Bakkt, Inc. 2026 Q2 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- Bakkt reported GAAP net income of $80.8 million for the second quarter of 2026 with diluted EPS of $1.94 per share.
- Total transaction volume (TPV) was approximately $169 million in Q2 and $410 million for the first half of 2026.
- The company has six live commercial offerings including trading infrastructure, stablecoin OTC, digital asset OTC, stablecoin on/off ramp, cross-border payments via Zyra API, and the Bakkt widget.
- Bakkt ended the quarter with $50.7 million in cash and restricted cash and no long-term debt.
- The stablecoin market capitalization reached an all-time high of approximately $320 billion in May 2026, with adjusted on-chain stablecoin volume hitting $1.79 trillion in June.
- Bakkt’s platform supports over 63 countries, 19 currencies, and connectivity across 10 public blockchains with four live production APIs.
- Payments volume contributed to TPV for the first time following the May 1 integration, demonstrating live institutional and cross-border flow processing.
- Bakkt agent, the intelligence and distribution layer, is commercially available with embedded finance live and co-branded card programs and neobank as a service targeted for Q4 2026.
- Bakkt global’s strategic investments in Japan and India have a combined strategic asset value of approximately $119 million as of June 30, 2026.
- The company expects to reach adjusted EBITDA breakeven during Q4 2026.
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Transcript
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Hello, and welcome to Bakkt's second quarter 2026 earnings call and webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask the question during the session, you will need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 1 again. I would now like to hand the conference over to Cody Fletcher.
Sir, you may begin. Good afternoon and welcome to Bakkt's second quarter 2026 earnings call.
Joining me on the call are Akshay Naheta, our Chief Executive Officer, Daniel Ishag, our Chief Commercial Officer, and Karen Alexander, our Chief Financial Officer. Today's discussion contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those reflected or implied. We refer you to the cautionary language in our earnings release, in this presentation, and in our SEC filings, including the risk factors set forth in our most recent Form 10-K and our Form 10-Q for the period ending March 31st, 2026. Today's discussion also includes references to non-GAAP measures, including EBITDA and adjusted EBITDA.
Reconciliations to their nearest GAAP measures, along with definitions and methodology for our operational metrics, Total Transacting Volume, Monthly Active Users, and Strategic Asset Value are included in this presentation. With that, I will turn the call over to our CEO, Akshay Naheta.
Akshay? Thank you, Cody, and thank you all for joining us today.
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