TL;DR:
Bakkt recorded a net loss attributable to the company of $11.7 million, equivalent to $0.41 per basic and diluted share, in the quarter ended March 31, 2025. The result contrasts with the net income of $7.7 million, or $1.13 per diluted share, for the same period of the prior year.
Crypto services revenues fell 77%, from $1.070 billion to $243.6 million, a decline the company attributed primarily to lower cryptocurrency trading volumes. However, nearly the entirety of that figure is offset by crypto costs and brokerage commissions, which totaled $242 million in the quarter.
Excluding those costs, operating expenses remained virtually flat at $18.5 million, compared to $18.9 million recorded a year earlier. The company closed the quarter with $82.6 million in cash, of which $69.6 million came from share issuances carried out during the period. Bakkt also confirmed that it carries no long-term debt. Shares closed Monday up 0.71% at $9.92, but fell 9.14% in pre-market trading on Tuesday following the release of results.
The revenue decline comes amid a profound strategic reorientation. The company closed the acquisition of Distributed Technologies Research on April 30, incorporating a native artificial intelligence payments engine and a regulatory compliance layer focused on stablecoins. In addition, it signed a memorandum of understanding with Zoth, a stablecoin provider focused on emerging markets, targeting $1 billion in annualized payment volume across South Asia, the Middle East, and Sub-Saharan Africa.
CEO Akshay Naheta stated in the earnings release that “stablecoin infrastructure represents one of the most significant structural transformations in global finance in recent decades,” citing the GENIUS Act and the CLARITY Act as favorable developments for the value of Bakkt’s licensed infrastructure.
Bakkt’s structural shift responds to the changing preferences of public investors, who are showing growing interest in stablecoin infrastructure companies. Shares of Circle Internet Group rose nearly 16% after reporting a 20% increase in total first-quarter revenues, to $694 million.
