Bakkt Paves Way for Nexo's Regulated US Comeback

NEW YORK, NY – February 17, 2026 – Digital asset infrastructure provider Bakkt today announced a pivotal partnership with global crypto wealth platform Nexo, providing the regulated framework for Nexo’s highly anticipated return to the United States market. The deal will see Nexo leverage Bakkt's extensive U.S. trading infrastructure, including its coveted New York BitLicense, to offer compliant digital asset services to American clients.

This strategic alliance, part of the Bakkt Markets initiative, marks a significant milestone not only for the two companies but for the broader digital asset industry. It signals a potential new chapter in the relationship between crypto firms and U.S. regulators, highlighting a pathway to compliance through partnership with licensed domestic entities. For Nexo, it represents a carefully orchestrated comeback after a contentious regulatory battle forced its departure from the U.S. over three years ago.

A Regulated Return After a Contentious Exit

Nexo’s journey back to the American market has been one of deliberate recalibration. The company ceased its U.S. operations in December 2022 following intense scrutiny from federal and state regulators, primarily concerning its popular “Earn Interest Product” (EIP). The U.S. Securities and Exchange Commission (SEC) and several state agencies alleged that the EIP constituted an unregistered security offering.

This regulatory standoff culminated in a January 2023 settlement where Nexo agreed to pay a total of $45 million to the SEC and a coalition of state regulators to resolve the investigations. While the company did not admit to any wrongdoing, the settlement required it to discontinue the EIP for all U.S. clients, effectively pushing it out of the market. At the time, Nexo’s leadership described the U.S. regulatory climate as a “dead end” for crypto innovation, following 18 months of what it called unproductive dialogue with authorities.

Today’s announcement represents a complete strategic reversal, built on a foundation of compliance rather than confrontation. By partnering with Bakkt, Nexo is re-entering the market not by challenging the existing framework but by operating squarely within it. This move underscores a significant maturation in Nexo’s approach and reflects a broader industry trend toward embracing regulatory clarity, even when it requires complex operational adjustments.

Bakkt: The Architect of Compliant Market Access

At the center of this comeback story is Bakkt, a firm founded in 2018 with the mission of building the institutional-grade backbone for the digital economy. While many crypto companies focus on consumer-facing products, Bakkt has carved out a critical niche as a regulated infrastructure provider—the so-called 'picks and shovels' play in the digital gold rush.

The company’s most valuable assets in this partnership are its robust regulatory licenses. Bakkt Crypto Solutions, LLC holds a BitLicense from the notoriously stringent New York State Department of Financial Services (NYDFS), granted in March 2021. This license, along with its broad money transmitter license coverage across the U.S., allows Bakkt to offer a suite of compliant services, including the buying, selling, and custody of digital assets.

Through its Bakkt Markets initiative, the firm packages this infrastructure for other financial institutions, fintechs, and global crypto companies looking for a legitimate foothold in the U.S. In essence, Bakkt provides a 'compliance-as-a-service' model, enabling partners like Nexo to plug into a pre-approved system without having to navigate the labyrinthine and time-consuming process of securing licenses on their own. This positions Bakkt as a key enabler and a crucial bridge between the global digital asset ecosystem and the heavily regulated U.S. financial system.

A New Blueprint for Crypto in America?

The Bakkt-Nexo partnership may serve as a powerful blueprint for other international digital asset platforms that have either been forced out of or have shied away from the U.S. market due to regulatory uncertainty. The strategy of partnering with a fully licensed domestic entity provides a clear, albeit challenging, path forward. This model could influence how other global players approach U.S. expansion, potentially leading to a wave of similar collaborations.

The market for regulated digital asset infrastructure is becoming increasingly competitive, with firms like Anchorage Digital, which holds a federal crypto bank charter, and prime brokerages like FalconX and Ripple Prime all vying to service institutional clients. Bakkt’s success in securing a high-profile partner like Nexo validates its business model and strengthens its competitive position as a go-to provider for compliant market access.

More broadly, this development suggests a subtle but important evolution in the U.S. digital asset landscape. After years defined by enforcement-led regulation, the emergence of viable, compliant operational models indicates a maturing market. It points toward an environment where clear rules and institutional standards are not just aspirational but are being actively implemented, fostering greater confidence among both domestic and international players. The success of this venture could encourage regulators to see such partnerships as a positive step toward consumer protection and market stability.

What U.S. Customers Can Expect from the New Nexo

Nexo is not simply turning the lights back on; it is launching a completely new, U.S.-compliant suite of products. The company has made it clear that its previous Earn Interest Product remains discontinued for U.S. users, as per its 2023 settlement. The new offerings are structured differently and designed to operate within current regulatory guardrails.

U.S. clients can expect access to a range of services designed for sophisticated portfolio management, including:

• An integrated exchange for buying and selling digital assets, powered by Bakkt's trading infrastructure.
• Crypto-backed credit lines that allow users to borrow against their digital holdings without having to sell them.
• New yield programs, both flexible and fixed-term, that are structured to be compliant with U.S. investment laws. Crucially, Nexo has indicated that some services will be offered via a third-party SEC-registered investment adviser, a key distinction from its previous model.
• Streamlined on- and off-ramps for fiat currency via ACH and wire transfers, facilitating easier movement of capital.

This carefully curated product suite demonstrates a commitment to sustainable, long-term operations in the U.S. by prioritizing risk management and regulatory adherence. By leveraging Bakkt's infrastructure and engaging with registered financial advisers, Nexo is aiming to rebuild trust and provide lasting value to a market it once had to abandon.