Bakkt provides regulated infrastructure for digital-asset trading, settlement and payments, with economics still dominated by crypto transaction activity. Headline revenue is misleadingly large because most transaction revenue is offset by crypto acquisition and execution, clearing and brokerage costs. The forward thesis rests on whether Bakkt can convert its licenses, DTR technology and stablecoin/payment infrastructure into recurring gross profit, positive EBITDA and scalable cross-border volume.
Bakkt Markets: regulated digital-asset trading and settlement.
Bakkt Agent: AI-driven distribution layer for financial products.
Bakkt Global: stablecoin settlement and cross-border payments.
DTR integration: ACH, wire, identity and programmable settlement within one stack.
2026 volume target: management raised Total Transacting Volume target to $3B.
Earnings History & Revenue Architecture
SEC EDGAR · focus on economic revenue quality
Q2 Revenue$170.1M
YoY-70%
Adj. EBITDA-$11.8M
Net Income$80.8M*
Period
Revenue
Adj. EBITDA
Core Opex
Q2 2026
$170.1M
-$11.8M
$20.5M
Q1 2026
$243.6M
Negative
—
H1 2026
$413.7M
Negative
—
Q2 2025
$568.1M
-$9.8M
$19.0M
*Q2 net income included material non-operating/fair-value effects and should not be treated as underlying profitability.
Q2 2026 Revenue Mix
Transaction revenue99.9%
Service revenue0.1%
Transaction revenue: $169.924M. Service revenue: $0.225M.
Economic Cost Structure
Crypto + execution costs$169.3M
Almost all headline revenue is pass-through. Gross economics matter more than reported revenue.
Historical & Short-Term Performance
Split-adjusted · log scale
Monthly Adjusted Price · Nov 2020–Sep 2026
Log scale
2021 Peak$1,063 adj.
Latest$8.61
52W Low$6.71
52W High$49.79
2026 YTD
Month-end + latest
YTD Return-14.2%
Jan$13.39
Aug$7.67
Latest$8.61
Latest Company Intelligence
9 Sep 2026 · Bakkt
2026 transacting-volume target raised to $3B
Signals faster commercialization, but monetization remains the key test.
17 Aug 2026 · Bakkt
New CFO appointed
Capital discipline matters while the company remains EBITDA-negative.
10 Aug 2026 · Bakkt
DTR integration adds ACH and wire rails
Turns the stablecoin strategy into a more complete operational stack.
30 Apr 2026 · Bakkt
DTR acquisition completed
Central strategic pivot toward programmable payments and stablecoin settlement.
Investment Thesis
Bulls Say
Regulatory licenses and institutional infrastructure are costly to replicate.
Stablecoin settlement and cross-border payments expand the addressable market.
DTR gives Bakkt a more coherent technology and compliance stack.
Small market capitalization creates asymmetric upside if the platform scales.
Bears Say
Revenue quality is weak and mostly pass-through.
Adjusted EBITDA remains negative.
Client concentration and crypto volumes drive severe volatility.
Equity issuance and acquisitions create meaningful dilution risk.
Defensive Moat & Resource Management
Economic Moat
NONE / DEVELOPING
Bakkt has potentially valuable regulatory infrastructure, but it has not yet demonstrated durable pricing power, positive unit economics or consistently self-funded growth. At present, this is strategic optionality rather than an established moat.
LicensesInstitutional RailsStablecoin Stack
H1 2026 Capital Deployment
Transchem investment
$9.41M
DTR cash consideration
$3.20M
Software / capex
$1.99M
Liquidity and dilution remain central risks while the business is below EBITDA breakeven.
Profile Snapshot
SectorFinTech
IndustryCrypto Infrastructure
Revenue ModelTransaction-Led
CyclicalityVery High
ProfitabilityNegative EBITDA
Key ThemeStablecoins
MoatDeveloping
ProfileSpeculative
Sources & Methodology
Bakkt Q2 2026 Form 10-Q and earnings release; Bakkt Q2 2026 presentation and IR releases; Digrin split-adjusted historical monthly prices; StockAnalysis current market snapshot. A-CLUSTER moat and thesis are analytical judgments. Static research snapshot; not investment advice.