Bakkt has spent the past year rebuilding its business around digital assets. Now, it is betting that its infrastructure can generate billions of dollars in transaction volume.
On September 9, 2026, the company raised its full-year transaction-volume target to approximately $3 billion, up 20% from its earlier outlook of $2.5 billion. Bakkt attributed the revision to stronger customer demand, a larger commercial pipeline and an expanded sales organization.
Its transformation is now extending into new financial products. On October 13, Bakkt announced a partnership with Thredd to develop a credit-card-as-a-service program designed to settle in stablecoins. The initiative would extend its infrastructure beyond institutional trading and payments into consumer credit.
The partnership follows Bakkt’s acquisition of stablecoin infrastructure provider Distributed Technologies Research (DTR) in April 2026 and the sale of its legacy loyalty business in October 2025.
Together, these developments illustrate the company’s broader strategy. It is building infrastructure that connects traditional financial systems with digital assets, stablecoin settlement and embedded financial services..
Bakkt’s transformation began well before its latest guidance increase.
Founded in 2018, the company initially sought to bring digital assets into established financial markets. Its business subsequently expanded into crypto trading, custody and consumer loyalty services.
That broader model has since given way to a more focused strategy.
Bakkt completed the sale of its loyalty business on October 1, 2025, marking a significant step in its effort to concentrate on digital assets. The transaction helped simplify its operations as the company shifted resources toward digital-asset trading, payments and financial infrastructure.
CEO Akshay Naheta, who took the role in March 2025, has led the transformation.
Since then, Bakkt has pursued acquisitions, expanded its commercial organization and developed a three-part business model built around Bakkt Markets, Bakkt Agent and Bakkt Global.
The company has also strengthened its leadership team. In September 2026, it announced the appointments of Aman Ghose as senior vice president of institutional partnerships and growth, Mark Hiriart as global head of markets, and Dean Salmon as vice president of U.S. sales.
Bakkt has organized its business around three complementary segments: Markets, Agent and Global.
Each addresses a different part of the financial infrastructure market, with the broader objective of connecting digital assets, payments and financial products.
Bakkt Markets provides infrastructure for digital-asset trading, stablecoin conversion, on- and off-ramps, and cross-border payments. The business targets financial institutions, fintech companies and other organizations that want access to digital assets without building every component of the underlying infrastructure.
Bakkt Agent focuses on embedded financial services and programmable finance. Its platform allows partners to integrate accounts, payments and international transfers into their own products. Bakkt has also targeted co-branded card programs and neobank-as-a-service offerings as part of its broader expansion into embedded finance.
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Bakkt Global supports international expansion through strategic investments and access to additional markets. Its strategy includes building relationships that can help distribute financial products and connect its infrastructure with local markets.
Together, the three businesses give Bakkt a broader proposition than crypto trading alone.
A fintech platform, for example, could use Bakkt’s infrastructure to access digital assets, integrate stablecoin payments and offer financial services through its own application. That could reduce the need to work with several providers for trading, payment conversion and settlement.
The company’s latest partnership with Thredd adds another potential use case to this strategy.s
Bakkt’s acquisition of Distributed Technologies Research is another central part of its payments strategy.
The company completed the acquisition on April 30, 2026. DTR develops stablecoin and payments infrastructure, adding technology and compliance capabilities to Bakkt’s existing business.
The acquisition was intended to combine Bakkt’s institutional infrastructure and licensing footprint with DTR’s technology for programmable payments and stablecoin settlement.
Bakkt cited the global cross-border payments market, which it valued at more than $44 trillion, as an opportunity for the combined platform.
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