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Bakkt Revenue Plunges 77% in Q1 2026, Completes DTR Acquisition to Pivot to Stablecoin Infrastructure

GateNews
Project ProgressStocks

According to its Q1 2026 financial report released May 11, Bakkt’s revenue fell to $243.6 million, down 77.1% year-over-year, as the crypto infrastructure firm completed its all-stock acquisition of Distributed Technologies Research on April 30 and pivots toward stablecoin-based financial infrastructure. The company posted a net loss of $11.7 million compared to net income of $7.7 million in Q1 2025, while its stock dropped 11% in after-hours trading. Bakkt ended the quarter with $82.6 million in cash and no long-term debt, positioning the combined platform to support 24/7 cross-border settlement at institutional scale, according to CEO Akshay Naheta.

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