Operator

Thank you for standing by and welcome to Bakkt's First Quarter 2026 Earnings Conference Call. [Operator Instructions] I would now like to hand the call over to Cody Fletcher with Investor Relations. Please go ahead.

Cody Fletcher

Hello there and welcome to Bakkt's first quarter 2026 earnings call. Joining me on the call are Akshay Naheta, our Chief Executive Officer; and Karen Alexander, our Chief Financial Officer.

Today's discussion contains forward-looking statements within the meaning of the federal securities 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 31, 2026.

Today's discussion also includes references to non-GAAP measures, including EBITDA and adjusted EBITDA. Reconciliations and definitions for our operational metrics, Total Transacting Volume, Monthly Active Users, and Strategic Asset Value -- are included in the Appendix.

And with that, I will turn the call over to our CEO, Akshay Naheta. Akshay?

Akshay Naheta
CEO & Director

Thank you Cody and hello everyone, thank you for joining us.

Before I walk through the quarter, I want to frame the environment Bakkt is operating in because the most important point for investors right now is that we are in the early innings of a structural shift in the global payments architecture, and the ocean we