Bakkt pivots into stablecoin infrastructure as revenue tumbles 77% in Q1

Bakkt posted a net loss of $0.41 per share in Q1 as revenue fell 77% to $243.6 million on lower crypto trading volumes.

Bakkt swung to a first-quarter loss as crypto services revenue fell 77%, underscoring the digital asset platform’s push to reposition itself around stablecoin payments and AI-enabled financial infrastructure.

On Monday, the company reported a net loss attributable to Bakkt of $11.7 million, or 41 cents per basic and diluted share, for the quarter ended March 31. That compares with net income attributable to Bakkt of $7.7 million, or $1.13 per diluted share, a year earlier.

Crypto services revenue fell to $243.6 million from $1.07 billion in the prior year's period, Bakkt said. The company attributed the decline primarily to lower crypto trading volumes. However, nearly all of that revenue figure is offset by crypto costs and brokerage fees, which totaled $242 million in the quarter.

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