Bakkt Q3 Revenue Falls 62.9% to $149.2 Million as $3B Goal Holds

Bakkt's revenue fell 62.9% year over year to $149.2 million in the third quarter, as lower cryptocurrency trading activity weighed on results, while the company kept its $3 billion full-year trading-volume target.

Quarterly trading volume was $147.9 million, bringing the first nine months total to $557.9 million for 2026. Reaching the annual target would require $2.442 billion in the fourth quarter, making the final three months a key test for the goal.

Bakkt also set a $6 billion trading-volume target for the first half of 2027. That goal covers six months, compared with the full year covered by the 2026 target. Third-quarter net income was $14.3 million, including a $26.8 million noncash gain from warrant valuation. Adjusted EBITDA was a loss of $11.8 million.

Bakkt is a U.S.-listed digital-asset financial technology company that provides infrastructure mainly to financial institutions and fintech companies. Its services include crypto trading, stablecoin settlement and cross-border payments.