Bakkt
A regulated digital asset custody, trading, and payment infrastructure platform
About Bakkt
Bakkt's key milestones include its full transformation into a pure cryptocurrency business in 2025, selling its loyalty division for $11 million and launching a stock issuance to fund Bitcoin acquisitions. It then acquired Japanese crypto platform MarushoHotta, renaming it bitcoin.jp to enter the Japanese market. In early 2026, Bakkt announced a name change and acquired stablecoin payment infrastructure provider DTR, shifting focus to stablecoin settlement and AI-enabled finance. The Q1 2026 report showed crypto revenue down 77% year-on-year, confirming this strategic pivot. Q3 2025 results had already shown a 241% profit increase to $28.7 million, validating the earlier restructuring. These steps mark Bakkt's evolution from a regulated trading platform to a broader financial infrastructure company targeting the $44 trillion cross-border payments market.
Key progress: In late April, Bakkt completed the acquisition of Distributed Technologies Research (DTR), integrating its AI-native agentic payments and stablecoin infrastructure to build a 24/7 digital settlement layer. Q2 2026 GAAP net income reached $80.8 million, with TTV of $168.8 million (first-half $410 million) and full-year guidance of ~$2.5 billion. Bakkt Agent Embedded Finance is now open for partner integration, targeting Q4 2026 for initial co-branded card programs and Neobank-as-a-Service. Internationally, Bakkt received Indian regulatory approvals; Transchem allotted 47.5 million warrants (fair value $107.9 million), and it holds an equity stake in Bitcoin Japan.
Future focus: Build a financial operating system for the AI and token economy through three engines: Bakkt Markets focuses on regulated stablecoin on/off-ramps and trading infrastructure; Bakkt Agent on programmable payments and AI-native financial services; Bakkt Global leverages its India/Japan positions for global private and public asset distribution.
Bakkt's founder and current core executives are as follows:
Jeff Sprecher (Founder): Founder and CEO of Intercontinental Exchange (ICE), who established Bakkt.
Akshay Naheta (Co-CEO): Former Senior Vice President at SoftBank Group, founder of DTR, joined Bakkt as Co-CEO in March 2025.
Andy Main (Co-CEO): Former Global CEO of Ogilvy and Global Head of Deloitte Digital, served as Bakkt CEO from March 2024, now Co-CEO alongside Akshay.
Nicholas Baes (COO): Former CTO of Apex Crypto and VP of Engineering at PEAK6 Investments, joined Bakkt in April 2023 as CTO, now COO.