Bakkt Sets First-Half 2027 Volume Target of $6 Billion

The Tip Desk · November 9, 2026 · 3 min read

Third-quarter Total Transacting Volume was $147.9 million as Bakkt reiterated a $3 billion full-year 2026 TTV goal and reported net income of $14.3 million.

Bakkt, Inc. (BKKT) reported third-quarter Total Transacting Volume of $147.9 million, down from $168.8 million in the second quarter, and said it is establishing a target of approximately $6 billion of TTV for the first half of 2027.

The regulated financial technology company also reiterated its target of approximately $3 billion of TTV for full-year 2026. Chief Executive Akshay Naheta said the full-year target implies approximately $2.4 billion of TTV in the fourth quarter and that institutional and cross-border clients were integrating during the third quarter, with activations beginning in October and expected to increase from November.

Nine-month TTV was $557.9 million. TTV is an operating metric and does not represent revenue, profitability, assets held by the company or cash flow, the company said. Beginning in December, with November activity, Bakkt plans to publish monthly TTV and annualized run-rate volume in the Bakkt Engine Report.

Total revenue was $149.2 million, down 62.9% from $402.2 million in the year-ago quarter, primarily reflecting lower crypto trading volume, including the loss of clients. Crypto services revenue is presented gross and is substantially offset by crypto costs and execution, clearing and brokerage fees, which were $147.5 million.

Net income attributable to Bakkt was $14.3 million, or $0.31 a share, compared with a net loss of $14.9 million, or $1.15 a share, a year earlier. The quarter included a $26.8 million non-cash gain on Transchem warrants. Operating loss from continuing operations narrowed 42.9% to $14.4 million.

Operating expenses excluding crypto costs and execution, clearing and brokerage fees were $16.1 million, down 39.7% from $26.7 million in the year-ago quarter, reflecting lower compensation, professional services and administrative expenses and the non-recurrence of $5.6 million of restructuring and impairment charges, partially offset by $1.7 million of higher amortization of acquired intangibles.

Adjusted EBITDA loss was $11.8 million, compared with a loss of $14.8 million in the year-ago quarter on a consistent basis, a $3.0 million improvement. Beginning with the third quarter of 2026, Adjusted EBITDA excludes other income (expense), net, in all periods presented, and prior periods were recast on the same basis.

Monthly Active Users on payment rails were 9,760 in September 2026, the first period for which the measure is available, against a target of approximately 25,000 for December. Management currently expects that December level as additional partner applications launch.

Strategic Asset Value in Bakkt Global reached $145.2 million as of September 30, 2026, compared with $118.6 million as of June 30, comprising a $134.8 million fair value of the Transchem warrant position and a $10.4 million carrying value of the Bitcoin Japan equity-method investment.

Cash, cash equivalents and restricted cash were $37.3 million as of September 30, 2026, compared with $50.7 million as of June 30, reflecting $17.9 million of net cash used in operating activities and no shares sold under the company’s at-the-market offering. The company has no long-term debt.

In September Bakkt appointed Mark Hiriart as Global Head of Markets and Aman Ghose as Senior Vice President, Institutional Partnerships and Growth, and in October Gerry Afentakis as Managing Director, Europe. Under Chief Commercial Officer Daniel Ishag, the team is focused on activating clients already in integration. The company is building a cross-border trading desk with an initial launch targeted for the fourth quarter of 2026. On October 13 it announced a planned U.S. stablecoin card-as-a-service program with Thredd.