Bakkt, the regulated fintech company operating infrastructure for digital asset trading and cross-border payments, reported third-quarter 2026 results on November 9, announcing a $6 billion Total Transacting Volume target for the first half of 2027 as it ramps commercial client activations. The company posted $147.9 million in quarterly volume and GAAP net income of $14.3 million, or $0.31 per diluted share, while reiterating its full-year 2026 target of approximately $3 billion in total transacting volume.
- Q3 2026 Total Transacting Volume: $147.9 million (nine-month total: $557.9 million)
- Full-Year 2026 TTV Target: $3 billion
- First-Half 2027 TTV Target: $6 billion
- Monthly Active Users (September 2026): 9,760; December 2026 target: approximately 25,000
- Operating Expenses (excluding crypto costs): $16.1 million, down 39.7% year-over-year
The foundation is built, and the commercial ramp is underway. The measure that matters from here is volume: we are reiterating our target of approximately $3 billion of Total Transacting Volume for 2026, setting a target of approximately $6 billion for the first half of 2027, and we will report what we deliver every month.
– Akshay Naheta, Chief Executive Officer, Bakkt
The company expanded its commercial organization in recent months, appointing Mark Hiriart as Global Head of Markets, Aman Ghose as Senior Vice President of Institutional Partnerships and Growth, and Gerry Afentakis as Managing Director for Europe, all reporting to Chief Commercial Officer Daniel Ishag. Bakkt is preparing to launch a cross-border trading desk for non-U.S. institutional clients in the fourth quarter and announced a stablecoin credit card-as-a-service program with partner Thredd in October. Revenue declined 62.9% to $149.2 million in the quarter, primarily reflecting lower crypto trading volume, though the company narrowed its Adjusted EBITDA loss to $11.8 million from $14.8 million year-over-year.
Our third-quarter results reflect a lower operating cost base year over year and a balance sheet with no long-term debt. Operating expenses excluding crypto costs and execution, clearing and brokerage fees were $16.1 million, down 40% from the prior-year quarter, and our Adjusted EBITDA loss narrowed by $3.0 million to $11.8 million on a consistent basis.
– Matt White, Chief Financial Officer, Bakkt
Bakkt will begin publishing monthly transaction volumes and annualized run rates in a monthly Engine Report starting December 2026, allowing investors to track progress between quarterly earnings. The company ended September with $37.3 million in cash and restricted cash, with no long-term debt. Bakkt (NYSE: BKKT) operates regulated infrastructure for digital asset trading, stablecoin settlement, and cross-border payments, serving financial institutions, fintechs, and consumer brands.
Akshay Naheta, Chief Executive Officer at Bakkt. Source: bakkt.com
Matt White, Chief Financial Officer at Bakkt. Source: bakkt.com
