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Bakkt profit hinges on non-cash Transchem warrant revaluation
Bakkt reported $80.8 million net income in Q2 2026, but an illustrative pre-tax loss of about $18.8 million emerges after excluding the Transchem and legacy warrant fair-value gains.
Bakkt reported Q2 2026 net income of $80.8 million, reversing a $14.7 million loss a year earlier, but CryptoSlate reports that the swing largely came from non-cash fair-value accounting tied to Transchem warrants rather than an improvement in day-to-day crypto-services operations.
In Bakkt’s results dated Aug. 10, its largest driver was a $98.5 million non-cash gain from revaluing Transchem warrants, with an additional $1.4 million non-cash gain from a legacy warrant liability. Removing those marks from Bakkt’s $81.1 million pre-tax result, and before considering an equity-method loss, yields an illustrative pre-tax loss of about $18.8 million, highlighting how heavily the headline outcome depended on the company’s fair-value treatment.
CryptoSlate also noted that operating performance moved the other way. Revenue fell 70% to $170.1 million from $568.1 million, which Bakkt attributed to client transitions and softer digital-asset trading volumes, while crypto costs and execution, clearing, and brokerage fees totaled $169.3 million, leaving roughly a $0.9 million residual before other operating expenses.
The outlet further reported that Bakkt’s operating loss from continuing operations widened to $19.6 million from $16.1 million, and adjusted EBITDA showed an $11.8 million loss versus a $9.8 million loss a year earlier. Bakkt ended June with $50.7 million of cash, cash equivalents, and restricted cash, and it said it had no long-term debt, while cautioning that its Strategic Asset Value does not represent market or liquidation value.