In Q1 2026, Bakkt reported revenue of $243.6 million, down 77.1% from $1,065.8 million in Q1 2025, driven by lower trading volumes that reduced crypto costs and execution, clearing and brokerage fees to $242.0 million. Total operating expenses fell 75.9% to $260.5 million, and the company recorded a net loss of $11.7 million and an adjusted EBITDA loss of $13.7 million.

On April 30, 2026, Bakkt closed an all-stock acquisition of Distributed Technologies Research (DTR), issuing 11,316,775 shares and up to 725,592 additional shares upon warrant exercises. The transaction integrates DTR’s AI-native agentic payments engine and stablecoin compliance stack into Bakkt’s regulated infrastructure, enabling 24/7 cross-border settlement at institutional scale.

Bakkt entered a strategic memorandum of understanding with Zoth to extend its licensed payment corridors across South Asia, the Middle East and Sub-Saharan Africa. Under the deal, Zoth will operate as an Authorized Agent within Bakkt Financial Solutions I, with a target of approximately $1 billion in annualized total payment volume through the partnership.

The company appointed Daniel Ishag as Chief Commercial Officer to lead the rebuild of its commercial organization across Bakkt Markets and Bakkt Agent. Ishag joins with international scale-up experience in fintech, infrastructure technology and decentralized finance to drive institutional pipeline conversion and go-to-market execution.