Bakkt Holdings, Inc.

Hello, and welcome to BAC'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 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. I would now like to hand the conference over to Cody Fletcher. Sir, you may begin.

Good afternoon and welcome to VAC'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 security 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 ended March 31st, 2026. Today's discussion also includes references to non-GAAP measures, including EBITDA and adjusted EBITDA. reconciliation to their nearest gap 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 BAC 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. Back 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. Back to 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. and for their customers, it can make managing and moving money dramatically more intuitive. And finally, BAC Global expands our strategic reach. It provides access to important markets, differentiated assets and scale distribution opportunities that will be slower and more capital intensive to build organically. As those positions develop, they can bring additional relationships, capabilities and opportunities into the broader BAC platform. Beneath all three engines is the same shared foundation. Regulatory compliance in 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. And a stronger platform can support more products, partnerships, and strategic opportunities. Each engine gives back 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 the scorecard as a qualitative management view of our execution. It is not financial guidance. It is a disciplined way to show where back 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. At 50, it 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're 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 DPR 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 BACT 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.