Bakkt said first-quarter crypto services revenue dropped sharply as it moved deeper into stablecoin payments through the DTR acquisition and a memorandum of understanding with Zoth.
Bakkt reported a first-quarter net loss of $11.7 million after crypto services revenue fell 77% to $243.6 million from about $1.07 billion a year earlier. The company said net income swung from a $7.7 million profit to a loss as it continued moving away from its earlier trading-focused model. Bakkt is accelerating its pivot toward stablecoin payments following the April 30 closing of its Distributed Technologies Research acquisition and a memorandum of understanding with Zoth.