Bakkt Holdings, Inc.

Bakkt reported GAAP net income of $80.8 million and diluted EPS of $1.94 in the second quarter. Total transacting volume was $169 million in Q2 and approximately $410 million for the first half. The company said gross margin was not stated on the call. It ended the quarter with $50.7 million of cash and restricted cash and no long-term debt. For 2026, management kept its full-year TTV target at approximately $2.5 billion and said it remains confident in achieving it, while also saying it is not giving financial guidance for next year. Management said it expects EBITDA breakeven during the fourth quarter of 2020, depending on the timing and scale of client activations.

Akshay Naheta framed Bakkt as a single platform with three engines: Markets, Agent, and Global. He emphasized that the company is moving from foundation-building toward external outcomes such as launching products, activating clients, and scaling transaction flows. His tone was confident and strategic, repeatedly pointing to a compounding “flywheel,” stronger commercial execution, and meaningful long-term value from Japan and India.

Karen J. Alexander highlighted the quarter’s GAAP net income of $80.8 million and diluted EPS of $1.94, calling it a strong reported result and a milestone as Bakkt builds a fuller financial platform. She said the company ended with $50.7 million of cash and restricted cash and no long-term debt, which supports continued investment with discipline. She also noted $3.6 million of transaction-related advisory fees excluded from adjusted EBITDA and said those fees are not expected to recur at that level.

Analysts pressed on how the business will evolve over the next 12 months, capital allocation priorities, and monetization of TTV through blended take rates. Management said it expects the existing trend to accelerate next year but is not providing next-year financial guidance, and it does not see major incremental capital allocations beyond what has already been disclosed. On take rates, management said stablecoin-related volume in G3 currencies earns only a few basis points to low-teens basis points, while cross-border payments can earn roughly 50 basis points to close to 1.5 points. In the retail-focused Q&A, management said DTR integration is complete, payments are now in-house, and EBITDA breakeven is expected sometime in Q4 2020, depending on execution and client activations.