Bakkt, Inc. Class A BKKT

Coinbase Global (COIN) has been moving its business away from bitcoin trading and into other products. You probably still think of Coinbase as a bet on the price of bitcoin. The stock has lost 38% over the past year, while the S&P 500 returned 17.7%. A fall that deep looks like what you would expect from a company tied to bitcoin trading. So how much of Coinbase's business still comes from bitcoin trading.

Coinbase Global (COIN) shares returned 40% over the three months that ended on September 24. A $10,000 holding at the start of that window was worth about $13,980 at the end. The run came even as revenue kept falling. Management had been saying for well over a year that it wanted to go beyond trading, but the latest filed numbers pointed the other way.

Coinbase Global (COIN) wants to be judged as more than a crypto trading venue. Its evidence is subscription and services revenue, the non-trading line the CEO says makes the business a bit more predictable. That line is the metric that should worry a holder. In the first quarter of 2026 it fell 16% quarter-over-quarter, and the stock is down about 39% over the past year even after a summer rebound.

Coinbase Global (COIN) stock has gained about 18% over the past month, and it is still down about 44% over the past year. At about $175 a share, the market pays 7.3 times sales against 3.2 for the S&P 500, more than double the market's price for revenue that is shrinking. The question is whether what Coinbase is building is worth more than what it is losing.

A record paid membership in a falling market says the customers, at least, are not going anywhere.

Robinhood and Bakkt fell in the very session Coinbase surged, which points the cause at Washington rather than at the price of bitcoin.

The premium rests on a three-year growth average, while the most recent reported quarter went the other way.

Equifax alum Matthew White is taking the CFO reins as Bakkt looks to execute on its ongoing pivot to becoming a stablecoin infrastructure provider.

Bakkt Inc (BKKT) reports $80.8 million GAAP net income and maintains $2.5 billion TTV target, with adjusted EBITDA break-even expected in Q4 2026.

Moby summary of Bakkt Holdings, Inc.'s Q2 2026 earnings call

Tech Edge hosted a fireside chat on July 27 at Nasdaq MarketSite with Dan Kramer, Chief Executive Officer of Equiniti. The in-person interview was joined by Editor-in-Chief John Jannarone and they discussed what has to be true for a share to be tokenized and still count as a real share since not all tokens work […] The post Trillion Dollar Tokenization Opportunity: Equiniti CEO Dan Kramer, Live at Nasdaq appeared first on ExecEdge.

By Karen Roman The SEC just proposed its most significant restructure of public company regulation in over 20 years, increasing access to public markets and decreasing friction in the IPO […]

Bakkt Inc. (NYSE: $BKKT) is trying to turn a weak quarter into the starting point for a stablecoin infrastructure s...