Bakkt reports a 77% revenue drop in Q1 as it transitions from crypto trading to stablecoin infrastructure and AI payments.
Bakkt’s first-quarter revenue tumbled 77% as the company shifts focus from crypto trading infrastructure to stablecoin payments and agentic AI. Shares fell 9.14% in pre-market trading to $9.00 after closing at $9.92 on Monday.
The decline follows Bakkt’s acquisition of Distributed Technologies Research, which added an AI-driven payments engine and stablecoin compliance tools. The company also signed an MoU with Zoth to target $1 billion in annualized payment volumes across emerging markets.
CEO Akshay Naheta cited regulatory tailwinds like the GENIUS and CLARITY Acts as potential growth drivers for Bakkt’s licensed stablecoin infrastructure.