Bakkt reported second-quarter GAAP net income attributable to the company of $80.8 million, or $1.94 per share, reversing a $14.7 million loss a year earlier, but the profit was largely driven by non-cash fair-value gains rather than stronger crypto-services operations. The biggest contributor was a $98.5 million unrealized gain on warrants in Indian listed company Transchem, plus a $1.4 million gain from a legacy warrant liability. Revenue fell 70% to $170.1 million as client transitions and softer digital-asset trading volumes weighed on results, while operating loss from continuing operations widened to $19.6 million and adjusted EBITDA loss deepened to $11.8 million.