BKKT Bakkt, Inc.
Price Chart
Executive Summary
Bakkt reported Q1 2026 total revenue of $243.6 million, down 77.1% YoY from $1,065.8 million, driven by lower crypto trading volumes. Net loss attributable to Bakkt was $11.7 million, compared to net income of $7.7 million in Q1 2025, which included a $32.2 million non-cash warrant gain. The company completed its acquisition of DTR on April 30, 2026, and ended the quarter with $82.6 million in cash, cash equivalents, and restricted cash.
Actionable Insight
The 77% revenue collapse and widening EBITDA loss confirm Bakkt's crypto trading volumes are in freefall, making the stock highly dependent on the DTR acquisition and new Bakkt Agent/Markets initiatives generating revenue. Monitor Q2 2026 for first combined results with DTR and any signs of stablecoin payment volume materializing from the Zoth MoU.
Key Facts
- Total revenue declined 77.1% YoY to $243.6 million from $1,065.8 million
- Net loss attributable to Bakkt was $11.7 million vs net income of $7.7 million in Q1 2025
- Adjusted EBITDA loss widened 17.0% to $13.7 million from $11.7 million in Q1 2025
- Completed DTR acquisition on April 30, 2026 in all-stock transaction issuing 11,316,775 shares
- Cash, cash equivalents and restricted cash of $82.6 million as of March 31, 2026
- Controllable operating expenses (ex-crypto costs) were approximately $18.5 million, roughly flat YoY
- No long-term debt and no noncontrolling interest on balance sheet
Financial Impact
Revenue declined by $822.2 million YoY (77.1%); net income swung from +$7.7M to -$11.7M; Adjusted EBITDA loss increased $2.0M to -$13.7M
Risk Factors
- Continued decline in crypto trading volumes could further compress revenue
- DTR acquisition integration may take longer or fail to deliver expected synergies
- Zoth partnership is only an MoU — definitive agreements not yet signed
- Significant shareholder dilution from 11.3M shares issued for DTR acquisition
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-033588 |
| Document: bakkt-20260511.htm | 0001628280-26-033588 |
| Document: 0001628280-26-033588-index-headers.html | 0001628280-26-033588 |
| Document: 0001628280-26-033588-index.html | 0001628280-26-033588 |
| Document: 0001628280-26-033588.txt | 0001628280-26-033588 |
| 8-K Data (Synthetic) | 0001628280-26-033588 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 11, 2026
1d ago
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Insider Buy
| $8.37 awaiting T+1 | awaiting T+1 | — | $8.43 (+0.78%) |
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Jun 11, 2026
1d ago
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Institutional Cluster
| $7.66 awaiting T+1 | awaiting T+1 | — | $8.43 (+10.05%) |
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Jun 4, 2026
8d ago
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8-K
| $0.2600 awaiting T+1 | awaiting T+1 | — | $8.43 (+3142.31%) |
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Jun 4, 2026
8d ago
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Press Release
| $9.18 $7.83 | ▼ −14.71% | ▼ −12.11% | $8.43 (−8.17%) |
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May 30, 2026
14d ago
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DEFA14A
| — | awaiting T+1 | — | — |
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May 28, 2026
16d ago
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EFFECT
| — | awaiting T+1 | — | — |
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May 11, 2026
4w ago
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8-K
| $0.2600 $0.0876 | ▲ +66.31% | ▲ +66.48% | $8.43 (−3142.31%) |
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Apr 30, 2026
6w ago
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DEFA14A
| — | awaiting T+1 | — | — |
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Apr 28, 2026
6w ago
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Insider Cluster
| $8.58 $7.86 | ▼ −8.39% | ▼ −8.38% | $8.43 (−1.75%) |
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Apr 28, 2026
6w ago
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Insider Cluster
| $8.58 $7.86 | ▼ −8.39% | ▼ −8.38% | $8.43 (−1.75%) |
US Market Status
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