Bakkt's Crypto Revenue Tanks 70% Amid Record Quarterly Profit

Crypto revenue plummeted 70% for Bakkt, a major AI finance company, in its Q2 2026 results. However, despite this decline, the firm's paper gains delivered a record quarterly profit of $80.8 million.

Bakkt reported that it earned $170.1 million in revenue during the quarter, down significantly from $568.1 million in the same period last year. The company attributed this sharp drop to client transitions and softer digital-asset trading volumes.

The operating loss from continuing operations widened to $19.6 million from $16.1 million a year earlier. Adjusted EBITDA, a non-GAAP measure, showed an $11.8 million loss compared with $9.8 million in Q2 2025.