Bakkt Revenue Falls 62.9% as Noncash Gain Lifts Profit

Bakkt’s third-quarter revenue fell 62.9% from a year earlier as crypto trading volume declined, while a noncash warrant gain helped the company swing to a $14.3 million profit.

Revenue was $149.2 million, down from $402.2 million in the year-earlier quarter. The decline was mainly tied to lower crypto trading volume.

Net income attributable to Bakkt was $14.3 million, or 31 cents per diluted share. The result included a $26.8 million noncash gain on warrants. Bakkt recorded a $14.9 million net loss in the third quarter a year earlier. The warrant gain was nearly twice this quarter’s net income, meaning the reported profit included a sizable noncash item.

Total transaction volume (TTV) was $147.9 million for the quarter. Bakkt reaffirmed its target of about $3 billion in TTV for 2026 and set a $6 billion target for the first half of 2027. Cash and restricted cash totaled $37.3 million at quarter-end.