Bakkt reported third-quarter 2026 results and set transaction-volume targets for the coming months, as it looks to turn a growing pipeline of institutional and cross-border clients into live business. It reaffirmed its 2026 target and introduced a larger target for the first half of 2027, while reporting a quarterly GAAP profit alongside an adjusted operating loss.
The company said client integrations took place during the third quarter, with activations beginning in October and expected to increase from November. Its targets depend on those launches progressing and clients building transaction activity.
Key details
-
Transaction volume remained well below the full-year target through September. Bakkt reported $147.9 million of Total Transacting Volume (TTV) in the third quarter and $557.9 million for the first nine months of 2026.
-
Bakkt reaffirmed its approximately $3 billion TTV target for 2026. Management said that would require about $2.4 billion of volume in the fourth quarter. The target is based on clients currently in the integration and activation pipeline.
-
The company set a target of approximately $6 billion in TTV for the first half of 2027. Bakkt said this assumes a fuller contribution from recently activated clients and additional launches.
-
The targets depend on client launches and continued activity. Bakkt said they assume integrations clear compliance, banking and launch stages on anticipated timelines, that activated clients sustain or grow their transaction activity, and that market conditions remain consistent with recent experience. Delays or changes in those conditions could affect results.
-
Bakkt plans to publish monthly volume updates. Beginning in December, its monthly Bakkt Engine Report is expected to show the completed month’s TTV and its annualized run rate.
-
September monthly active users were 9,760. This was the first period for which Bakkt reported the measure. The company reiterated its target of approximately 25,000 monthly active users in December.
-
Bakkt reported GAAP net income of $14.3 million, or $0.31 per diluted share. At the same time, its adjusted EBITDA loss was $11.8 million, an improvement of $3.0 million on a consistent basis from the prior-year quarter.
-
Costs were lower year over year. Operating expenses excluding crypto costs and execution, clearing and brokerage fees totaled $16.1 million, down 40% from the third quarter of 2025.
-
The company ended the quarter with $37.3 million in cash and restricted cash and no long-term debt.
-
Bakkt has added senior commercial leaders. Mark Hiriart became Global Head of Markets and Aman Ghose joined as Senior Vice President, Institutional Partnerships and Growth in September. Gerry Afentakis became Managing Director, Europe in October. The team is focused on activating clients and expanding their use of Bakkt’s trading, stablecoin, cross-border payments and embedded-finance products.
-
A cross-border trading desk for non-U.S. institutional clients is in development. Bakkt is targeting an initial launch in the fourth quarter of 2026, subject to banking, documentation, technology readiness and applicable approvals.
-
The Bakkt Payments Portal is live for business clients. Businesses can connect bank accounts and wallets through the portal. Bakkt also said its Bakkt Agent Embedded Finance product is available to partners.
-
Bakkt Global’s Strategic Asset Value reached $145.2 million.
The volume targets imply a sharp increase from the activity reported through September: Bakkt says it needs roughly $2.4 billion of TTV in the fourth quarter alone to meet its 2026 goal. The company’s stated path depends on converting integrations into active clients and recurring settlement, treasury and payments flows.