Bakkt : 1Q26 Presentation
BKKT
Published on 05/11/2026 at 04:56 pm EDT
May 2026
Q1 2026
Earnings Presentation
$82,003.32
1.0 BTC
TAM
Stablecoins, inevitable
Legacy rails
SWIFT
ACH
Fedwire
Brick & Mortar Banks
Application & payments layer
Bakkt Agent
APIs (on Bakkt foundation)
EU licenses - cross-border expansion
On/off ramp in 60+ countries and growing
Real-time, automated movement & settlement
Market infrastructure
Bakkt Markets
Pan-US MTLs + New York BitLicense
Institutional-grade compliance & AML/KYC
Fiat to stablecoin conversions
$200T
$300T
$6T
2
1
$6T
$2T
3
$2T
Stablecoin infrastructure is expected to cannibalize legacy payment rails over the next decade
¹ Represents estimated annual cross-border and wholesale payment flows settled via SWIFT, ACH, Fedwire, CHIPS, and equivalent global rails. Sources: Nacha (2024 ACH Network Statistics), Federal Reserve Fedwire Funds Service Disclosure (2024), SWIFT GPI data.
2 Represents estimated aggregate Total Payments Volume ("TPV") across application-layer payment processors. Stripe: $1.4T (2024, Stripe press release, Feb 2025). Total global e-commerce transaction value: $6.8T (Worldpay Global Payments Report, 2025).
3 Represents estimated annual crypto spot and derivatives trading volume across regulated market infrastructure providers. Coinbase alone exceeded $1T in 2024 trading volume (Coinbase Q4 2024 Shareholder Letter). Global regulated crypto market volume estimated at $2T+ (internal estimate; Coinbase, Paxos, and peers; 2024).
Early innings
Stablecoins: the field is taking shape
PEERS
M&A1-3
MARKET MACROS4-6
2025 settlement volume
Cross-border payments
Standalone
+72% YoY
$19T
2024
$33T
2025
FY26E - 2030E
$44T
2025
$67T
2030E
Stablecoin market cap
ATH at $320B
$290B
$320B
$140B
2022
$130B
2023
$200B
2024
2025
Q1'26
1-3 M&A per company press releases and SEC filings (Stripe - Feb 2025; Mastercard - Mar 2026; Kraken - May 2026).
4-6 Stablecoin settlement volume and market capitalization per CoinDesk and industry aggregate (Bybit/Dune Analytics, Artemis, FXC Intelligence). Cross-border payments TAM per FXC Intelligence, "The State of Stablecoins in Cross-Border Payments 2025." Represents total global market, not the Company's serviceable or obtainable market.
Internal Scorecard
Where Bakkt stands today
Pan-U.S. MTLs · NY BitLicense · FinCEN · EU VASP
80 / 100
DTR payments rails & settlement engine in-house
80 / 100
Debt-free · Ample liquidity · Continued cost restructuring
75 / 100
Modular stack · Agent platform launching June 2026
75 / 100
60+ jurisdictions
70 / 100
A+ talent · AI-leveraged execution across functions
60 / 100
Intellectual capital · technology enablement · further cost efficiencies
50 / 100
Primary focus · Sales org rebuild post-DTR close
30 / 100
Internal scorecard is illustrative and reflects management's qualitative self-assessment of execution progress against internal milestones as of March 31, 2026. Ratings are the considered opinion of the Chief Executive Officer, are not audited or reviewed, do not represent management guidance, and are not a measure of financial performance, operating results, or shareholder return. Methodology, weightings, and definitions are internal and may change. Forward-looking categories are subject to known and unknown risks, including those identified in our SEC filings.
Who we are
The three engines
To market, faster.
Bakkt Markets
Institutional-grade infrastructure for digital assets
Frictionless. Intelligent. Auditable.
Bakkt Agent
Programmable money & AI powered finance
International expansion. Value creation.
Bakkt Global
Expanding technology and services to new markets
Descriptions of growth engines reflect management's strategic vision. Certain products and services described are in development or have not yet launched
Execution
Bakkt Markets update
CLIENTS TECHNOLOGY UPGRADE - 2026 ROLLOUT
200 available assets
Advanced trading engine
SALES LEADERSHIP
Social and copy trading
Improved interface
Daniel Ishag
Chief Commercial Officer
Bakkt Markets
Zoth:
cross-border stablecoin partnership
THE PARTNER THE REGULATED LAYER LIVE & ACTIVATING CORRIDORS
Privacy-first stablecoin solutions for the Agentic Economy across South Asia & MENA
Annualized TPV today $300M
ZOTH operates as an authorized agent within BFS
Pan-U.S. money transmitter licenses 50/50
Largest U.S. outbound remittance corridor
corridors
USA → South Asia
USA → Philippines, Nigeria High-volume
USA → Middle East GCC expat workforce Largest Middle
New York BitLicense NYDFS
UAE → South Asia
East corridor
Ghana · S. Africa
Target annualized
TPV from Zoth
$1B FY26E
FinCEN MSB registration Federa
Sub-Saharan Africa Uganda · Kenya · Nigeria ·
MOU signed May 2026. Definitive commercial agreements expected to follow. TPV figures reflect Zoth projections, which are subject to several assumptions, including the execution and consummation of a definitive agreement. Bakkt's role in the partnership would be conducted through its licensed subsidiary, Bakkt Financial Solutions I, LLC.
Finance is evolving
Bakkt Agent core pillars
Technology
Modular tech stack,
built to scale
Efficiency
Low cost-to-serve, volume without linear headcount
Programmability
Products built for the world of programmable finance
Distribution
Existing networks of hundreds of millions of users1
1 References to 'hundreds of millions of users' reflect the aggregate reach of anticipated distribution partners, not the Company's current registered or active user base. Partner-based distribution is subject to the execution of binding agreements and successful product launches.
Distribution + Efficiency
Partnership-led distribution accelerates growth
01 02 03
The engine: Bakkt
Regulated railes: livenses, custody, settlement
.
The catalyst: Partners
Concentrated markets, embedded distribution at scale
The value-add: Utility
Daily-use surfaces that drive volume back through Bakkt.
Example: global telecom partners1
MARKET STRUCTURE Concentrated: 2 - 3 global operators per region
LAUNCH FOCUS US + EU
EMBED SURFACE eSIM: connectivity + distribution in one motion IN PARALLEL eSIM API extension
1 As of the date of this presentation, no binding commercial agreement with a named telecom operator has been entered into. Statements regarding telecom partnerships reflect management's strategic intent and ongoing discussions
Japan + India
3x
Bakkt Global update
$31.7M1
2.8x
$11.5M
Illustrative Value
Aug. '25
$44.3M3
4.7x
$9.5M2
Illustrative Value
Mar. '26
Bitcoin Japan Corporation
TSE-Listed: 8105
Warrant Subscription - Transchem Ltd.
BSE-Listed: 500422
1 TSE:8105 closing share price of ¥155/share at ¥158.76/USD × 16,864,650 shares owned = $16.5M market value; plus $14.9M cash received from Rizap share sales (Nov-Jan) and $0.3M receivable on 799,600 remaining shares at floor price of ¥99. Total blended return as of 3/31/26. Illustrative and not a guarantee of realizable value.
2 $9.5M represents the allotment fee for 47,500,000 warrants in Transchem Limited (BSE: 500422) at a strike price of ₹75/share, payable upon regulatory approval. Once the allotment fee has been paid and the warrants have been issued, Bakkt has 18 months to exercise the warrants in one or more tranches.
3 MTM value as of 3/31/26, based on Transchem Limited (BSE: 500422) closing share price of ₹162.65 (3/30/26 close, last trading day prior to quarter-end) × 47,500,000 warrants, net of ₹75/share strike price, translated at INR/USD exchange rate of ₹94.071 as of 3/31/26. Reflects unrealized mark-to-market gain; warrants are unexercised and subject to pending regulatory approval. Illustrative and not a guarantee of realizable value.
What to measure
Three core KPIs1 going forward
Bakkt Markets
Total Transacting Volume2
$241M Q1'26
$2.5B YE'26E
Bakkt Agent
Monthly Active Users3
Bakkt Global
Strategic Asset Value4
~$76M Q1'26
1, 2, 3, 4 - KPIs presented are operating and statistical metrics used by management to evaluate performance and are not in financial measures prepared in accordance with GAAP. Please see "KPI Disclosures" on Slide 26 in the Appendix at the end of this presentation.
Financials
Q1'26 results - a different company
Cost base - Loyalty divestiture impact
Controllable operating expense excludes crypto costs and execution, clearing & brokerage fees. $ in thousands.
Q1 2025
As Reported
Less: Loyalty (Disc. Ops)
Q1 2025
Continuing
Q1 2026
Compensation & benefits
17,819
(10,032)
7,787
6,602
Professional services
5,192
(22)
5,170
7,745
Technology & communication
3,568
(1,612)
1,956
1,787
Selling, general & admin.
3,829
(333)
3,496
2,362
Other operating
694
(238)
456
71
Total controllable opex
31,102
(12,237)
18,865
18,567
Loyalty divestiture (closed October 2025) removed approximately $12 million of quarterly controllable operating expense from the run rate. Q1 2026 controllable opex is materially in line with Q1 2025 on a continuing-operations basis, despite $2.5 million of incremental professional services tied to the DTR acquisition and Bakkt Global investment activity.
Capital position
CASH & RESTRICTED CASH
$82.6M
as of March 31, 2026
Long-term debt None
Noncontrolling interest None
CAPITAL SIZED TO EXECUTE
A clean operating platform, debt-free, with capital sized to execute across the three engines: Markets, Agent, and Global.
Q1 2025 As Reported reflects financial results before the divestiture of the Loyalty business, which closed on October 1, 2025 and is reported as a discontinued operation in the Company's SEC filings effective Q3 2025. "Less: Loyalty (Disc. Ops)" reflects the discontinued operations adjustment per Note 3 of the Company's Q1 2026 Form 10-Q. "Q1 2025 Continuing" reflects continuing operations only and matches the Q1 2025 comparative in the Q1 2026 Form 10-Q. 2026 ATM remaining capacity reflects the $300 million aggregate offering capacity established January 16, 2026, less approximately
$21.5 million in gross proceeds raised during Q1 2026.
1 "Q1 2025 Continuing" / "Total controllable opex" is a non-GAAP measure that excludes crypto costs and execution, clearing and brokerage fees from Total Operating Expenses (GAAP). Total Operating Expenses was $260.5M for Q1 2026 and $1,081.2M for Q1 2025 As Reported. See appendix for full reconciliation.
May 2026
$82,003.32
1.0 BTC
Financials
KPI disclosures
KPIs presented are forward looking and reflect management's strategic framework for evaluating business performance going forward. These metrics are operating and statistical metrics used by management to evaluate performance and are not financial measures prepared in accordance with GAAP. Definitions, measurement methodologies, and baseline figures will be disclosed in future periodic filings as each metric becomes operational. The Company plans to update and align its reported KPIs with its strategic objectives over the course of fiscal year 2026.
Total Transacting Volume is defined as the aggregate notional value of transactions processed across the Bakkt Markets and Bakkt Agent platforms during the period, including: (i) crypto services activity (purchases and sales of digital assets routed through partner platforms); (ii) institutional and business-to-business payments, including cross-border stablecoin payments; (iii) peer-to-peer fiat transfers; (iv) consumer and business payments processed through Bakkt's regulated infrastructure; and (v) other transaction activity routed through Bakkt's platforms. Total Transacting Volume will begin to be reported following the activation and scaling of transaction activity. Timing has not been determined and is subject to platform development, commercial activity levels, and the execution of definitive partner agreements.
A Monthly Active User is defined as a unique platform user that completes at least one transaction during a calendar month. Monthly Active Users is expected to be reported following the commercial launch of the applicable Bakkt products and services. Launch timing has not been determined and is subject to product development, regulatory requirements, and the execution of definitive commercial agreements. There can be no assurance as to when, or whether, such launches will occur.
Strategic Asset Value reflects management's internal assessment of value generated through the Bakkt Global investment strategy, including equity stakes in portfolio companies. Methodology incorporates mark-to-market valuations of publicly listed holdings, cash proceeds received from share sales, and unrealized investment gains, as illustrated by the Company's investments in Bitcoin Japan Corporation (TSE: 8105) and Transchem Limited (BSE: 500422). This metric is not a financial measure prepared in accordance with GAAP, does not represent realized returns, and is subject to market fluctuation and foreign exchange risk.
Financials
FY25 Condensed Balance Sheet
$ in thousands (unaudited)
March 31, 2026
December 31, 2025
Assets
Cash & cash equivalents
79,984
26,962
Restricted Cash
2,576
575
Assets of businesses held for sale
-
-
Other current assets
32,903
44,663
Total current assets
124,995
72,200
Goodwill
64,658
64,658
Intangible assets, net
5,550
5,550
Equity method investment
10,928
11,149
Derivative asset
160
3,352
Other assets
7,088
5,879
Total assets
$213,380
$162,788
Liabilities and stockholdersʼ equity
Current liabilities
30,071
33,030
Non-current liabilities
12,227
16,976
Total liabilities
42,298
50,006
Total stockholdersʼ equity
171,082
112,782
Noncontrolling interest
-
-
Total equity
171,179
112,782
Total liabilities and stockholdersʼ equity
$213,380
$162,788
Financials
FY25 Condensed P&L
$ in thousands, except fior share infiormation (unaudited)
Q1ʼ26
Q1ʼ25
Crypto services revenue
243,593
1,065,756
Total Revenue
Crypto costs and execution, clearing and brokerage fees 241,950 1,065,328
Operating expenses, excluding crypto costs and execution, clearing and brokerage fees and goodwill and intangible assets impairments
18,567 15,865
Total operating expenses
260,517
1,081,193
Operating income (loss) from continuing operations
(16,924)
(15,437)
Interest (expense) income, net
185
622
(Loss) gain from change in fair value of warrant liability
4,700
32,247
Change in fair value of derivative instrument
(224)
-
Other income, net
846
2,005
Loss from continuing operations before income taxes
(11,417)
19,437
Income tax (expense) benefit
(12)
(49)
Net loss from equity method investment
(221)
-
Net loss from continuing operations
-
19,388
Net loss from discontinued operations, net of tax
-
(3,149)
Net loss
(11,650)
16,239
Less: Net loss attributable to noncontrolling interest
-
8,529
Net loss attributable to Bakkt, Inc.
$(11,650)
$7,710
Net earnings (loss) per basic share3
$(0.41)
$1.37
Net earnings (loss) per diluted share3
$(0.41)
$1.13
Financials
Non-GAAP Financial Metrics Disclosure
This release includes discussions of non-GAAP financial measures such as EBITDA and Adjusted EBITDA, which are financial measures that are not calculated in accordance with generally accepted accounting principles in the United States of America ("GAAP"). These non-GAAP measures have no standardized meaning and are not defined under GAAP and, therefore, may not be comparable to similar measures presented by other companies. The presentation of these non-GAAP measures is not intended to be considered in isolation from, as a substitute for, or as superior to the financial information presented in accordance with GAAP. The Company uses non-GAAP financial measures to assist in evaluating its performance for purposes of business decision-making. The Company believes that presenting non-GAAP financial measures is useful to investors because it (a) provides investors with meaningful supplemental information regarding financial performance by excluding certain items that we believe do not directly reflect our core operations, (b) permits investors to view performance using the same tools that we use to budget, forecast, make operating and strategic decisions, and evaluate historical performance, and (c) otherwise provides supplemental information that may be useful to investors in evaluating our results. These measures are provided on a supplemental basis for transparency and comparability, and do not modify reported GAAP revenue. For more information regarding EBITDA and Adjusted EBITDA, including reconciliations to their corresponding GAAP financial measures, please refer to the following slide. These non-GAAP financial measures should be considered alongside other financial performance measures, including net loss from continuing operations and our other financial results presented in accordance with GAAP.
Disclaimer
Bakkt Inc. published this content on May 11, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 11, 2026 at 20:49 UTC.