BlockBeats report, May 12: Bakkt reported a first-quarter loss due to a 77% plunge in cryptocurrency service revenue, highlighting the digital asset platform’s strategic shift toward stablecoin payments and AI-driven financial infrastructure.
On Monday, Bakkt reported a net loss attributable to Bakkt of $11.7 million for the quarter ended March 31, or $0.41 in basic and diluted loss per share. In comparison, the same period last year saw a net profit attributable to Bakkt of $7.7 million, or $1.13 in diluted earnings per share. Bakkt stated that its cryptocurrency services revenue declined from $1.07 billion in the prior-year quarter to $243.6 million, primarily due to lower cryptocurrency trading volume. However, this revenue was almost entirely offset by cryptocurrency-related costs and brokerage fees, which totaled $242 million for the quarter.
After excluding crypto-related costs, operating expenses remained relatively stable at $18.5 million, a slight decrease from $18.9 million in the same period last year. The company reported a net loss of $11.7 million, compared to a net profit of $7.7 million in the same period last year. At the end of the quarter, Bakkt held $82.6 million in cash, including $69.6 million raised through equity financing. The company also disclosed that it currently has no long-term debt.