significant growth in Bakkt’s commercial footprint. The company completed integration of Distributed Technologies Research (DTR) payment and stable‑coin infrastructure, consolidating onboarding, identity, wire and ACH funding into a single API. Payments routed through the newly acquired infrastructure are now reflected in TTV.
Bakkt Agent, the firm’s intelligence layer, moved from beta to commercial availability, allowing partners to embed its capabilities directly into their platforms.
The Embedded Finance platform, which offers accounts, payments and international transfers on a regulated stack, launched this quarter. The company plans to roll out co‑branded card programs and a Neobank‑as‑a‑Service offering in Q4 2026, subject to partner, bank, network and regulatory approvals.
Under Chief Commercial Officer Daniel Ishag, Bakkt’s commercial organization has been streamlined into a unified sales team focused on digital‑asset trading, OTC execution, stable‑coin on‑ and off‑ramps, cross‑border payments, the Bakkt Widget and Agent modules.
CEO Akshay Naheta said the company is building a financial operating system for the AI and token economy through its Markets, Agent and Global engines, noting progress across all three during the quarter.
Bakkt will host a conference call on Monday, August 10, 2026, at 5:30 PM ET to discuss the results in detail.
In sum, Bakkt returned to profitability after a loss in 2025, bolstered its cash position, and expanded transaction volume and strategic assets. The firm is pushing forward its embedded‑finance and neobank initiatives while integrating the stable‑coin infrastructure it recently acquired. Full‑year expectations remain tied to client activation, regulatory approvals and market conditions.
