Bakkt pivots into stablecoin infrastructure as revenue tumbles 77% in Q1

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Bakkt shares drop in pre-market trading. Source: Yahoo! Finance Shares closed up 0.71% at $9.92 on Monday but fell 9.14% in pre-market trading on Tuesday to $9.00 following the release. Related: US Senator Questions Mark Zuckerberg on Meta’s Stablecoin Plans Bakkt’s shrinking revenue comes as the company is in the middle of a major pivot, moving away from crypto trading infrastructure and toward stablecoin payments and agentic AI. The company closed its acquisition of Distributed Technologies Research on April 30, bringing in an AI-native payments engine and stablecoin compliance stack. It has also signed a memorandum of understanding (MoU) with Zoth, a stablecoin provider targeting $1 billion in annualized payment volumes across South Asia, the Middle East and Sub-Saharan Africa. “We believe stablecoin infrastructure represents one of the most significant structural transformations in global finance in decades,” CEO Akshay Naheta said in the earnings release, pointing to the GENIUS Act and CLARITY Act as regulatory tailwinds that could boost the value of Bakkt's licensed infrastructure. Related: OpenTrade Raises $17 Million to Expand Stablecoin Yield Platform Bakkt’s pivot comes as public-market investors show growing interest in stablecoin infrastructure companies. Circle Internet Group shares rose nearly 16% Monday after the USDC (USDC) issuer reported a 20% rise in first-quarter total revenue and reserve income to $694 million and disclosed a $222 million presale of its ARC blockchain token at a $3 billion fully diluted network valuation. Circle’s results showed USDC in circulation rose 28% year over year to $77 billion at quarter-end, while onchain transaction volume rose 263% to $21.5 trillion. Related: Crypto Biz: Wall Street wants more than just Bitcoin More on the subject

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