Bakkt Holdings, Inc.BKKT

Platform leverages agentic tools powered by artificial intelligence for cross-border payments.

“Stablecoin payments. Bakkt's platform enables the Company's customers to make cross border payments using blockchain technology and fiat support while leveraging agentic tools powered by artificial intelligence.”

Company completed acquisition of an agentic payments and stablecoin platform and integrated the technology.

“Bakkt is a regulated financial technology company that builds and operates infrastructure for digital asset trading, programmable finance and cross-border payments. During 2025, we substantially completed a strategic transformation that included divesting non-core businesses, simplifying our corporate and capital structure and focusing our resources on a unified digital financial infrastructure platform. During the first half of 2026, we continued that transformation by completing our acquisition of an agentic payments and stablecoin platform, integrating that technology into our platform and advancing strategic investments in Japan and India.”

Bakkt Agent is an AI-native financial services layer using AI to interpret intent and execute transactions.

“Bakkt Agent is our AI-native financial services layer. It takes the regulated capabilities delivered through Bakkt Markets' APIs and puts an intelligent agent in control of them — using AI to interpret intent, orchestrate multi-step financial actions, and execute transactions on a client's or end user's behalf across onboarding, funding, payments and settlement, together with the compliance processes that support them. Clients embed these agentic capabilities in their own products on a white-label basis, through conversational interfaces or direct integration, to deliver financial services driven by intent rather than manual coding or workflows.”

Company is developing agentic cross-border transfers as one of three principal product configurations.

“We are developing three principal product configurations: a modular neobanking-as-a-service stack, white-label card and credit card programs, and agentic cross-border transfers. Through the neobanking-as-a-service offering, businesses would be able to use our technology and regulated infrastructure on a white-label basis to offer programmable finance and account-based products to their end customers, subject in each case to applicable licensing, bank partner, network and regulatory requirements. Certain infrastructure modules are available, while other products remain in development or are subject to partner, bank, network or regulatory requirements.”

MAUs will measure users of Bakkt Agent-powered products and the company’s own agent-powered offerings.

“We intend to report Monthly Active Users (“MAUs”) as an additional key performance indicator beginning in the second half of 2026. A Monthly Active User is a unique end user completing at least one qualifying activity in an applicable Bakkt Agent-powered product during the calendar month, such as payments, transfers, card transactions, account funding, digital asset transactions or the use of agentic financial services delivered through a client application. A user is counted once per client application per month, regardless of the number of activities or products used within that application. An end user who transacts through more than one client application would be counted once for each application. MAUs will include end users of client applications built on Bakkt Agent as well as users of the Company’s own Agent-powered offerings. MAUs measure reach and adoption; they do not measure revenue or profitability, and revenue associated with an individual user varies by product and client arrangement. We do not report MAUs for the current period because partner products had not yet begun generating qualifying activity as of June 30, 2026; we will present the definition and methodology in effect when reporting begins.”

Bakkt enables stablecoin payments leveraging agentic tools powered by AI.

“Stablecoin payments. Bakkt's platform enables the Company's customers to make cross border payments using stablecoin technology and fiat support while leveraging agentic tools powered by artificial intelligence.”

Bakkt offers composable agent stack with its own conversational AI agents.

“Bakkt Agent’s stack is composable and white-label, exposed through APIs, MCP interfaces, and conversational AI agents. Customers can plug their own AI agents into it, or use Bakkt's agents on top of it, embedding financial capabilities directly into their own products and scaling across jurisdictions and local payment networks without rebuilding the underlying regulatory and technical stack. The result is faster product deployment, operational efficiency, and the ability to scale financial services across local payment networks worldwide.”

Bakkt acquired DTR, a developer of agentic payments and stablecoin infrastructure.

“• On January 11, 2026, we entered into a Share Purchase Agreement (the "Purchase Agreement") to acquire Distributed Technologies Research Global Ltd. ("DTR"), a developer of agentic payments and stablecoin infrastructure. We received shareholder approval for the acquisition on April 17, 2026, and the acquisition closed on April 30, 2026. At closing, we issued an aggregate of 11,316,775 shares of Class A Common Stock to DTR's beneficial holders, with up to 725,592 additional shares issuable in connection with warrants outstanding at the date of the Purchase Agreement. See Note 10 — Stockholders' Equity and Note 20 — Subsequent Events for additional information.”

Industry sees early-stage development of agentic payments that complements Bakkt's strategy.

“Tokenization of real-world assets (“RWA”) — including private credit, U.S. Treasury instruments, and listed equities — continued to scale during the period. The previously announced initiatives by NYSE and Nasdaq to facilitate 24/7 trading and settlement of tokenized U.S. listed equities and exchange-traded funds remained under SEC review, while tokenized money market and Treasury products attracted further institutional capital. The quarter also saw continued early-stage development of “agentic payments,” in which AI agents settle transactions autonomously over HTTP-native rails — a use case that complements our product strategy and that we expect to remain an active area of industry investment.”

Bakkt acquired DTR integrating agentic AI and stablecoin payments infrastructure into its platform.

“Bakkt Reports First Quarter 2026 Results - Cash and cash equivalents and restricted cash of $82.6 million as of March 31, 2026 — sufficient liquidity to execute across all three growth engines - Completed the acquisition of Distributed Technologies Research ("DTR") on April 30, 2026 in an all- stock transaction, integrating agentic AI and stablecoin payments infrastructure into the Bakkt platform - Appointed Daniel Ishag as Chief Commercial Officer to lead the rebuild of Bakkt's commercial organization across Bakkt Markets and Bakkt Agent ATLANTA, GA – May 11, 2026 – Bakkt, Inc. (“Bakkt,” “Company,” “we” or “us”) (NYSE: BKKT) announced its financial and operational results for the quarter ended March 31, 2026 and provided an update on certain business developments. Management Commentary: "This quarter marks the beginning of a new chapter for Bakkt, one defined not by transition, but by execution against what we believe is a generational opportunity," said Akshay Naheta, CEO of Bakkt. "We believe stablecoin infrastructure represents one of the most significant structural transformations in global finance in decades, with an addressable market measured in the trillions. In markets of this magnitude, success does not require being the single largest player — it requires being a trusted, regulated, institutional-grade platform positioned at the intersection of technology, compliance, and distribution. "With the successful closing of the DTR acquisition on April 30, Bakkt now brin”

Bakkt entered MoU with Zoth for stablecoin agentic economy payments partnership.

“border settlement at institutional scale. At closing, the Company issued 11,316,775 shares of Class A Common Stock to DTR's beneficial holders, with up to 725,592 additional shares issuable upon the exercise of certain warrants outstanding at the date of the Purchase Agreement; additional details are set out in the Company's Form 8-K filed April 30, 2026. ● Zoth Strategic Partnership MoU: Entered into a strategic MoU with Zoth, a stablecoin solutions provider purpose-built for the Global South and the Agentic Economy, under which Zoth will operate as an Authorized Agent within Bakkt Financial Solutions I, LLC, the Company's pan-U.S. money transmitter subsidiary. The partnership extends Bakkt's regulated U.S. licensing footprint into Zoth's existing payment corridors across South Asia, the Middle East, and Sub-Saharan Africa, with Zoth targeting (scaled) total payments volume of approximately $1 billion in annualized TPV through the partnership. The MOU was signed in May 2026; definitive commercial agreements are expected to follow. ● Daniel Ishag joins as Chief Commercial Officer: Daniel Ishag, founder of Gyzer Network and co- founder of Return.Finance — Europe's first regulated DeFi aggregator — has joined Bakkt as Chief Commercial Officer. A serial entrepreneur with international scale-up experience across fintech, infrastructure technology, and decentralized finance, Daniel will lead the rebuild of Bakkt's commercial organization, focused on converting the institutional pi”

Industry saw early emergence of agentic technologies alongside real-world asset tokenization.

“Beyond regulatory progress, the industry continued investing in real-world use cases. In 2025 and early 2026, the use of Real World Assets (“RWA”), which refers to the tokenization of private credit, government bonds, and equities, continued to gain traction. For example, the New York Stock Exchange and NASDAQ, both announced strategic initiatives to provide tokenized securities platforms facilitating 24/7 trading. The industry also saw the early emergence of “agentic”

AI agents using HTTP standards for autonomous transactions are discussed as industry trend.

“payments,” where AI agents use HyperText Transfer Protocol (“HTTP”) native settlement standards to execute autonomous transactions, signaling a broader transition from digital assets as purely tradable instruments toward functioning economic infrastructure.”

Bakkt is scaling its AI-powered financial agentic platform for money movement and stablecoin payments.

“As a B2B2C-oriented, client-led business, we continually refine our service offerings in light of client demand and our strategy in a manner that is compliant with applicable governance and regulatory requirements.We are prioritizing the scaling of Bakkt’s AI-powered financial agentic platform designed to simplify global money movement and stablecoin-based payments and will continually evaluate new product offerings that we believe are logical expansions of our platform that will address client and customer needs and expectations. Because of the rapidly changing regulatory environment, we continue to evaluate our potential service offerings to ensure alignment with evolving compliance standards and our long-term digital asset strategy; and we may decide to undertake, or in some cases stop undertaking, potential service offerings in light of regulatory or compliance concerns.”

Industry sees emergence of agentic payments using AI agents for autonomous transactions.

“Beyond regulatory progress, the industry continued investing in real-world use cases. In 2025 and early 2026, Real World Assets (“RWA”), specifically the tokenization of private credit, government bonds, and equities, continued to gain traction. NYSE and Nasdaq announced strategic initiatives to provide tokenized securities platforms to facilitate 24/7 trading and settlement of U.S. listed equities and ETFs and is currently undergoing the SEC approval process. The market also saw the early emergence of "agentic payments," where AI agents use HTTP-native settlement standards to execute autonomous transactions, signaling a broader transition from digital assets as purely tradable instruments toward functioning economic infrastructure.”

Bakkt platform enables stablecoin payments leveraging agentic AI tools.

“• Stablecoin payments. Bakkt's platform enables the Company's customers to make cross border payments using stablecoin technology and fiat support while leveraging agentic tools powered by artificial intelligence.”

Bakkt offers Bakkt Agent, a programmable finance platform combining stablecoins, AI agents and cross-border payments.

“This is how institutions trade on Bakkt, compliant, efficient and secure. Bakkt Agent is how money moves. It’s our programmable finance platform, combining stablecoins, AI agents and cross-border payments into one seamless system, making sending, spending, saving and transacting as easy as messaging. This positions Bakkt at the heart of the stablecoin adoption wave and global remittance demand. Bakkt Global takes our technology into new jurisdictions through a minority investment model designed to generate investment gains and our long-term recurring revenue.”

Bakkt deploys multiple AI agents for payments, compliance and treasury workflows in its Bakkt Agent platform.

“Multiple AI agents coordinate workflows across payments, compliance and treasury, integrating with partner banks, card networks and payment providers worldwide. The result is a white label customizable foundation that allows any partner to launch a neobank grade experience quickly and compliantly. Rather than building a direct-to-consumer business, our model is distribution partnerships driven and asset-light. Partners embed Bakkt Agent into their products, leveraging our licensing coverage, global partnerships and modern APIs without the heavy integration costs. Through our conversational interface, Zaira we are starting with cross-border remittances, a nearly $850 billion market, where consumers still pay up to 7% fees.”

Bakkt states AI agents and stablecoins will disrupt retail banking and consumer finance.

“Bakkt powers the next generation of global finance What money is How money moves How markets trade Bitcoin is globally recognized as AI Agents and Stablecoins will The inevitable tokenization digital gold and a store of value disrupt retail banking and of Real-World Assets consumer finance technology changes the architecture of stacks financial markets 3”

Bakkt announces preliminary Q2 2025 financial results and sale of its Loyalty business.

“Bakkt Announces Preliminary Second Quarter 2025 Financial Results and Definitive Agreement to Sell Loyalty Business ALPHARETTA, GA – July 28, 2025 – Bakkt Holdings, Inc. (“Bakkt”) (NYSE: BKKT) today announced certain preliminary financial results for the three-month period ended June 30, 2025, and the signing of a definitive agreement to sell its Loyalty business, marking the final step in the Company’s realignment to a pure-play crypto infrastructure company. Preliminary financial results for three-month period ended June 30, 2025: • Total revenues for the second quarter of 2025 are estimated to be in a range of $577 million to $579 million. • Gross crypto revenues for the second quarter of 2025 are estimated to be in a range of $568 million to $569 million. • Net loyalty revenues for the second quarter of 2025 are estimated to be in a range of $9 million to $10 million. • Total crypto costs and execution, clearing and brokerage fees for the second quarter of 2025 are estimated to be in a range of $565 million to $566 million. • Available cash and cash equivalents and restricted cash1 at June 30, 2025 are estimated to be in a range of $60 million to $62 million. • The Company has access to $40 million of liquidity from the Revolving Credit Agreement, all of which is undrawn. • Net cash used in operating activities (excluding customer funds payable) for the second quarter of 2025 is estimated to be in a range of $13 million to $15 million. Sale of Loyalty Business: • On July ”