Crypto revenue tanks 70% for major AI finance company, but its paper gains just delivered a record quarterly profit

Bakkt, a digital-asset infrastructure company, reported $80.8 million of net income attributable to the company in its Q2 2026 results, reversing a $14.7 million loss a year earlier. But its Aug. 10 results show that investment marks, rather than an improvement in crypto-services operations, drove the profit.

The largest item was a $98.5 million non-cash gain from revaluing warrants in Transchem, an Indian listed company. A separate legacy warrant liability added another $1.4 million non-cash gain. Removing both marks from Bakkt’s $81.1 million pre-tax result before the equity-method loss produces an illustrative pre-tax loss of about $18.8 million. That is not a company-reported GAAP or non-GAAP subtotal, but it shows how strongly the headline result depended on fair-value accounting.

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