Bakkt pivots into stablecoin infrastructure as revenue tumbles 77% in Q1
Bakkt reported a $11.7 million net loss in Q1 as crypto services revenue plummeted 77% to $243.6 million amid lower trading volumes. The platform is pivoting toward stablecoin infrastructure and AI payments, acquiring Distributed Technologies Research and partnering with South Asia-focused stablecoin provider Zoth. Despite challenges, Bakkt maintains $82.6 million cash with no long-term debt.
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