Bakkt Aims for $6 Billion in Transaction Volume in Six Months, Doubling Annual Target; $10.4 Million Investment in Bitcoin Japan Recorded as of End of September

Key Points of This Article

• Q3 revenue was $149.2 million, down 62.9%
• Risk disclosure states that the value of stablecoins is not guaranteed

Q3 Financial Results and Transaction Volume Target

Bakkt, a cryptocurrency-related stock listed on the New York Stock Exchange, announced its Q3 financial results on the 9th (U.S. time). It set a target of approximately $6 billion for total transaction volume (TTV) in the first half of 2027, while maintaining the full-year target of about $3 billion for 2026.

TTV refers to the nominal total of transactions processed on the company's platform. In Q3, it was $147.9 million, meaning that approximately $2.4 billion is needed in Q4 alone to achieve the full-year target. CEO Akshay Naheta stated, "We will report results every month." Starting in December, TTV will be disclosed monthly.

Revenue was $149.2 million, a 62.9% decrease compared to the same period last year, primarily due to a decline in cryptocurrency trading volume. The net profit turned into a surplus of $14.3 million, including a valuation gain of $26.8 million related to new stock options from Transchem (a profit that does not involve cash flow).

Expansion of Stablecoin Payments

According to the company, institutional investors and international remittance customers are expected to start operations in October, with significant increases anticipated after November. For corporate services, exchanges and payments between fiat currencies and stablecoins are possible. In October, they announced plans for a credit card that allows payments in stablecoins in collaboration with Thredd. As of the end of September, they recorded a $10.4 million investment in Bitcoin Japan, which is listed on the Tokyo Stock Exchange Standard.

Risk Disclosure Updated as of November 4

On November 4, the company also updated its "Digital Asset Risk Disclosure" for users. It explicitly stated that even if stablecoins are designed to be linked to the U.S. dollar and others, the maintenance of their value is not guaranteed. It also mentioned that there may be cases where direct redemption from the issuer is not possible. Regarding meme coins, it warned that there is a risk of losing the entire purchase amount. The specific revisions were not indicated.

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