OnePay, a financial technology firm owned by retail giant Walmart, is reportedly adding Bitcoin and Ethereum trading to its mobile app, sources familiar with the matter told CNBC.  The firm is said to be working with stablecoin and crypto infrastructure startup Zerohash to implement custodying and trading solutions into its mobile banking application later this year.  “The move means that crypto is increasingly seen as a core offering that exists alongside traditional banking services like savings account ...

Core Viewpoint - Bakkt's recent stock surge of 170% has not diminished its upside potential, as Benchmark has raised its price target significantly from $13 to $40 while maintaining a buy rating on the stock [1][2] Financial Metrics - Bakkt currently trades at 9.9 times estimated 2026 EBITDA, which is considerably lower than its peers: Coinbase at 24.1x, Robinhood at 45.5x, and Circle at 49.9x, indicating a relative discount and suggesting the stock is inexpensive given its growth profile [2] Strategic Developments - The stock rally supports the strategic reset under CEO Akshay Naheta, who has identified growth opportunities in crypto infrastructure, stablecoin payments, and a new bitcoin treasury strategy [3] - Bakkt has divested its custody division and is exiting its legacy loyalty business, which were costly and non-core, positioning the company to achieve profitability in the first half of 2026 [3] Leadership Changes - The appointment of fintech veteran Mike Alfred to Bakkt's board is seen as a positive move, bringing valuable experience in financial services and digital infrastructure, which is expected to enhance decision-making as the company scales [4]

ZeroHash, a crypto and stablecoin infrastructure provider, has raised $104 million in a Series D-2 round led by Interactive Brokers (IBKR), valuing the company at $1 billion. The raise included new participation from Morgan Stanley (MS), Apollo-managed funds, SoFi (SOFI), Jump Crypto, Northwestern Mutual Future Ventures, FTMO, IMC and Liberty City Ventures, alongside existing backers PEAK6, tastytrade, and Nyca Partners, the company said in a press release Tuesday. The fresh capital brings ZeroHash’s tot ...

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $577.9 million, up 13.3% year over year but down 46.2% sequentially [36] - Gross crypto services revenue for the quarter was $568.1 million, up 14.3% year over year and down 46.7% sequentially [36] - Net loss for the quarter was $30.2 million, improving 15.1% year over year from a loss of $35.5 million [38] Business Line Data and Key Metrics Changes - Crypto trading volumes for Q2 experienced a decline, with total notional volume at $733 million, comprised of $565 million from crypto trading and $168 million from loyalty redemptions [34] - Total active transacting accounts were 689,000, segmented into 265,000 loyalty redemption accounts and 424,000 crypto trading accounts [33] - Net loyalty revenues were $9.8 million, down 23.3% year over year but up 6.8% sequentially [36] Market Data and Key Metrics Changes - The crypto market faced headwinds from March through June due to regulatory uncertainty and macroeconomic pressures [32] - Since the end of Q2, Bitcoin trading volume improved by 50% month over month following new all-time highs in July [33] - The regulatory environment is becoming more supportive, with the current administration showing bullishness towards digital assets [32] Company Strategy and Development Direction - The company is strategically realigning into a pure play crypto infrastructure company, divesting non-core businesses to focus on crypto [6][9] - A partnership with Distributed Technologies Research (DTR) aims to enhance stablecoin payment infrastructure [6][10] - The company plans to roll out a comprehensive set of technology upgrades to enhance user experience and expand trading capabilities [15][19] Management's Comments on Operating Environment and Future Outlook - Management believes the company is well-positioned to capitalize on the digitalization of real-world assets and the growing trend of institutional adoption of digital assets [6][31] - The CEO transition is expected to further strengthen the company's focus on crypto infrastructure and growth [12][31] - Management expressed optimism about the future, citing a favorable policy backdrop and the potential for significant market growth [33] Other Important Information - The company completed the sale of its trust business to Intercontinental Exchange (ICE) and is in the process of divesting its loyalty business [9][10] - A successful $75 million capital raise was completed, significantly recapitalizing the balance sheet [11][40] - The company is focusing on expanding its Bitcoin treasury strategy, starting with Japan [26][27] Q&A Session Summary Question: What are the expectations for the stablecoin payments market? - Management highlighted the partnership with DTR as a key driver for entering the stablecoin payments market, aiming to deliver programmable solutions for cross-border value transfers [6][10] Question: How is the company addressing the decline in trading volumes? - Management noted that the decline was aligned with broader market trends but expressed optimism about recent improvements in trading volumes and onboarding new institutional clients [32][33] Question: What are the key priorities moving forward? - Key priorities include finalizing the sale of the loyalty business, rolling out technology upgrades, and expanding the Bitcoin treasury strategy [28][29]

Financial Performance - Total revenues were $577.9 million, a 13.3% year-over-year increase, but down 46.2% quarter-over-quarter due to market conditions[45, 58] - Crypto services revenue was $568.1 million[45, 69] - Loyalty services revenue was $9.8 million, down 23.3% year-over-year but up 6.8% quarter-over-quarter[46, 69] - Total operating expenses were $596.4 million, up 12.1% year-over-year and down 45.5% quarter-over-quarter[54, 58] - Adjusted EBITDA loss was $12.6 million, improved 29.9% year-over-year[62, 63] Key Metrics - Crypto trading volume increased 14% year-over-year and 69% since Q2 2023[36] - Quarterly notional crypto traded volume reached $565 million in Q2 2025[39, 42] - Assets under custody were $1,355 million[44] Strategic Initiatives - Bakkt is realigning as a pure-play crypto infrastructure company, including the divestiture of non-core assets like the Custody business[10] - The company is focusing on three pillars: Brokerage-in-a-box, Stablecoin Payments, and Bitcoin treasury strategy[11, 12] - Bakkt initiated a Bitcoin treasury strategy with a 30% ownership stake in MarushoHotta Co (MHT), rebranding it to bitcoin.jp[26, 27, 30]

Citi-backed crypto infrastructure firm Talos acquires Coin Metrics in deal worth over $100 million https://t.co/exnfN2mExo ...

Financial Data and Key Metrics Changes - Total transaction volume for Q1 2025 reached $1,060 million, representing a 40% sequential decline and a 23% decrease compared to the broader market [4] - Year-over-year performance showed a 23% increase in transaction volume, indicating resilience despite market volatility [5] - Total revenues net of crypto costs decreased by 25.9% year-over-year to $12.6 million, while total operating expenses decreased by 36.3% to $31.1 million [6] - Net income improved by 176.5% year-over-year to $16.2 million, marking a significant turnaround from a loss [6][35] - Adjusted EBITDA loss improved by 11% year-over-year to $14.5 million [7][37] Business Line Data and Key Metrics Changes - Crypto trading accounted for $1,060 million of total notional volumes, while loyalty redemptions contributed $153 million [30] - Active accounts totaled 777,349, with 399,765 in crypto trading and 377,679 in loyalty redemption, reflecting a sequential decline but relatively flat year-over-year [29] - Gross crypto services revenue was $1,070 million, up 27.7% year-over-year but down 40.3% sequentially [31] Market Data and Key Metrics Changes - Assets under custody totaled $1,873 million, an 18.7% decrease from the previous quarter but a 52.5% increase year-over-year [30] - The loyalty redemption volumes declined both sequentially and year-over-year, indicating challenges in that segment [30] Company Strategy and Development Direction - The company is transforming into a pure play crypto infrastructure company, divesting its custody business to ICE and exploring alternatives for its loyalty business [7][10] - A cooperation agreement with DTR aims to enhance Bakkt's capabilities in stablecoin payments and AI technology [10][12] - The strategic focus includes disciplined expense management and a bottom-up approach to operational efficiency [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the potential of integrating DTR's technology to redefine digital payments [11][18] - The regulatory environment is seen as favorable, creating opportunities in crypto trading and stablecoin payments [10][21] - The company is suspending quarterly guidance as it finalizes its commercial agreement with DTR [9] Other Important Information - The sale of the custody business is expected to close around May 15, 2025, and is presented as an asset held for sale [36] - Key hires in leadership positions are expected to accelerate the company's strategic transformation [17] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating that the call may have concluded without a Q&A segment or that the details were not included in the transcripts.

Financial Data and Key Metrics Changes - Total transaction volume for Q1 2025 reached $1,060 million, representing a 40% sequential decline and a 23% decrease compared to the broader market [4][5] - Total revenues net of crypto costs decreased by 25.9% year over year to $12.6 million, while total operating expenses decreased by 36.3% year over year to $31.1 million [6] - Net income improved by 176.5% year over year to $16.2 million, marking a significant turnaround from a loss [6][34] - Adjusted EBITDA loss improved by 11% year over year to CHF 14.5 million [6][37] Business Line Data and Key Metrics Changes - Crypto services revenue for Q1 was $3.5 million, reflecting a 5.4% decrease year over year and a 47.8% decrease sequentially [32] - Net royalty revenues were $9.2 million, down 30.3% year over year and 17.1% sequentially [32] - Total notional volumes in Q1 reached $1,210 million, with $1,060 million from crypto trading and $153 million from royalty redemptions [30] Market Data and Key Metrics Changes - The company reported 6.8 million crypto-enabled accounts, with 777,349 active accounts in Q1, showing a sequential decline but relatively flat year over year [29] - Assets under custody totaled $1,873 million, representing an 18.7% decrease from the previous quarter but a 52.5% increase year over year [30] Company Strategy and Development Direction - The company is transforming into a pure play crypto infrastructure company, divesting its custody business to ICE and exploring strategic alternatives for its loyalty business [5][6] - The collaboration with DTR aims to enhance the stablecoin payments ecosystem and improve operational efficiency [7][9] - The company is suspending quarterly guidance as it finalizes the commercial agreement with DTR and optimizes its operations [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the favorable regulatory environment and the potential for significant growth in the stablecoin market [9][20] - The integration of DTR's technology is expected to create a powerful combination that will redefine digital payments globally [18][21] - The company aims to balance speed to market with client experience in its rollout strategy for new products [15][16] Other Important Information - The sale of the custody business is expected to close around May 15, 2025, and is presented as an asset held for sale on the balance sheet [6][36] - Key hires in leadership positions are expected to accelerate the company's strategic transformation [17] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating that the call concluded without a Q&A segment [38]