BKKT

Hello, and welcome to Bakkt's Second Quarter 2026 Earnings Call and Webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask the question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. I would now like to hand the conference over to Cody Fletcher. Sir, you may begin.

Good afternoon and welcome to Bakkt's Second Quarter 2026 Earnings Call. Joining me on the call are Akshay Naheta, our Chief Executive Officer, Daniel Ishag, our Chief Commercial Officer, and Karen Alexander, our Chief Financial Officer. Today's discussion contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those reflected or implied. We refer you to the cautionary language in our earnings release, in this presentation, and in our SEC filings, including the risk factors set forth in our most recent Form 10-K and our Form 10-Q for the period ending March 31st, 2026. Today's discussion also includes references to non-GAAP measures, including EBITDA and adjusted EBITDA.

Reconciliations to their nearest GAAP measures, along with definitions and methodology for our operational metrics, Total Transacting Volume, Monthly Active Users, and Strategic Asset Value are included in this presentation. With that, I will turn the call over to our CEO, Akshay Naheta. Akshay?

Thank you, Cody, and thank you all for joining us today. The clearest way to understand Bakkt today is as one platform powered by three complementary engines, Markets, Agent, and Global. Each engine addresses a significant opportunity on its own, but together they create a compounding flywheel that can become more valuable with every product, client, and market we add. Bakkt Markets is the regulated infrastructure layer. It provides the rails for payments, settlement, trading, and over time, the tokenization of real-world assets. The financial system was not designed for continuous global activity. We are building infrastructure for a world in which value can move securely, programmatically, and around the clock. Bakkt Agent is the intelligence and distribution layer. It transforms that infrastructure into a simpler and more powerful financial experience.

For our clients, it creates a single platform through which they can launch differentiated financial products and deepen their customer relationships. For their customers, it can make managing and moving money dramatically more intuitive. Finally, Bakkt Global expands our strategic reach. It provides access to important markets, differentiated assets, and scale distribution opportunities that would be slower and more capital-intensive to build organically. As those positions develop, they can bring additional relationships, capabilities, and opportunities into the broader Bakkt platform. Beneath all three engines is the same shared foundation, regulatory compliance and KYC, combined with programmable 24/7 stablecoin settlements. That common infrastructure is important because it means we are not building three separate businesses. We are building one integrated operating system, and that is where the flywheel becomes more powerful.

Markets provides the rails, agents bring intelligence, customers, and distribution onto those rails, and Global expands the assets, relationships, and markets that can connect to the platform. More distribution can generate more activity. More activity can make the infrastructure more valuable. A stronger platform can support more products, partnerships, and strategic opportunities. Each engine gives Bakkt a meaningful way to win, and together they create a platform designed to compound. With every turn of the flywheel, every product, client, and market we add, the system becomes more valuable and harder to replicate. Last quarter, I introduced this scorecard as a qualitative management view of our execution. It is not financial guidance. It is a disciplined way to show where Bakkt is progressing, where we are investing, and where our attention remains focused. The headline this quarter is clear. Execution is accelerating across the platform.

Every category is either stable or improved. Six of the eight categories are now at 75 or above, and the areas that required the greatest attention are also showing the fastest improvement. Partners and distribution increased 20 points, the largest movement on the page. Following the DTR close, we rebuilt the commercial organization, sharpened the offering, and advanced the integrations and partnerships required to bring more clients and more activity onto the platform. IC50 remains our most important execution priority, but we are entering this next phase with a materially stronger commercial foundation, better visibility into upcoming activations, and growing confidence in the potential for flows to scale meaningfully as those integrations come online. Team and talent increased 15 points to 75. We have strengthened the leadership bench, made substantial progress integrating DTR into our platform, and aligned the organization around a clear set of commercial priorities.

AI-enabled execution is also becoming increasingly embedded across the company, helping our teams operate with greater speed and leverage. That discipline is contributing directly to operational efficiency, which increased by 10 points. We are building a leaner, faster, and more scalable operating model. One designed to support substantially greater activity without creating the cost structure of a traditional financial institution. The broader foundation continues to strengthen. Regulatory is at 85. Infrastructure and technology are both at 80, with the DTR rails now in-house and the agent platform on track for the second half. Financial strength remains at 75, supported by a balance sheet with no long-term debt, and global network has increased to 75 as our strategic positions and international relationships continue to develop. The important shift is the stage Bakkt has now reached. Much of the foundational build is in place.

Our focus is increasingly moving towards external outcomes, launching new products, activating clients, and scaling transaction flows. Each engine has a clear ownership, and we intend to remain transparent and accountable for the progress we make. The foundation is in place, execution is strengthening, and commercial activation is now the next major growth unlock. With that, let me turn the call over to Daniel to take you through Markets and Agent.

Thank you, Akshay, and good afternoon, everyone. Before I turn to the platform, let me briefly share what I've seen in my first three months. Akshay has aligned product, engineering, compliance, and sales around the same commercial priorities, and that alignment is translating into faster, more coordinated execution. The market we're building into has continued to expand this quarter. Stablecoin market capitalization reached an all-time high of approximately $320 billion in May 2026. Adjusted on-chain stablecoin volume reached approximately $1.79 trillion in June, a new monthly high, and global cross-border payment flows reached approximately $208 trillion in 2025. Against markets of this scale, focused adoption across priority clients, corridors, and use cases can drive a step change in volume from our current base. Today, most of that money still moves through traditional correspondent banking. That means multi-day settlement, intermediary fees, FX costs, failed transactions, and limited transparency.

The further you move away from the major currencies, the more pronounced these problems become. That is exactly what our infrastructure has been built to address. Let me bring you up to date where the platform stood at the end of the second quarter. There are four key numbers. One core KYC framework across the product set, access across more than 63 countries, support for 19 currencies, and connectivity across 10 public blockchains. Behind those numbers are four production APIs, all live today. This quarter, we consolidated onboarding across the product suite. A client can complete the core compliance process once and use that foundation as it activates additional products, with product and market-specific requirements applied where needed. The second is our stablecoin API, which provides the settlement rail from fiat to stablecoins and back again.

Wire and ACH went live this quarter, closing the loop between traditional bank rails and stablecoin settlement within a single API. That gives clients faster settlement. More importantly, it gives them settlement speed they can turn into a commercial advantage for their own customers. The third is Gyzer, our chat-native interface for cross-border payments. Gyzer has supported live fiat payment corridors since last September and is now integrated into Bakkt's in-house payment stack. The fourth is the Bakkt Widget, our embeddable on and off-ramp. Partners can integrate it directly into their own platforms and deliver the service within their existing customer experience. The widget combines the other APIs and demonstrates the strength of the platform. It is modular, but the modules work together. The principle is simple: integrate once, then activate what you need. One core integration, one common regulated foundation, and an expanding menu of products and services.

The six offerings on the left are live and available today. They include our trading infrastructure, stablecoin OTC, digital asset OTC, our stablecoin on and off-ramp, cross-border payments through the Gyzer API, and the Bakkt Widget. None of this is roadmap. These products are live and being sold today. For the second quarter, Total Transacting Volume was approximately $169 million. For the first half, TTV was approximately $410 million. Our current full-year 2026 TTV target remains approximately $2.5 billion, and we remain confident in achieving it. The movement in the second quarter was driven principally by lower trading activity. At the same time, payments entered TTV for the first time following the May 1st integration. The initial production volume is an important proof point. It demonstrates that the payments infrastructure is live, in-house, and processing real, institutional, and cross-border flow.

We expect payments to become an increasingly important contributor to growth from here. The commercial problems we are solving are consistent across clients. Reducing pre-funding, shortening settlement times, improving traceability, and simplifying multi-party payouts. Those needs arise across supplier settlements, trade-related payments, global payroll, and contractor payments. Our infrastructure addresses them through one core integration across the markets and currencies we support. Achieving our full-year target requires a meaningful acceleration in the second half. Our confidence is based on a broader set of drivers now in place. Six live offerings, payments contributing to TTV for the first time, and client integrations and activations already progressing through defined compliance, technical, and launch stages. The expected step-up does not depend solely on a recovery and trading activity. In addition to activating our previously described relationships, we are advancing further opportunities across payments, the widget, and embedded finance.

I also want to be clear about the metric. TTV is the total notional value moving through our platforms, and the margin we earn varies by transaction type. These businesses generate fees and spreads on flow. As volume and product adoption scale, we expect the revenue opportunity to expand alongside them. The commercial organization is in place and selling today, with senior coverage continuing to expand in line with the opportunity set. We have six live offerings. Integrations and activations are underway, and the mandate is clear: activate clients, grow volume, and execute. That brings me to the second engine, and I want to be precise about what Bakkt Agent is because it is the newest part of the story. Bakkt Agent is a B2B and a B2B2C platform. We do not sell directly to consumers.

We sell it to businesses, banks, fintechs, and brands, which use it to offer financial products to their own customers. Agent turns the regulated rails you have just seen into a simpler and more valuable customer relationship by connecting three layers. First, regulated rails. Accounts, payments, cards, and cross-border transfers. Second, financial intelligence. Customer financial context used with the appropriate permissions to personalize the experience. Third, customer action. A simpler interface that turns insight into action. For the end customer, that can create a more useful financial experience. For our clients, it creates a stronger distribution model, deeper engagement, more financial activity, and more opportunities to generate value from their customer base. The client controls the customer experience and drives distribution. Bakkt provides the regulated rails and the intelligence underneath. The way I think about it is simple.

The intelligence layer amplifies the value of every regulated rail beneath it. Agent is organized around three product paths. Embedded finance is commercially available today for partner integration. We expect co-branded card programs and Neobank-as-a-Service to launch in the fourth quarter, subject to applicable approvals. First, Bakkt Agent Embedded Finance. Clients can embed accounts, payments, and international transfers into their existing experience through one modular platform. More than 63 countries, 19 currencies, 10 chains, one core KYC framework, and 24/7 stablecoin settlement. You will see one more line on the card targeted for Q4 of this year. A conversational interface on top of those rails designed to let a customer ask, understand, and act in plain language with every action running through the same regulated APIs and secure authorization. For clients, it is a differentiated experience that would otherwise require assembling multiple technology, banking, and regulatory relationships.

Second, co-branded card programs designed around the client's brand and customer relationship with issuing, payments, and loyalty supported by our regulated stack and banking partners. Third, Neobank-as-a-Service, a full-branded experience with accounts, savings, cards, and rewards, and cross-border payments while Bakkt operates the regulated infrastructure underneath. Availability will vary by client, and market remains subject to applicable regulatory, licensing, bank partner, and network requirements. The commercial logic is consistent with Markets. One modular regulated stack and multiple product paths that allow our clients to start with the capability it needs and expand as its customer's relationship develops. This slide brings the product to life. It illustrates the branded end-user experience that Neobank-as-a-Service is designed to deliver. A client's customers can get paid into a checking account, save towards goals, spend on cards with rewards, and send money across borders, all within the client's own app and brand.

It is one branded experience with more opportunities to engage customers as they manage everyday money. The experience is assembled from the same modular capabilities I have just described. Let me close the Agent story with the commercial logic behind the product set. This is a flywheel at the level of a single client. Markets provides the regulated rails, and Agent gives the client multiple ways to use those rails across a deeper customer relationship. The path shown here is illustrative. A customer can enter the product path that best fits its needs and expand as additional capabilities come online. The three steps are embed, engage, and expand. A client can embed accounts, payments, and international transfers inside its existing experience. It can then engage customers more frequently through a co-branded card program, and it can expand into a full-branded Neobank experience with accounts, savings, cards, rewards, and cross-border payments.

Across those paths, the client uses the same core integration and regulated infrastructure with onboarding and KYC applied as required by product and market. The commercial opportunity expands in three ways. First, each additional product creates more opportunities for fees and transacting volume on the same core platform. Second, each product can add permitted financial context, helping make the next experience more relevant and better timed. Third, expanding an existing client relationship can be more efficient than acquiring a new one. Deeper product adoption can strengthen retention for our clients and its customers, and for Bakkt with its clients. This is the strategy. Activate clients on the capabilities available today, expand each relationship over time, and continue adding new clients to the platform. Grow every client relationship as we grow the client base. With that, back to Akshay for Bakkt Global. Akshay.

Thank you, Daniel. The third engine is Bakkt Global with our strategic investments in Japan and India. Japan gives Bakkt a foothold in major private capital and innovation ecosystems where access to issuers, private market opportunities, and local partners can be as valuable as the capital itself. The strategic fit is very direct. Bitcoin Japan creates local access, relationships, and potential asset supply. Bakkt Markets provides the global technology and regulated infrastructure we are building to support the tokenization, settlement, and distribution of eligible private market assets. Rather than building a private markets footprint from scratch, we can leverage Bitcoin Japan's partnerships to participate in this large and growing opportunity in a capital efficient way. India represents a distribution side of the same strategy.

Through Transchem, which we expect to be renamed in due course subject to required approvals, we are pursuing a broker-led approach that can include acquisitions and strategic partnerships to build scale local distribution across India's rapidly expanding investor market. Bakkt's role is to create the global asset pipeline and tokenization stack, eligible private market and other real-world assets delivered through regulated local channels, and ultimately experienced by consumers through a modern Bakkt-powered investment platform. Bakkt Agent can make that experience far simpler, helping customers discover, understand, transact in, and manage global investment opportunities through an intuitive financial interface. The end state is powerful. Japan can build differentiated access to private markets and real-world assets. India can build scaled consumer distribution. Bakkt connects both with its markets infrastructure, agent experience, and global operating stack. These are not passive holdings. These are important footholds in a much larger platform opportunity.

This slide is deliberately straightforward. It shows the increase in the illustrative value of our strategic investments in Japan and India, including amounts currently reported in our financial statements and cash previously received. We invested in these markets strategically, and a significant portion of the increase is reflected in Bakkt's reported financial position. Both markets have independent governance and strong local management teams who are executing for the long term. That reflects the capital discipline behind our approach, targeted investments in strategically important platforms that can create meaningful upside without requiring us to build every capability or market position from scratch. But we see this as an early marker, not the end state.

As we execute on the strategy, build scale across markets and agents, and as these positions develop into operating platforms with deeper asset access and distribution, we believe the value that they create for Bakkt shareholders will compound substantially over the long term. What is visible on this slide today is only the beginning of the opportunity ahead. Last quarter, we introduced one primary KPI for each engine, and here's where we stand. For Bakkt Markets, Total Transacting Volume, approximately $410 million for the first half, including payments volume alongside trading for the first time. We continue to expect approximately $2.5 billion for the full year. For Bakkt Agent Monthly Active Users, we are not reporting any use today because the relevant Bakkt Agent products do not have activity that is meaningful yet. But this quarter, we are setting the first marker.

Based on the launch plan, our Chief Product Officer, Ankit Khemka, and the product team have laid out, our initial target is approximately 25,000 Monthly Active Users by year end. Embedded finance is commercially available for partner integration now. Commercial end user launches and the MAUs that come with them begin as partners activate. The other drivers are on the calendar. Neobank-as-a-Service targeted for the fourth quarter, and our cross-border corridors, including flows into India and South Asia ramping through the second half. To be clear about what the number is, this is our year-end monthly target, not an annual average. For Bakkt Global's Strategic Asset Value, approximately $119 million as of June 30. We have revised the definition of SAV this quarter to align it directly with our financial statements.

It now consists of $10.6 million equity method carrying value for our Japan investment and the $107.9 million fair value of the Transchem Warrants. There are no internal valuation models or additional components. The KPI reconciles directly to the amounts reported in the financial statements in our 10-Q. We will report TTV and SAV consistently each quarter, and we expect to begin reporting MAUs quarterly once the relevant Bakkt Agent activity is meaningful, so you can follow activation and scale as it happens. With that, I'll turn the call over to Karen to review the financial results. Karen?

Thank you, Akshay. The financial takeaway for the quarter is straightforward. Bakkt reported GAAP net income of $80.8 million. Diluted EPS for the quarter was $1.94 per share. This is a strong reported GAAP result and an important milestone as we build a more valuable full stack financial platform. We ended the quarter with $50.7 million of cash and restricted cash and no long-term debt. That gives us meaningful flexibility to continue investing in commercial activation with discipline. We now have six live commercial offerings, $410 million of Total Transacting Volume in the first half, and a current full-year 2026 TTV target of approximately $2.5 billion. Based on the integrations and customer activations underway, we remain confident in achieving that target. The Transchem fair value remeasurement is reflected in our GAAP results and is fully disclosed in our materials.

The broader point is that Bakkt enters the second half with a stronger platform, growing commercial momentum, and a clear path to greater flows as customer activations ramp. We believe those flows can scale meaningfully from here, supported by the still early adoption of stablecoins across global trading and settlement. This reconciliation is provided for transparency and comparability, with the prior year presented on the same continuing operations basis. You'll see one new line, $3.6 million of transaction-related advisory fees, which are excluded from adjusted EBITDA and not expected to recur at this level. Our focus is on translating the platform, integrations, and client pipeline we have built into higher levels of activity and operating leverage as activations ramp.

In closing, we have delivered a strong reported result and have made material progress in the first half towards building Bakkt into a financial operating system for the AI and token economy. We are investing across regulated infrastructure, intelligence, and distribution to deliver higher value solutions and tools to our customers. We enter the second half with a stronger platform, clear commercial momentum, and substantial room to scale. With that, let's go to Q&A. Cody, back to you.

Thank you. Ladies and gentlemen, as a reminder to ask the question, please press star one one on your telephone, then wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Brian Dobson with Clear Street. Your line is open.

Thanks, and good evening. You've made some significant headway during the quarter. I was wondering if maybe you could take a step back and tell us how you see the business evolving further over the next 12 months.

Thanks, Brian. I think that we've continued to maintain the year-end target on our Total Transacting Volume at $2.5 billion. I think that as the commercial team has expanded and we've attracted great talent to that team over the past quarter, we believe that that volume will ramp up significantly next year. At this time, we are not going to be giving financial guidance for next year, but if you assume the trend that we are forecasting going into year end, I think that that trend will accelerate even faster going into next year.

Yeah, thanks. Then in terms of capital allocation, as you look across your product portfolio and you seek to deploy incremental dollars, putting incremental dollars to work, which areas do you find most attractive and would like to see some financial muscle put behind in order to grow them?

At this time, really our entire commercial offering is fully connected and it's integrated in one framework. And where we are really spending a lot of time is in attracting the right kind of talent to the organization to actually go ahead and scale and activate the different relationships that we have to scale the transacting volume. Because at the end of the day, that's what translates into revenues for us and earnings. So from my perspective, I don't think there are any major financial capital allocations that we see on the horizon for the moment, other than the ones that we've already disclosed. And I think that our heads down focus is on really going out and executing on the opportunities and the client activations that are currently underway already.

All right. Thanks for that color.

Thank you. Please stand by for our next question. Our next question comes from the line of Mark Palmer with Benchmark. Your line is open.

Yes. Thank you, and thanks for taking my question. Wanted to ask about the monetization of Total Transacting Volume. Especially given that you have six live offerings, how should we think about the blended take rate of those combined offerings, and how does the take rate differ across each of them? Thank you.

Sure. I think the best way to think about this, Mark, is that when you're looking at stablecoin-related volume overall as it relates to any of the G3 currencies, which is dollars, euros, and sterling, you're looking at very slim margins and take rates that range from a few basis points all the way to in the low-teen basis points. But then the real margin comes in the cross-border payments opportunities, which are, today our platform is live in over 63 countries. We execute in over 19 currencies, and there the margins can range from anywhere between 50 basis points to close to 1.5 points. I think that we have not given out any guidance in terms of where the blended take rate will come out, but I think starting next quarter, you'll start getting more evidence on where that number lands.

I don't know if Daniel wants to add anything to this if he's on the call.

Good evening. As we start solving payment problems around the world, as Akshay mentioned, we've got 60+ countries we're working in. We're seeing significant demand across a number of the emerging markets for cross-border payments, and that's where we're really positioned to take advantage of greater margins. Over that, because we have an integrated offering, we're able to solve customer problems incredibly quickly without multiple onboardings, and those efficiencies are starting to really scale into major savings for our partners. Over the coming quarters, we look forward to keeping you updated.

Thank you.

Thank you. Ladies and gentlemen, at this time, I would like to turn the call back over to Cody for more questions.

Thank you, operator. Before we close, we wanted to address some questions we hear most often from our retail investor community. These are all drawn from our followers on X and some other public channels. First one here is for Daniel. Daniel, what progress has Bakkt made since completing the DTR acquisition?

Hi there. Look, we closed the DTR acquisition on April 30, and in just two months we have consolidated onboarding. We have launched wire and ACH funding. We have brought the payments infrastructure completely in-house and included payments in the TTV for the first time. As mentioned earlier in the call, we now have six live commercial offerings connected through one integration framework, and we have strengthened the commercial organization with exceptional talent this quarter. The core foundation is integrated. Our focus now is activating new clients and scaling the associated volume.

Great. Thank you, Daniel. The second one is for Akshay, around Bakkt Global. How should shareholders think about the strategic and financial value of Bakkt Global?

Bakkt Global, the investments that we made there have already created significant shareholder value for Bakkt shareholders, but the strategic opportunity is a lot broader than the financial gains that we have made from these investments. As I said in my prepared remarks, Japan basically expands our access to global private markets and the associated real-world asset tokenization opportunities that that presents. India really provides us with a very scaled distribution platform, which then Bakkt can connect through both Bakkt Markets and Bakkt Agent.

We believe that these investments in these two countries through Bakkt Global can compound substantially in value for Bakkt shareholders over the long-term as these respective operating platforms scale, but at the same time, the strategic benefits and the associated revenue benefits that Bakkt gets through Markets and Agent will be materially visible as these platforms grow.

What is visible today is only the beginning of the opportunity ahead, and I think that these tie in completely into the overall Bakkt strategy, but they also add to Bakkt in a big way because of the supply side and the demand side of the equation that we are creating through India and Japan.

Brilliant. Okay. Thank you. Our last question here, probably our most common, but when do you expect to be operationally break even?

The core platform is in place, and as we've alluded to in our prepared remarks, the activity that we see is going to grow substantially across the rails that we've already built, and we expect meaningful operating leverage without having to recreate the cost base of a traditional financial institution. We're not providing a precise date today, however, based on the current execution plan and the client activations that are already underway, my expectation is that Bakkt will reach adjusted EBITDA break even during the fourth quarter, at some point during the fourth quarter of 2026. That expectation depends principally on the timing and scale of these activations and the visibility we have on those, but I believe we are well positioned to achieve that important milestone by then.

All right. Well, thank you, Akshay and Daniel and Karen, and operator, back to you for closing.

Thank you. Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

Hello there, and welcome to Bakkt's first quarter 2026 earnings call. Joining me on the call today are Akshay Naheta, our Chief Executive Officer, and Karen Alexander, our Chief Financial Officer. Today's discussion contains forward-looking statements within the meaning of the Federal Securities laws. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those reflected or implied. We refer you to the cautionary language in our earnings release, this presentation, and in our SEC filings, including the risk factors set forth in our most recent Form 10-K and our Form 10-Q for the period ended March 31st, 2026. Today's discussion also includes references to non-GAAP measures, including EBITDA and adjusted EBITDA. Reconciliations and definitions for our operational metrics, Total Transacting Volume, Monthly Active Users, and strategic asset value are included in the appendix.

With that, I will turn the call over to our CEO, Akshay Naheta. Akshay?

Thank you, Cody, and hello, everyone. Thank you for joining us. Before I walk through the quarter, I wanted to frame the environment Bakkt is operating in because the most important point for investors right now is that we are in the early innings of a structural shift in the global payments architecture, and the ocean we are fishing in is far larger than any single competitor will capture. The global payment flows today sit in three distinct tiers. At the base, between $200 trillion-$300 trillion of annual cross-border and wholesale volume that moves across legacy rails. These rails are operational and systematically important, structurally slow, expensive, and constrained to banking hours. Above that, an application and payments layer has emerged over the past 15 years with Stripe, Circle, Chime, Revolut, BVNK, and others intermediating roughly $6 trillion of annual volume.

This layer modernized the user experience but sits on top of the same legacy rails. Bakkt Agent operates here, and the API is built on Bakkt's regulated foundation, EU presence for cross-border expansion, and on and off-ramp coverage to more than 60 countries allows for real-time automated settlements. At the leading edge, regulated market infrastructure clears approximately $2 trillion of annual volume in digital assets. Bakkt Markets sits in this space with our pan-U.S. money transmitter licenses, the New York BitLicense, institutional-grade compliance with fiat to stablecoin conversions at scale. These three tiers will continue to coexist, and our view is that stablecoin infrastructure cannibalizes legacy rails over the next several years to become the connective layer between all three. We do not have to be the biggest fish in this ocean.

The space is large enough that a regulated infrastructure provider with disciplined capital allocation, along with durable rails, can build a material business without confronting any single incumbent head-on. That is the structural backdrop that investors should keep in mind. A short tour of the field as it stands today. On peers and capital deployment over the past 15 months, three of the most significant institutions in global payments have committed cap by conducting strategic M&A transactions. Stripe acquired Bridge for $1.1 billion in February 2025. Mastercard announced its acquisition of BVNK for $1.8 billion in March 2026. ConsenSys this month is the latest data point in the same direction. These are capital commitments by institutions whose cost of capital and regulatory scrutiny makes speculative allocation structurally unlikely. On regulatory architecture, two pieces of U.S. legislation define the operating environment going forward.

Signed in July 2025, established the federal framework for payment stablecoins. The OCC and FDIC issued proposed implementing rules earlier this year. Final regulations are required by July 18th, 2026, and the act becomes substantively by early 2027 with a defined three year transition window. The CLARITY Act, the companion piece on trading and on the trading and intermediary side, cleared the House in July 2025 and is now moving in the Senate with the yield compromise resolved on May 1st. Markup expected this month and the administration targeting passage by mid-summer. Both statutes raise the regulatory bar materially. They make the licensing footprint compliance posture and settlement infrastructure that took years to assemble as the same infrastructure the laws now require. That is a tailwind for new incumbents who built ahead of the rules.

On market macros, stablecoin settlement volume reached approximately $33 trillion in 2025, up 72% from $19 trillion in 2024. Cap stabilization is at an all-time high at approximately $320 billion at the quarter end, and the cross-border payments addressable market is projected to grow from $44 trillion today to approximately $67 trillion by 2030. Whatever share of this Bakkt converts into revenue over time, the absolute size is the key point to keep in mind. The field is taking shape, the rules are being written in our favor, and the work is purely focused on our ability to execute. Before walking you through the operating segments, I want to show you, as the CEO, view our progress against the internal milestones that we've set for ourselves. The categories on this slide are subjective and are the ones that I track personally.

The ratings are my own assessment informed by the leadership team. They're qualitative, not financial, and they're definitely not guidance. Internal and the disclosure on the slide and in the appendix set out the basis on which they should be read. We've created eight categories across three bands. The foundation band categories scored at 75 or above, which is where the durable platform sits. Regulatory at 80 band, given our U.S. MTLs, the New York BitLicense, FinCEN registration, EU VASP. The infrastructure layer at 80, which includes now the DTR payment rails and settlement engine, which is now wholly in-house. Dual capabilities on the payments segment within the Bakkt infrastructure. Finally, financial strength and technology both at 75.

We have a debt-free balance sheet with $82.6 million of liquidity at the end of the quarter and continued cost discipline and efficiencies. Modular with the Bakkt Agent platform on track for a launch sometime in Q3. The in-progress band, which is in the range of 50-74, is where the work is moving but not finished. The global network at 70, with our presence in 60+ jurisdictions, gated on partner activation and regulatory closure so that we can further expand the global network. The target is to reach over 90 jurisdictions by year-end. The team and talent at 60. A+ bench under Daniel and Ankit. AI leverage operationalizing across functions, DTR integration in flight.

On the operational efficiency front, we are at 50, which is despite meaningful cost resets over the last year, there is more that can be done on this, in this area and, with further assistance from technology enablement over the balance of the year. The active focus band, which is the categories below 40, is where the priority sits, which is the partners and distribution. At 30 is the lowest score on the page intentionally so. The sales organization has had to be rebuilt, and we made progress on that front, where through the close of DTR over the next four quarters, we are about to convert the bottom of the funnel substantially into real, recognizable revenues. We're also building out our sales team, and I will delve into further details on that front as we go along this presentation.

One direct point, the categories scored highest are the ones under direct management control. The categories that scored the lowest depend on partner activations, regulatory approvals, and sales cycle conversions on calendars we do not entirely control on our own. None of those will change overnight. They will change quarter-by-quarter, and this scorecard is a framework that I will use to update you as we go along for the rest of this year. Let's go into the three engines that drive Bakkt. The business is organized around three growth engines and that framework is how we will update invest. Bakkt Markets, which is our institutional-grade infrastructure for digital assets, which allows our partners to market in a quick and efficient manner.

Second is Bakkt Agent, which is our programmable money and AI-powered finance layer, which allows frictionless, intelligible interfaces to provide full-stack banking services to their respective consumers or network. Finally, Bakkt Global, which is our international expansion and value creation, which is run on a disciplined capital-light model. Turning to our first engine, Bakkt Markets. Bakkt Markets is a B2B business. Institutional sales cycles and regulated infrastructure are measured in quarters, not weeks. Counterparty onboarding, compliance review, integration testing, and treasury approvals are the sequence regardless of how compelling the underlying product is. The work has been to establish that sequence with a credible roster of clients and convert it to live volume. The current Bakkt Markets roster comprises institutional-grade counterparties operating the regulated assets across the U.S., Europe, and Asia. Clients we expect to come on board as they grow their own businesses at scale.

Volumes come from two sources, both fee and spread businesses that scale with notional throughput. The first is trading flow. Crypto services activity routed through partner platforms and settled across our rails. The second is payments flow, which in three stablecoin flows now powered by the DTR rails, which are wholly in-house. On the product market side, the technology upgrade schedule for the second half of 2026 expands the market surface materially. More than 200 available assets at rollout, social and copy trading, a new advanced trading engine, and an improved client interface. On the commercial side, we'd like to introduce Daniel Ishak, who joins us as the Chief Commercial Officer. Daniel built and led Geyser. He ran there, which was centered around institutional B2B sales discipline, partner integration sequencing, and relationship-driven pipeline conversion, is exactly the playbook that Markets needs at this stage.

He's leading the rebuild and will be converting our pipeline into actionable revenues. I want to give an example about one of the partner activations that we've onboarded over the last few weeks, which is Zoth. In May, we signed a strategic memorandum of understanding with Zoth, a privacy-first stablecoin solutions provider built for the agentic economy across South Asia and the Middle East and North Africa. There were three components. Partner Zoth currently processes approximately $300 million in annualized total payments volume. The partnership target is approximately $1 billion in annualized TPV by the year-end 2026, according to Zoth's projections as enterprise corridors get activated over time. Second, the regulated layers throughout operate agent within Bakkt Financial Solutions, our pan-U.S. money transmitter subsidiary. The structure puts Bakkt's MTL footprint and FinCEN MSB registration around Zoth's enterprise clients.

That regulatory wrapper is the asset Zoth's clients are buying when they choose Bakkt. Third, the corridors live or activating USA to South Asia, the largest U.S. outbound remittance corridor, USA to Philippines and Nigeria, USA to the Middle East, covering the GCC expat workforce, and UAE to South Asia, the largest Middle East corridor, and sub-Saharan Africa across Uganda, Kenya, Ghana, and South Africa. The strategic point is direct cross-border stablecoin payments in emerging markets remittance by regulatory configuration. Bakkt's licensing stack is the unlock that takes commercial pipelines from pilot to production along with Zoth's regulatory coverage in these jurisdictions. A definitive commercial agreements are expected to follow in due course. Turning to the second engine, Bakkt Agent. Agent is the unit economics on each transaction are small. The cost base required to operate it is fixed and modest, and the arithmetic is straightforward.

At scale, modest take rates against fixed costs convert to meaningful net income. The execution priority is throughput, and the throughput will come from product activation increasing surface area of partners. With DTR now in-house, the payments capabilities that drive that throughput across B2B, P2P, and end user surfaces sit inside Bakkt and ramp on Bakkt's roadmap. Agent is built on four pillars. The technology, programmability, and efficiency, and distribution. On the technology front, we have a modular tech stack which is engineered to scale without the architectural debt of incumbents. For programmability, our products are built for programmable finance rather than retrofitted into it. Stablecoin issuance, redemption, and on and off-ramp logic are native to our stack.

Finally, on efficiency and distribution with our low cost to serve decoupled from linear headcount growth, our flat operating costs against growing volume converts to operating leverage, which our partner networks, whose aggregate reach extends to hundreds of millions of users, subject to definitive partner agreements and product launches. Each pillar is a deliberate capital allocation decision. We expect Agent to compound the value that it creates for Bakkt over time. The Agent commercial model has three layers. The engine is Bakkt. Regulatory rails, licenses, custody, and settlement. Our 60+ destination off-ramps and interact in more than 15 currencies across the different blockchain integrations, as well as same-day settlement, all owned by Bakkt. The catalyst is the partners. Concentrated markets where embedded distribution is available at scale, carrying trust and reach we could not replicate organically.

The value add is the utility, which is the daily use surfaces that drive volume back through Bakkt. Telecom illustrates the model. Telecom markets are concentrated. Two or three operators serve the majority of customers in most geographies. Initial launch focus is the U.S. and Europe, the embedded SIM connectivity, distribution, and utility in one motion. The eSIM API extension lets us extend the same capability to additional partners in parallel. Beyond telecom, we are in active conversations across additional verticals where the same model applies. We will share more as those are ready, activated, and announced. Finally, Bakkt Global, which is our third engine. These are markets where Bakkt is making strategic investments, where we see the long-term potential, the demographic and digital adoption tailwinds are durable, and we see a clear regulatory framework which is forming.

The two positions reported both as of March 31st, 2026. One is Bitcoin Japan Corporation, which is listed on the Tokyo Stock Exchange. It has a blended carrying value that has moved from approximately $11.5 million when we made our investment to $31.7 million at the end of the quarter. Bitcoin Japan Corporation is building its AI and Bitcoin economy and will detail its forward strategy at its upcoming AGM. On India, our position is structured through a warrant subscription in a company called Transchem Limited, which is listed on the Bombay Stock Exchange. We are still awaiting regulatory approvals on our investment into the Indian company.

Once that has been approved by the regulators, we will update further on the strategy for the company going forward. From an illustrative perspective, the mark-to-market value at the quarter end was approximately $44.3 million. The forward plan for the India position includes a broker-dealer rollout and a program of global and tokenized investments subject to regulatory timelines. The three core KPIs going forward that I believe investors should track are as follows. For Bakkt Markets, the KPI is Total Transacting Volume, the aggregate notional flow across the markets and Agents platform. In 2026, our TTV was approximately $241 million, and our year-end estimate is approximately $2.5 billion as partner integrations activate and scale.

With DTR now in-house, institutional payments volume from counterparties already integrated with the DTR stack will begin by the conference of the year. For Bakkt Agent, the KPI is Monthly Active Users, the direct measure of platform adoption, and the lead indicator for transaction frequency. Reporting begins once we've launched the product, and we will further update on guidance for the Monthly Active User as we are ready to announce the partnerships and launch the platform. Lastly, on Bakkt Global, the KPI strategic asset value, the aggregate value generated by the investment strategy incorporating mark-to-market valuations on listed holdings, cash proceeds realized, and any unrealized gains. At the end of Q1, that value sat at approximately $76 million against approximately $21 million of capital commitments across both the Japanese and Indian investments.

Strategic asset value read in accordance with GAAP and does not represent realized returns and is subject to market and foreign exchange risks. Methodology and reporting timeline for all three KPIs are set out in the appendix. With that, I will hand the call to Karen to walk over the financials.

Thank you, Akshay. The Q1 2025 comparable period in our filings reflects Bakkt as a different company. The loyalty business, divested in October 2025 and reported as a discontinued operation since the third quarter of last year, was a meaningful component of the historical cost base and a meaningful detractor from operating profitability. Stripped out, what we are left with is a clean, focused operating platform. The platform we will execute the three-engine strategy from. The numbers on this slide should be read in that light. The cost-based picture is the more useful framing, and it is the picture on the slide in front of you. Q1 2025, as reported, reflects the Bakkt of 15 months ago, with loyalty inside the consolidated cost base. Total controllable OpEx on a reported basis was $31.1 million.

The loyalty divestiture removed approximately $12.2 million of quarterly controllable operating expense from the run rate. On a continuing operations basis, Q1 2025 controllable OpEx was $18.9 million. Q1 2026 controllable OpEx was $18.6 million, materially in line with the continuing operations comparative, despite approximately $2.5 million of incremental professional services expense tied to the DTR acquisition and Bakkt Global investment activity. The line items share the same picture. Compensation and benefits, technology and communication, SG&A, and other operating expenses all decreased year-over-year, reflective of our cost restructuring efforts through 2025. On the capital position, as of March 31st, 2026, cash equivalents, and restricted cash totaled $82.6 million, principally reflecting $66.8 million of net cash provided by financing activities. The company has no long-term debt and no non-controlling interest. Two takeaways.

One, the cost base is a fraction of what it was, and on a like-for-like basis, the company is operating on the cost base it intends to scale from with further improvements to come. Two, the balance sheet is clean and debt-free, and capital is sized to execute the three engine strategy that Akshay outlined. With that, I'll return the call to Akshay for closing remarks.

Thank you, Karen. Let me close where I started. The fintech sector is large and is akin to an ocean. The sums of money moving across global payments, the rate at which stablecoin infrastructure is being adopted by the largest institutions in the world, and the regulatory architecture that the GENIUS Act and the CLARITY Act are now layering over that adoption, those forces taken together describe a structural shift, the size of which leaves room for everyone to play. We do not intend to be the largest company. This will not be a winner-takes-all sector. Any company with the right combination of technology, regulatory standing, and talent can build a material business while allowing others enough room to build their own. Bakkt, I believe, has a material advantage on two of those three dimensions today, and we are building hard on the third.

Our technology stack is modular, programmable, and now with DTR in-house, unified across markets and Agent. We believe that stack will be a key enabler in a larger share of regulated stablecoin volume as the market shifts onto the rails GENIUS and CLARITY now define. On regulatory infrastructure, our footprint across the U.S. and Europe gives us a license to operate efficiently more than 60 jurisdictions. Finally, on team and talent, we are now one team under one roof. The DTR team has joined Bakkt. With Daniel Ishak coming on as the Chief Commercial Officer, leading the rebuild of the sales organization, along with Ankit and me, product and engineering teams, we are operating as one unified platform.

We are attracting and hiring A+ talent to the company. The intellectual capital of this company has materially increased. The bench is the right bench for the stage we are in. In front of us is what we've discussed here today, volume and quality customers. With Daniel leading the commercial organization, we hope to be converting leads, closing the bottom of the funnel, and signing definitive agreements of the pipeline built over the past year. The product is now ready, the license stack is in place. The capital is in place. While sales cycles and B2B regulated infrastructure are measured in quarters, we hope to be delivering on an accelerated timeline going forward. The platform is built. At the beginning of our acceleration phase.

Excited about the opportunities ahead, and we will keep you abreast of the momentum as it builds. Thank you for your time. Operator, we are ready to take questions.

Thank you. As a reminder, to ask a question, you will need to press star one one on your telephone. To remove yourself from the queue, you may press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Mark Palmer of Benchmark. Your line is open, Mark.

Yes, thank you. Thank you for taking my questions. With regard to the closing of the DTR deal, what integration remains or needs to be done at this point? Of course, as you just mentioned, the personnel are all migrating. But what actual integration work with regard to stablecoin infrastructure in particular still needs to be done?

Thank you, Mark. With regards to the integrations, you know, there was a delay in the vote, which delayed the transaction for about four to five weeks. Be that as it may, the integration work is primarily on the compliance stack and the finance and treasury stack. Whereas most of the client-facing integrations, which are the APIs, and we're converting the APIs into SDKs that are compliant with the U.S. We need to adhere to with the regards to the U.S. MTLs.

Those are the integrations that are left because as you can appreciate that until the acquisition hadn't closed, just given the GDPR, an equivalent, you know, data protection requirements, as well as from a cybersecurity perspective, we couldn't give access to the systems and different technology stacks that were within the DTR stack to be migrated to Bakkt. Now that the Chinese wall is basically broken down, we now are able to fully migrate both the Bakkt and the DTR platforms onto one regulated compliance stack as well as ensure that all of the data and the transaction volume data is also over the next few weeks, will be able to flow seamlessly within the Bakkt systems from an accounting perspective and so on.

Thank you. With regard to regulatory approvals, obviously, you've already got a strong regulatory footprint in the U.S. and Europe. Looking at the rest of the world, what regulatory approvals are you currently pursuing, and what is the status of those?

We are not pursuing any other regulatory approval relates to payments processing business because we work with other regulated partners. Remember, all our focus is on the remittance corridor, which is we're focused on originating cross-border volume from Europe and the U.S. and focused on remitting that into work with only other regulated players, banks, payment service providers, and so on in those respective jurisdictions. In terms of regulatory, we don't need any further regulatory approvals to operate in that space. In terms of every new jurisdiction that we go into, there are very specific requirements that are needed to be. Records that need to be maintained locally with the regulated partner there as to who's sending the money and the source of funds and so on. That mechanism is built on a jurisdiction by jurisdiction basis.

So far, We're able to process transactions into 60 jurisdictions around the world, 60 countries around the world. We hope that by the end of the year, we get to more than 90 countries around the world. We are fully compliant in terms of being able to transmit the required data for processing payments within those 60 countries.

Thanks very much.

Thank you. As I show no further questions in queue, that does conclude the Q&A portion of our call and the conference for today. Thank you for participating. You may now disconnect.

Good morning, everyone, and welcome to Bakkt Holdings, Inc.'s first Investor Day, both here in person and virtually at home or in your offices. We appreciate you joining. Before we begin, please review the forward-looking statements and disclaimers in today's materials. Our presentation will include statements regarding future events, business strategy, and market opportunity. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. We encourage you to review the risk factors in our most recent filings with the SEC. I am pleased to introduce Bakkt Holdings, Inc.'s Chief Executive Officer, Akshay Naheta.

Welcome, everyone. This is our first Investor Day, and I want to give you a view into what we have worked on over the last year, what we have systemically rebuilt, and where we are taking the company from here. We are entering the next phase of Bakkt Holdings, Inc.'s growth with massive momentum behind us, both from a regulatory perspective as well as the economic and financial tailwinds that lie within the sector of payments and financial services. It is a precise engineered strategy that we have put together that we look forward to disclosing as we go along throughout the year. We have rebuilt our governance, capital structure, and technology. We have a great line of sight. Our pipeline is primed. The regulatory path is clear. We are rewriting the definition of category-defining deals. Today is our opportunity to show you exactly what we have built, the immense velocity at which we are moving, and why Bakkt Holdings, Inc. is positioned to lead in this category. Quick overview of the agenda for today: We will cover five areas: a quick overview of our strategy and the key drivers behind it, the market opportunity and how Bakkt Holdings, Inc. is positioned to capitalize on it, and finally, a product deep dive across our three engines, and a quick review of the year 2025, which was operationally and financially a bit volatile. But we have gone through the restructuring that we had to do. Finally, Q&A followed by my closing remarks.

The mission is simple. Build secure infrastructure and products that make money work in real life globally. It is the precise description of the problem we are solving. Money is too slow, too expensive, and too opaque for most people and most transactions worldwide. Bakkt Holdings, Inc. is building the infrastructure layer that changes that for institutions, customers, and companies. Our vision is to build the next-gen financial ecosystem, one that sits at the intersection of programmable money, regulated infrastructure, and AI-driven agentic finance. The analogy I use is that what AWS did for software—it let companies build without owning servers—Bakkt Holdings, Inc. does for finance. We provide the licensed, regulated, scalable rails so that partners do not have to build them. We have done all the work for them. The world is moving towards programmable money. Stablecoins now settle more than $30 trillion annually, and Bitcoin is becoming a treasury asset for a lot of corporates and sovereigns around the world. In the middle of all of this, you have the tokenization opportunity of real-world assets, which is moving from pilot to production in real time. Bakkt Holdings, Inc. is positioned exactly where all this is breaking out, and we are well on our way to take advantage of these opportunities. We have organized Bakkt Holdings, Inc. around three engines. These are engines because each one generates its own revenues while powering the others. Bakkt Markets is our institutional-grade infrastructure for digital assets. It gets institutions to markets faster and more safely. Bakkt Agent is our programmable money and AI-powered agentic finance infrastructure. It is frictionless, intelligent, and fully auditable. Finally, Bakkt Global is our international expansion and strategic value creation engine. We are applying our intellectual capital, technology, and products to the world's highest-growth markets through a disciplined, capital-light investment model. Critically, these three engines are complementary. Markets provides the regulated rails. Agents use those rails to move money globally; that benefits both consumers and businesses. Finally, Global leverages all of our understanding in these different areas to take it into new jurisdictions to generate tremendous value for shareholders, and early results are already showing that for Bakkt Holdings, Inc.'s shareholders. The quick accelerants: We have laid the groundwork over 2025, and we have immense momentum on partnerships that are currently underway. I have showcased a few of these partnerships here, but we are deep in discussions with several partners across the ecosystem, and we have immense momentum on that front. For Agent, we have signed up tier-one telco partnerships across the U.S. and Europe, which will embed connectivity into our fintech product. The distribution partnerships involve category-defining deals, which will improve our immediate reach and will tap into a network of our partners, lowering customer acquisition costs. We look forward to announcing significant partnerships along this line over the very near term. With Better and Zoth, we embed our APIs into their product flows, generating volume from day one. For the Markets segment, with Nexo, Ascendex, and Ubit, we help expand their liquidity and our global client base. These are all commercial agreements with real volume and real economics, and I am extremely confident in each of these partnerships and what they are going to deliver for Bakkt Holdings, Inc.'s shareholders. There are three core KPIs for shareholders to follow going forward. For Bakkt Markets, it is going to be total transacting volume between what we have—the legacy brokerage-in-a-box business that Bakkt Holdings, Inc.'s shareholders are aware of. With DTR coming into the fold, we have significantly added to our stablecoin on-ramp/off-ramp capabilities. I expect the total transaction volume within Bakkt Markets to expand substantially, and Nick will talk about it during his presentation. For Bakkt Agent, the metric is monthly active users. It is a volume business—users transacting is what drives the revenue—and MAUs are the right measure for platform adoption and distribution reach. Finally, for Bakkt Global, we look at strategic asset value—the investment and equity value our global strategy generates. In Japan, we have already made 3x our money. In India, we have made 5x our money. The methodology is internally defined and incorporates mark-to-market valuations, cash proceeds, and any unrealized gains. These are independently governed businesses in different high-growth markets, and they will also generate revenues for Bakkt Holdings, Inc., which will then contribute directly to Bakkt Holdings, Inc.'s financial statements. These three KPIs will be reported as each product and platform becomes operational. The timing is tied to launch milestones and not a fixed calendar date at this time, and full disclosure on definitions, methodology, and reporting timelines is in the appendix. Let me briefly touch upon the Bakkt Holdings, Inc.–DTR transaction. This is foundational to everything you are going to hear today. It is, in our view, a category-defining transaction for digital finance infrastructure. DTR brings us two things: products and people. On the product side, we have a composable API platform. Bakkt Agent provides cross-border payments capability and expands Bakkt Markets into stablecoin payment settlements. These are not roadmap items; they are live and ready to be deployed. DTR also brings a complementary regulatory framework in Europe. They hold the VASP license, which then sits alongside Bakkt Holdings, Inc.'s existing pan-U.S. MTL coverage and the New York BitLicense. Together, we have the regulated footprint to grow the business across both sides of the Atlantic. On the people front, the DTR team is primarily 90% engineering, and it includes our CTO, Remy, who you will hear from later today. That brings in world-class engineering talent and a proven track record of building scalable, global fintech businesses. The acquisition is subject to customary closing conditions and shareholder approval. DTR really unlocks cross-border volume for Bakkt Holdings, Inc. on stablecoin payments. This is where stablecoin technology is transformative. The TAM here is enormous. Cross-border payment flows are $44 trillion today and growing quite rapidly to about $67 trillion by 2033, according to FXC Intelligence. DTR gives Bakkt Holdings, Inc. three specific revenue hooks into that volume: stablecoin on-ramp/off-ramp fees on every fiat-to-crypto conversion, embedded financial services revenue on every flow, and a scalable compliance stack that accelerates partner onboarding, and therefore, volume. Note: the TAM figures represent the full global market, and our serviceable and obtainable market will be disclosed as we formalize specific corridor strategies. Coming to the regulatory front, we have immense tailwinds from clarity within the U.S. regulatory environment. The Stablecoin Act was signed last summer, and the Clarity Act on digital asset markets is currently moving through Congress as we speak. As the rest of the industry plays catch-up with these newly passed laws, Bakkt Holdings, Inc.'s infrastructure is already built for it, with our licenses and regulatory stack. We built this infrastructure before it was required, and that gives us a durable competitive advantage. The four-part cycle on this slide is not aspirational. It describes our current positioning—regulatory alignment along with infrastructure readiness—then helps accelerated adoption, thereby enabling scalable growth. We are in that loop today. I will now turn the call over to Nick Bays to walk you through Bakkt Markets.

Thank you, Akshay. I am Nick Bays at Bakkt Holdings, Inc. I am going to walk you through Bakkt Markets. Our institutional digital asset trading business and how we are expanding it through our partner ecosystem and the DTR transaction. The DTR transaction does not just build out Bakkt Agent; it materially expands Bakkt Markets. Three specific capability additions: over-the-counter trading infrastructure that enables higher-margin execution and larger institutional transactions; stablecoin on- and off-ramps that add payment and settlement fees alongside cross-border transaction volume; and a scalable compliance stack that accelerates client onboarding and drives revenue growth. Pre-DTR, Bakkt Markets was a spot trading and custody business. Post-DTR, it is a full-spectrum institutional digital finance platform: spot, OTC, stablecoin settlement, and cross-border payments. The revenue model expands accordingly—execution spreads on OTC, settlement fees on stablecoin flows, and onboarding-driven volume from the compliance stack. Now let us talk through the institutional digital asset trading layer. The Bakkt Markets platform has three core components that work together as a single institutional execution layer. Best bid/offer engine: We aggregate real-time pricing across multiple venues to provide clients the tightest spreads on every trade. That is institutional-grade price discovery. Order management and risk: Every order is pre-validated for minimum size, holding sufficiency, and marketability before execution. Non-marketable orders are held rather than rejected. Exceptions surface in real time. Flexible funding rails: We offer three fiat funding models. You can use Bakkt Holdings, Inc.'s banking relationships and infrastructure, you can bring your own banking infrastructure, or you can integrate with our partner, Apex Fintech Solutions, to offer a consolidated funding model across TradFi and digital assets. This allows each client to use the funding and brokerage infrastructure that fits their platform. All of this is done on credentialed infrastructure, SOC 1 and SOC 2 certified. Now differentiation in the market. We offer four competitive advantages that are difficult to replicate. Flexibility: We do not force partners into a single structure. They choose the funding rails, the business model, and the integration depth that works for them. Tech stack: Institutional-grade execution engine with real-time risk controls, built on modular APIs. The same architectural principle as the Agent platform—composable, scalable, and auditable. Offerings: From spot trade to fiat on/off ramps to cross-border stablecoin payments via DTR. Breadth of product across one regulatory relationship is unique in the market. Compliance and governance: We offer MTL coverage across all 50 states plus a New York BitLicense. When a partner works with Bakkt Holdings, Inc., they go live without navigating their own licensing. Our regulatory infrastructure becomes theirs. For fintech companies, payment providers, exchanges, and brokers who want U.S. market access, that is an enormous time-to-market advantage. Partnerships and integration: Four strategic partners, each expanding a different dimension of the Bakkt Markets platform. Nexo: We enable U.S.-regulated trading infrastructure and expand our institutional partner network, driving transaction-based revenue growth. Nexo is a tier-one digital asset lender with global institutional relationships. Their network is our network. Ascendex: Expands our global customer base and demonstrates platform demand and scalability. Recurring revenue through activity—Ascendex proves the B2B2C model works at international scale. Ubit: A consumer app that lets users spend digital assets via a Ubit-issued debit card. We power the buy, sell, deposit, and withdraw flows. Our stablecoin and on-board APIs enable bank transfer on- and off-ramps across 30+ EU and Asia countries. Lastly, DTR: Adds cross-border payments and stablecoin settlements, expands the product suite well beyond trading, and supports ongoing platform upgrades. DTR is the infrastructure layer that allows Bakkt Markets to evolve from a trading platform into a complete digital finance infrastructure. Pull the three things together—regulatory infrastructure, onboarding new customers, and growing current offerings. Regulatory infrastructure: Partners do not need to run their own licensing processes. They use ours as a plug-and-play solution. This is how we gain access to the U.S. customer base quickly. Onboarding new customers: Third-party custodians and liquidity providers expand our offering set. Durable banking relationships provide the fiat rails. These are the relationships that let us say “yes” to institutional clients on day one. Growing our current offering: Stablecoin settlement and on-/off-ramps are the new revenue layer enabled by DTR. That turns Bakkt Markets from a trading business into a payments infrastructure business. Cross-selling trading, custody, and payments from a single institutional relationship. The bottom line for Bakkt Markets: This is a high-margin, recurring revenue business that gets better as volume grows. Each partner adds liquidity into the ecosystem. I will now hand it over to Remy and Ankit to review Bakkt Agent.

Together with Ankit, we will talk through Bakkt Agent, our AI programmable finance platform.

Bakkt Agent is really built on four pillars. The technology pillar is a modular tech stack built for scale. Our efficiency layer lowers our cost to serve while volume grows without our headcount growing. Programmability: Bakkt Agent is built for the world of programmable finance—automated, logic-based money movements. Finally, distribution: we plug directly into existing networks of hundreds of millions of users. I will start with tech. This is the tech stack that makes it all work underneath our APIs and direct-to-consumer products. The tech stack is split into four main areas. We have our consumer apps at the top. We have our APIs underneath that we serve to our partners. We have our microservices layer, which is a logic engine, all tied together with a messaging bus allowing them to work asynchronously and independently from each other. Finally, at the bottom, we have a data lake that ties it all together. All the data that is generated internally and externally all falls into one place, laying the groundwork for our AI workforce to work with us. Our second pillar is efficiency. Legacy financial institutions scale headcount as they scale revenue. Our core operating model is built for automation. We have three agents that currently work at Bakkt Holdings, Inc.: Clara, which is our knowledge agent—you can ask anything to Clara about our customers, our business model, and our transactions that go through the platform. She speeds up time to answer by 98%, allowing the team to focus on growth rather than getting context. We have Lucy, who watches every transaction that goes through the platform and helps reduce our detection time by 83%. This helps us maintain our 99.9% platform availability. Finally, we have 74% of merged code contributed by AI, making sure that we speed up our delivery by over 50% without adding headcount to our engineering team. These are not aspirational metrics. These are operational numbers today, and they are a direct reflection of the groundwork that we have laid to make the right architecture decisions from the start. For our consumers, this means faster, simpler, more modular, and reliable money movements. Next, I will talk about programmability—what this means for us and why it matters now. Bakkt Holdings, Inc. is building products for a world where money is programmable. We have three composable APIs that can be used together or separately. The first one is the Zyra API, a chat-native cross-border payment interface that supports voice, text, and image inputs. It is a single API endpoint that our partners can integrate with and gives them access to our full regulated financial infrastructure. We have our Accounts API, allowing us to issue debit, credit, and savings accounts—virtual and named—in U.S. dollars, euros, and British pounds sterling. It has access to instant payment rails in all three native currencies and embeds eSIM issuance. Finally, our Stablecoin API allows payout into 57+ countries across 15 different currencies on 10 public blockchains with same-day settlement 24/7. As I said earlier, these three APIs can be used independently or composed together. Akshay mentioned Zoth—Zoth uses our Stablecoin API and our Accounts API together. Better’s integration is with our Accounts API. Talking about the two of them, Better embeds the Accounts API within their mortgage journey, allowing their mortgage applicants to deposit funds with Better from day one, helping them waive some of the mortgage application fees. Zoth uses our stablecoin financial infrastructure to enable users to more easily pay in and pay out of the Zoth app. I will dive a bit into Zyra. Zyra is the most technically sophisticated part of our stack. At the center, we have a primary agent, a large language model that is based on Google Gemini and then fine-tuned in-house. It helps orchestrate user intent between 15 different sub-agents. Those 15 sub-agents include KYC, settlement, FX, compliance, and treasury. Each specializes in its own domain and operates autonomously within its scope. At the bottom, we have a self-testing layer. This is what makes Zyra an intelligent swarm of agents. It helps analyze the input of user intent and the output that the swarm comes up with, and it learns over time, improving itself. Zyra is not just a chatbot. It is production-grade, self-evaluating, and designed for institutional-quality reliability in global payments. Now, to talk about our direct-to-consumer offering, I will hand it over to Ankit.

Hello, everyone. I am Ankit Kemka. I am the Chief Product Officer at Bakkt Holdings, Inc. Let us talk about our direct-to-consumer products. Firstly is the Zyra app, the chat-native remittance app with voice, text, and image input. It covers global money movement from the U.S. to 57 countries. It includes built-in KYC, AML, FX, and local settlements. No separate app or separate onboarding is needed. When you are using the Zyra app, it is all inbuilt. Second is our Everyday Money app. It is a full-service mobile banking app for daily use that is currently being built. It offers debit and savings accounts, debit cards, credit cards, peer-to-peer payments, simplified onboarding, and a retention-focused UX. It is a digital banking product that users come back to every day. Finally, our AI-powered loan underwriting product, which is AI-assisted underwriting and decisioning for consumer credit: faster approvals with consistent policy controls that dramatically lower cost to serve through automation versus traditional credit underwriting. Let me deep dive on the Everyday Money app. The product covers the full life cycle of a user's financial life: earn, spend, save, send, and control your finances. Customers will have access to products such as a checking account, debit cards, a credit card with a rewards program, a savings product, cross-border transfers, and, more importantly, data-driven insights across their financial life. Let me focus on the last pillar, which is distribution. The single biggest cost in consumer fintech is customer acquisition. Traditional partners spend hundreds of dollars to acquire a customer. We have solved that problem structurally by partnering with organizations that have already earned massive consumer trust. Instead of spending millions of dollars in paid marketing—which I have done before—we plug into existing networks where we can leverage owned reach. Organic reach and brand trust drive customer acquisition, and then on top of that, there are network effects that help with virality. We are extremely confident about our pipeline and are in advanced conversations with a few partners, especially for the consumer fintech platform. At Bakkt Holdings, Inc., we believe connectivity and everyday finance are intertwined. Someone with a bank account and an internet connection can go about their daily business fairly easily. Telecom markets are naturally concentrated—typically, two or three partners serve the majority of a country's population. We partner with the leading operator in each geography we want to operate in, and that gives us immediate reach through their existing distribution. With that partnership, we have embedded eSIM technology directly into our consumer fintech product. This creates a deeper relationship with our customers and higher retention due to higher switching costs. More importantly, for the consumer fintech app, owning the primary banking relationship across customers is the holy grail. Partnerships like this are the foundation of driving the primary banking relationship. Our launch focus is in the U.S. and Europe, and we have massive momentum from these telecom partners. In parallel, we are also extending our eSIM capabilities to partners via APIs. With our distribution strategy, Bakkt Holdings, Inc. is accelerating its time to scale and revenue growth. The engine is Bakkt Holdings, Inc.; we provide the regulated rails. Partners do not need to build compliance or licensing infrastructure—we provide all that. The catalyst is our owned reach that drives organic acquisition at scale through our distribution partnerships. This means we can do customer acquisition that is structurally below any other competitor relying on paid channels. More importantly, the integration provides a deeper relationship with our customers, which improves retention and lifetime value. This combination is a flywheel: low CAC, high retention, and an expanding user base. I will hand it over now to Akshay for Bakkt Markets. Thank you.

I want to now touch on our third growth engine, which is Bakkt Global. At its core, it is a capital-disciplined model of expanding our intellectual capital and technology into the world's highest-growth opportunities and markets. To be clear, this is not an experiment. This is well-thought-out, methodical capital allocation, and it is already delivering great results for Bakkt Holdings, Inc.'s shareholders. Furthermore, we are extremely confident in the trajectory ahead for this business. Effectively, we are building independently governed businesses in some of the world's highest-growth fintech opportunities. We deploy capital. We take an ownership stake and then help guide the strategic direction, products, and services into independently governed businesses. The independent governance is deliberate. It is a design choice because we do not want these to be characterized as subsidiaries. They have their own boards and management teams, and they devise their own business plans, which are guided by us. It creates accountability and credibility with all stakeholders: the shareholders, the local regulators, and the customers of these businesses. In return, Bakkt Holdings, Inc.'s shareholders derive compounding strategic shareholder value and the requisite growth as those businesses scale. We invest the money, not the infrastructure. Our products, if required, travel with us and can be leveraged by these businesses as and where applicable. It is a scalable and repeatable business model. The flywheel here is driven by the unique business strategy, which then feeds into the unique product strategy, and it is supported by independent governance and management teams. Bakkt Holdings, Inc. sits right at the center of it all, deploying the capital and receiving recurring value back. What makes this really scalable is that the product set is already built. The playbook for standing up these independently governed entities is proven, and we apply it market by market, geography by geography. These are publicly traded companies in some of the world's most attractive, liquid stock markets. We have done it twice so far: Japan, which we consummated over the summer last year, and our announcement in India in late November last year. This is the roadmap that has set both our internal expectations and how we expect these to play out going forward. I am happy to report that both of these opportunities are tracking well ahead of our internal benchmarks when we set out to make these investments. I am also looking forward to the public disclosures from these businesses in the near term, which will then shine further light on how limitless the potential scale of each underlying opportunity is. A quick update on the Japan business: it is called Bitcoin Japan Corporation. It is listed on the Tokyo Stock Exchange under the ticker 8105. We invested about $11.5 million in August, and as of mid-March, we have generated almost $37 million of returns. That is a pretty good outcome, but I think this is going to be dwarfed by what is to come going forward. Philip Lord, who is the CEO of the company, is in the crowd here today, and I am extremely confident in the leadership and the business plan that he and his team are putting together. I serve as the chairman of the board, and I have good insight into what Philip is doing to make sure shareholder money is being deployed in the right manner. Bitcoin Japan's broader strategy, as outlined on their website, is powering the AI and Bitcoin economy in Japan. At their upcoming AGM, I think Philip will be able to shed further light on exactly where he is going with this. Japan, mind you, is the second-largest market capitalization globally after the U.S., and I look forward to disclosing some of the great work that the team has undertaken in the business. Coming to India, we committed $10 million late last year. As of March, it is a 5x+ return on the deployed and yet-to-be-deployed capital. We are pending regulatory approval, which I expect in the very near term, hopefully before the end of the quarter. The strategy that has been discussed thus far in India includes a broker-dealer M&A rollout, which leverages Bakkt Holdings, Inc.'s tokenization capabilities to offer real-world assets in a tokenized format to the existing broker-dealer customers. We are extremely excited about the opportunity in India given the size of the market. It is the second-largest derivatives market in the world and one of the most exciting consumer fintech opportunities anywhere on the planet, given the size and scale of the population. We believe this investment will ultimately represent incredible value for Bakkt Holdings, Inc.'s shareholders, which, in my personal opinion, will be multiples of what you are seeing here in the very near term.

With that, what is in store for 2026? On the global side, while we continue to evaluate market opportunities where we can expand, our criteria are very high to go into any new jurisdiction. We want to have a clear high-growth strategic fintech opportunity. We need the right regulatory and legal environment that we can navigate. Finally, we need to bring in the right management team and have the right local capabilities to execute on that business plan. We are going to be very selective in how we grow this, but the current line of sight that we have with the existing investments that we have made is incredible, and we look forward to sharing more updates with you as companies make their plans public. It is good to take a few minutes to go back to what happened over 2025. I took over as CEO about four days from now to the day, a year ago. It really matters to understand where we are going forward. We have laid the groundwork to set Bakkt Holdings, Inc. up as a platform for exponential growth, especially with all of the advanced discussions and partnership opportunities that we have lined up, and I expect to announce these in the very near term. When I joined as CEO following the cooperation agreement with DTR in March, it was clear to me that we had to request patience from our existing shareholders because we needed to transform the business from the ground up, bring in the right people, upgrade the technology, and put in the right governance framework to set Bakkt Holdings, Inc. up for success in the future. On the leadership side, we brought in Ankit Kemka as the Chief Product Officer. He was the Head of Growth at Revolut and primarily focuses on Bakkt Agent. Philip Lord, who joined us as President of Bakkt International, is here in the crowd as well. When he saw the opportunity in Japan and realized how large and scalable it is, he requested that he become sole CEO of the Japan business and is now running that business for us. Thank you, Philip, for all that you did in the few months that you were at Bakkt Holdings, Inc. Finally, we are joined by the existing management team at Bakkt Holdings, Inc. that was there before I joined: Karen Alexander as the CFO, Mark DiNunzio as the General Counsel, and Nick Bays as the COO, who primarily oversees Bakkt Markets. We believe that we have now positioned the company—and the engineering team in particular—with the right domain expertise, execution track record, and alignment with where Bakkt Holdings, Inc. is really going forward. Finally, we revamped the board significantly. We added Lynn Alden, Mike Alfred, and Richard Galvin to the board. All three of them join us as independent directors, and we have Lynn and Mike in the crowd today with us. They all did their independent diligence, challenged our assumptions, and joined because they really believed in the strategy. We have now aligned the governance framework at Bakkt Holdings, Inc. in line with where we are going and the opportunity that lies ahead of us, which is one of the most important things we have done. At the end of the day, it is about people, and both at the board level and the management team level now, I feel like we are on the right path. With all of these governance and leadership changes, we have the right industry expertise and the oversight to ensure that we can deliver for our shareholders going forward. A quick reflection on the past 12 months: We did the leadership reset. We regained the focus as a digital asset infrastructure platform. We divested all non-core assets, completed the sale of Loyalty, and brought in the talent across teams to deploy the technology that we need to succeed going forward. We significantly simplified the capital structure, got rid of the Up-C structure, eliminated significant costs across the organization, recapitalized the balance sheet, and made it all debt-free. Finally, we brought in a whole new institutional shareholder base as a consequence of the turnaround and transformation story that was underway at Bakkt Holdings, Inc. We have done a full platform re-architect, positioning Bakkt Holdings, Inc. for scale through the DTR cooperation agreement, the launch of Global and Agent, and, hopefully, if shareholders approve, the DTR acquisition. I will now turn the call over to Karen Alexander to give us a quick overview of the financials.

Hello, everybody. Good morning. I am Karen Alexander, the Chief Financial Officer at Bakkt Holdings, Inc. I am going to walk you through our fiscal 2025 financials and what they tell us about the business going forward. Just to set the context, as you have already heard from Akshay, fiscal year 2025 was a year of deliberate transformation. The financial statements that you are going to see reflect that. There was noise from divestitures, restructuring charges, and some of the one-time items that we have cited. I want to make sure we separate clearly from the underlying operating performance of the business going forward. Turning to this next slide, I wanted to focus on four data points in terms of our continuing operations in 2025. The first is total revenue, which was down 32% year-over-year from $3.4 billion to $2.3 billion. Now, thinking about what this number is: substantially all of this is gross transaction services revenue. It is the flow-through number that largely offsets the crypto costs that you see in operating expenses. The gross revenue decline had two drivers: as we disclosed earlier, we amended a commercial agreement with Webull in Q1 that reduced transaction volume, and we saw lower crypto trading volume overall and asset prices through most of 2025. If you compare that to the strong market that we had in Q4 2024 post-election, that is what is going on with this revenue component. The second metric is operating expenses, which again include the cost of crypto that is an offset to crypto revenues. You see that going down from $3.5 billion to $2.5 billion, so that tracks revenue. Drilling into this trend, if you look at OpEx excluding crypto costs, that came in at $156 million. That is up by $96 million, but it is important to note that the increase is almost entirely driven by approximately $65 million of stock-based compensation related to management equity grants during this reorganization. That is a non-cash expense that we expect to recalibrate moving forward. The loss from continuing operations is roughly flat year-over-year: a $98 million loss versus a $94 million loss. But when you strip out the nonrecurring stock-based compensation I previously mentioned, the underlying improvement is real. You are going to see that in the adjusted EBITDA. Adjusted EBITDA improved from a loss of $57 million to a loss of $33 million. That is a $24 million improvement year-over-year, and I think that is the most important trend on this slide. Adjusted EBITDA improvement is driven by approximately an $18 million increase in other income, primarily related to the derivative asset and equity method investment gains associated with Japan. There was also a $12 million reduction in SG&A. This validates that the cost structure is working and that the global strategy is already contributing to the income statement.

Thinking about that as our continuing results, let us think through some of the legacy impact that we had in our 2025 financial statements that will go to zero or near zero in 2026. First off is the Loyalty divestiture. We recognized a $34.6 million net loss from discontinued operations, which is Loyalty. This is fully behind us. It does not repeat in 2026. We will have a clean continuing operations P&L going forward. The Up-C collapse: as Akshay mentioned, we felt it was important to collapse a structure that was creating ongoing drag. We incurred $26.9 million of TRA settlement costs. Most of that was paid in equity, but it was a combination of cash and equity. That will not recur in 2026. Restructuring expenses included $5.3 million of severance and platform transition costs. This is also nonrecurring. All in, what you see for the one-time legacy impact for 2025 was $66.8 million. Every dollar of this is either nonrecurring or already behind us. The headline is this: we start fiscal year 2026 with a dramatically cleaner P&L. The noise goes away, and what remains is the core operating business. So that was the cost—let us think about what that bought us. As I mentioned, the $66.8 million was deliberate. Every dollar was spent to clear a legacy drag that would have constrained the business going forward, and it does not repeat. On the three eliminated items: that $34.6 million drag in fiscal year 2025 from discontinued operations goes to zero. Loyalty and Custody are fully wound down with no recurring P&L impact. As Akshay mentioned, full-term long-term debt is fully extinguished. We have no debt service obligations or covenants constraining the strategy. Noncontrolling interest has been zeroed out with the Up-C collapse in November. Now we have one class of equity, one cap table, and full shareholder alignment. As a current snapshot into the business, we have about $88 million of cash and restricted cash as of February 2025. We ended 2025 with approximately $27 million of cash, and, as we noted, we raised $48.1 million from the February registered direct offering, plus restricted cash. In closing, we have sufficient liquidity to execute across all three growth engines we talked about today. The transformation cost was real, and it is fully behind us. We will now open for questions.

Testing. Testing. Thanks, everybody. Any questions from the audience? Mika is roaming around with a microphone. If you have any, please raise your hand, and then we will send her your way. Please introduce yourself and ask your question. Any questions? Alright. There we go. Dylan Husslin from Roth. I did not see any come through for the inbox. Thank you. Morning.

I guess, could you talk about distribution partners—what does the pipeline look like, how do you get embedded in there, and then how many end customers do they have? How do you go about going from where you are now to a much bigger base of people you are feeding your platform into?

We talked about the telco partnerships, and, obviously, our focus is the U.S. and Europe. As Ankit mentioned, there are two to three large-scale telco players in each market, and we are partnering with one of the top two or three telco players in each of those markets, which gives us a very good customer acquisition engine going forward. On the additional distribution partnerships, from a Bakkt Agent perspective, we are looking at very large networks where you have hundreds of millions of users either on the platform or already having touchpoints with these networks. The way our technology works is plug-and-play. We have done all the work. We built the infrastructure. For you to be able to launch something yourself is literally: you skin the app and launch it. Or, if you have an existing platform, you embed our chatbot within it, and you can run on our regulated rails with all of the infrastructure and piping at the back to launch a fully fledged fintech platform. We are in very advanced discussions on some category-defining deals, and, in the very near term, I look forward to updating you once we are ready to do so in accordance with SEC regulations. I hope that answers your question.

Thank you, Dylan. Any other questions from the audience? No? And Marni from Macquarie as well.

Good morning. This is Marni Lysart from Macquarie. I guess it would be good, when we think about the pipeline, to get a bit more color on how you navigate the regulatory landscape. You have called out trying not to have the operating structure encompassing subsidiaries. How do you approach that as you evolve?

The regulatory landscape is a two-part vector. One is Bakkt Global: these are independent companies in their own jurisdictions, and they follow the regulations and laws in those local jurisdictions. Bakkt Holdings, Inc. does not have anything to do with what is happening in India or Japan, in the sense that those companies focus on the local regulatory environment. That is straightforward and clear. In terms of Bakkt Agent and Markets, we have the pan-U.S. licensing coverage. Similar to our brokerage-in-a-box business, which we have been doing for over five years—even before my time—we have leveraged that business model, which has been approved by regulators, and transferred it over to the Agent side, which is almost the same thing: you on-ramp and off-ramp. The only capabilities that you are adding on top are cross-border payments. Ankit talked about our capabilities to do near-instantaneous settlements in over 57 countries, which I expect will get to over 90 countries by the end of the year. There, we work with local regulated financial institutions—banks and payment service providers—who have their own local requirements. They conduct KYC/AML from their perspective. We ensure that we cover those on our side, and, so far, we have successfully done it for almost 57 countries. I do not see any problems with us getting to 90 by the end of the year. Does that answer your question?

Yes, that is clear. Thanks for answering my question.

We have one more here. Thank you.

Good morning. Jared Watson from Retail. Thanks for taking my question. Akshay, you have talked previously about wanting Bakkt Holdings, Inc. to compete in the public markets. Has that and the capital you raised and the balance sheet been a competitive advantage in partnership discussions, especially when some of your competitors are private? Thank you very much.

It has made a big difference because, when I joined Bakkt Holdings, Inc., the big issue was that people were concerned about having their deposits or customer deposits sitting at Bakkt Holdings, Inc. Even though it is all segregated and is held within our trust, and we cannot commingle funds or use them, recapitalizing the balance sheet has helped materially with these customers and partners. From an ongoing business perspective, no one wants to do all of the integrations with a company and then face uncertainty around the financial stability of the business going forward. That has been a big driver of instilling confidence and helping us drive an active pipeline on the B2B side. As we go into stablecoin on-ramp/off-ramp payments, you will see it unfold pretty exponentially as we go through this year because the volumes on pure stablecoin on-ramp/off-ramp cross-border payments are in the billions. Even though you do not take any financial risk or hold customer funds because it is instantaneous, people want to make sure that you have a strong balance sheet to have the confidence of working with you as a counterparty. So, yes, it has helped tremendously. Thanks.

I have one more from Darren at home. Thank you, Darren. For Akshay: given you founded DTR, can you speak to why it was necessary to fold it into Bakkt Holdings, Inc.? Also, double-click on the benefits that DTR brings to Bakkt Agent, near term and long term.

I will have Ankit and Nick answer in a little more detail so you hear it from the people who are executing and touching the technology day to day. Just to rewind, it was always the intention for DTR to be folded into Bakkt Holdings, Inc., subject to shareholder approvals. The transaction was put together in March. I joined as CEO, and I was not sure, given all of the clouds around Bakkt Holdings, Inc. with the Loyalty business—I did not have any experience running a Loyalty business or a call center business. Until that business was hived off, I did not know if this would be the right focus, because my focus is fintech and the changing financial landscape going forward. It made sense for both companies to get into a cooperation agreement-type partnership. Now that the Loyalty business is behind us, and given all of the opportunities with the distribution pipeline that we have in very late and advanced stages, the independent committee and the board thought that it would make economic sense for these companies to come together to provide those services in a seamless manner to end customers. Nick, do you want to add color on the Markets side, and then Ankit on Agent?

My pleasure. Now that we are done with the prepared remarks, I can tell you how exciting it really is to have DTR in the fold. Working in the space of our Markets business, we were primarily focused on spot trading. That business is durable, resilient, and still valuable. But what we have seen in the space, and in talking to prospects over the last couple of years, are questions around stablecoins, payments, and cross-border. They saw our regulatory footprint and said we could power them. We were trying to figure out how our existing technology could power them, and there were a lot of rough edges. It was difficult to convince prospects to partner with us on that capability. Through the DTR commercial arrangement over the last nine months, we have already done integrations to help power these things. We are ready to go and are already ready in the U.S. to offer that capability. Now, when those prospects come to us, we do not have to turn them away, which is really exciting. We can also collapse a lot of overlapping technology, with synergies that let us consolidate onto a more modern technology stack. That has been really transformative, and we are looking forward to taking that out to market in the next couple of months. Ankit, do you want to talk about Agent?

The Bakkt Agent product is built on the tech stack from DTR. It is built from the ground up. Two examples: The Zyra app, which is a global money movement solution, is using everything that DTR has built and then adding agents on top. It is fully integrated. Second, the Everyday Money app: if you remember the modular tech stack that Remy showed, that is exactly how we have built the Everyday Money app. We have taken different product features—each built independently and modular—and they all connect for the fintech consumer platform we are building. It has been instrumental, and the way we have built this is very scalable. It can work across geographies and across platforms. It is pretty cool stuff.

We probably have time for one more here from Paul Golding, also at Macquarie. He is asking: how are you viewing the competitive landscape around stablecoin enablement and your relative positioning?

There are two segments: Bakkt Markets and Bakkt Agent. On the Bakkt Markets side, my view is that the architecture of payment systems is going to change dramatically over the next few years. You are already seeing some very large M&A transactions happen. We are aware of what our competitors are doing in the space, but the scale of the opportunity in payments is so large that doing tens of billions of dollars of volume is a drop in the ocean given the $44 trillion of cross-border payments today. Once we have all of the capability that Nick talked about within the Bakkt Markets platform, you will start seeing us sign larger clients. We are already seeing very good results with Nexo. I think Zoth will also go live over the next month or so, and the volume will scale rapidly now that we have fully integrated the DTR tech stack on the Bakkt Markets side. On the Agent side, competition boils down to distribution. Providing products in a cost-efficient manner—we have done that through our tech stack, with very little human intervention throughout the stack, from onboarding to accounting to compliance to money movements to treasury management, and so on. You go to any neobank or fintech out there—Chime, Revolut, and others—and with Ankit being at Revolut for so many years, we have a lot of insights into that space. It is about distribution partnerships. We have taken a thoughtful approach where we do not have to spend hundreds of millions of dollars like these companies did and be loss-making for years. We will be able to scale rapidly to a large number of monthly active users without spending that kind of money. That is why, when we launch with the right distribution partners in the very near term, MAUs will be one of the metrics to follow closely.

Thank you. I wanted to hand the mic over to a member of the board, Mike Alfred. Would you like to say anything? Okay. That is all the questions, then. I will pass it back to Akshay for closing remarks. Thank you.

In closing, 2025 has been a year where we have laid the groundwork. There was a lot of heavy lifting. It was not easy along the way, especially with divesting the Loyalty business. We have stripped away the noise, rebuilt the foundation, and I believe that Bakkt Holdings, Inc. is now well positioned to compound long-term shareholder value. Ninety percent of the structural work is behind us at this stage. We are also at a very interesting time in the world. Periods in which the architecture of money changes are very rare, and I believe we are in one of those periods today. I thought we were in that period three years ago when I left SoftBank to start DTR. There were structural forces shaping my thoughts around where financial infrastructure was moving. One was geopolitics: we had many years of peace, and with the Ukraine–Russia war starting in early 2022, that landscape changed dramatically. Over the last few weeks, it has changed again. The second is global debt levels: even back in 2022, fiscal debt levels were at all-time highs. You have not seen that level of global debt in peacetime. Given the global debt levels across major economies and the geopolitical backdrop, this will reshape the architecture of money. These new digital systems—primarily stablecoins—are going to redefine how value is stored, transferred, and programmed. The growth we are seeing in artificial intelligence will be a dramatic driver in how the software stack is structured in all financial institutions going forward. We have positioned Bakkt Holdings, Inc. at the center of it all, and we do not have any legacy technology debt to tackle this because we built everything from the ground up. Bakkt Holdings, Inc. sits at the intersection of these incredible changes, and I believe that we will be able to take significant advantage of the opportunities ahead. Looking ahead into 2026, we have built significant momentum. We have announced, or are very close to announcing, some very large partnerships. The discussions are progressing. We are in advanced conversations, and we expect aggressive growth at Bakkt Agent through the adoption of monthly active users on the platform. We have a clear line of sight. What lies ahead is a period of disciplined execution. We have the right team in place to do that, and this will translate into long-term value for shareholders, I believe. I thank our existing shareholders before I joined the company for their patience, and I believe that, if they stay on with us, they will be rewarded along with us for the journey ahead. Thank you so much for your time today. We appreciate you joining us in person today. Thank you.