Bakkt, a digital asset infrastructure company, reported on Monday (August 10) its results for the second quarter of 2026, with net income of US$ 80.8 million, reversing a loss of US$ 14.7 million a year earlier. The result, however, was driven by non-cash accounting gains, while revenue fell 70% year over year.
The main item was a non-cash gain of US$ 98.5 million from the remeasurement of Transchem warrants, a company listed in India. Another gain of US$ 1.4 million came from a residual warrant liability. Without these effects, the pre-tax result of US$ 81.1 million before equity-method loss would turn into an illustrative loss of about US$ 18.8 million.
In a document to the SEC dated June 4, Bakkt said it paid US$ 9.4 million for 47.5 million Transchem warrants, equivalent to 25% of the subscription price. The position was valued at US$ 107.9 million on June 30. If it fully exercises the warrants within 18 months, the company will have to shell out another US$ 28.2 million. Bakkt stressed that the Aggregate Strategic Value, which includes the position, does not represent market or liquidation value.
Operations
Revenue fell to US$ 170.1 million, from US$ 568.1 million in the same period of 2025, reflecting client transitions and lower digital asset trading volume. Costs with crypto assets and execution, clearing and brokerage fees totaled US$ 169.3 million, leaving a residual margin of about US$ 0.9 million before other operating expenses.
Operating loss from continuing operations increased from US$ 16.1 million to US$ 19.6 million. Adjusted EBITDA, a non-GAAP measure, came in negative at US$ 11.8 million, versus US$ 9.8 million a year earlier. Management attributed the deterioration mainly to crypto services with weaker economics, higher salaries and contract labor, as well as a new equity-method loss, partially offset by lower general and administrative expenses.
At the end of June, Bakkt had US$ 50.7 million in cash, cash equivalents and restricted cash, with no long-term debt. In the 1st half, operations consumed US$ 26.9 million, while financing activities contributed US$ 67.2 million, mainly from equity offerings. The quarter thus delivered accounting profit and relevant liquidity, but with no evidence of operational recovery.
