Bakkt (BKKT)
Market Price (8/23/2026): $8.73 | Market Cap: $359.5 MilSector: Information Technology | Industry: Systems Software
Bakkt (BKKT)
Market Price (8/23/2026): $8.73Market Cap: $359.5 MilSector: Information TechnologyIndustry: Systems Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Crypto & Blockchain, and Digital & Alternative Assets. Themes include Digital Payments, Show more. | Weak multi-year price returns2Y Excs Rtn is -76%, 3Y Excs Rtn is -148% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -146 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -13% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -70%, Rev Chg QQuarterly Revenue Change % is -70% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -7.6%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -8.1% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 130% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13% High stock price volatilityVol 12M is 134% Key risksBKKT key risks include [1] a projected massive revenue collapse due to a catastrophic loss of key clients, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Crypto & Blockchain, and Digital & Alternative Assets. Themes include Digital Payments, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -76%, 3Y Excs Rtn is -148% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -146 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -13% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -70%, Rev Chg QQuarterly Revenue Change % is -70% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -7.6%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -8.1% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 130% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13% |
| High stock price volatilityVol 12M is 134% |
| Key risksBKKT key risks include [1] a projected massive revenue collapse due to a catastrophic loss of key clients, Show more. |
Qualitative Assessment
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Bakkt (BKKT) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Non-Operating Profitability Masked Operational Weakness.
Bakkt reported GAAP net income of $80.8 million, or $1.94 per diluted share, for fiscal Q2 2026 (ended June 30, 2026), significantly surpassing the analyst estimate of $0.03 EPS. However, this profit was primarily driven by a substantial $98.5 million non-cash gain from the change in fair value of Transchem warrants and a $1.4 million non-cash gain from a legacy warrant liability, rather than improved operational performance. This suggests that while the headline earnings were positive, underlying revenue challenges persisted.
2. Significant Revenue Decline Amidst Broader Crypto Market Downturn.
Total revenue for fiscal Q2 2026 plummeted by 70% to $170.1 million, compared to $568.1 million in Q2 2025, falling short of analyst forecasts by $144.6 million. The company attributed this decline to client transitions and "industry-wide softness in digital asset trading volumes." This company-specific revenue weakness was compounded by a broader cryptocurrency market downturn, which saw the total crypto market capitalization fall by 12.6% to $2.1 trillion in Q2 2026, with Bitcoin (BTC) dropping 14% to close around $59,000.
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Bakkt (BKKT) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Non-Operating Profitability Masked Operational Weakness.
Bakkt reported GAAP net income of $80.8 million, or $1.94 per diluted share, for fiscal Q2 2026 (ended June 30, 2026), significantly surpassing the analyst estimate of $0.03 EPS. However, this profit was primarily driven by a substantial $98.5 million non-cash gain from the change in fair value of Transchem warrants and a $1.4 million non-cash gain from a legacy warrant liability, rather than improved operational performance. This suggests that while the headline earnings were positive, underlying revenue challenges persisted.
2. Significant Revenue Decline Amidst Broader Crypto Market Downturn.
Total revenue for fiscal Q2 2026 plummeted by 70% to $170.1 million, compared to $568.1 million in Q2 2025, falling short of analyst forecasts by $144.6 million. The company attributed this decline to client transitions and "industry-wide softness in digital asset trading volumes." This company-specific revenue weakness was compounded by a broader cryptocurrency market downturn, which saw the total crypto market capitalization fall by 12.6% to $2.1 trillion in Q2 2026, with Bitcoin (BTC) dropping 14% to close around $59,000.
3. Mixed Outlook and Analyst Price Target Revision.
Bakkt maintained its ambitious full-year 2026 Total Transacting Volume (TTV) target of approximately $2.5 billion, despite reporting Q2 2026 TTV of only $168.8 million, bringing the first-half total to $410.0 million. Management expects accelerated growth in the second half, driven by payments volume (included since May 1, 2026) and client activations, and anticipates reaching adjusted EBITDA breakeven in fiscal Q4 2026. However, Benchmark analysts tempered expectations by lowering Bakkt's price target from $19.00 to $12.00, albeit while maintaining a "buy" rating. This combination of a challenging current operational picture with optimistic future projections and a revised analyst outlook likely contributed to the stock consolidating.
4. Strategic Progress Balanced by Operational Headwinds.
Bakkt made several strategic advancements during the period, including the acquisition of Distributed Technologies Research in May 2026 and receiving Indian regulatory approvals for Transchem warrants in June 2026, which had a fair value of $107.9 million by the end of fiscal Q2 2026. These positive developments, aimed at long-term growth and market expansion, were likely balanced in investors' minds against the immediate operational challenges highlighted by the decline in revenue and an increased Adjusted EBITDA loss of $11.8 million in fiscal Q2 2026.
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Stock Movement Drivers
Fundamental Drivers
The -0.3% change in BKKT stock from 4/30/2026 to 8/22/2026 was primarily driven by a -52.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.62 | 8.59 | -0.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,335 | 1,115 | -52.2% |
| P/S Multiple | 0.1 | 0.3 | 236.7% |
| Shares Outstanding (Mil) | 26 | 41 | -38.0% |
| Cumulative Contribution | -0.3% |
Market Drivers
4/30/2026 to 8/22/2026| Return | Correlation | |
|---|---|---|
| BKKT | -0.3% | |
| Market (SPY) | 6.5% | 40.5% |
| Sector (XLK) | 14.9% | 37.8% |
Fundamental Drivers
The -35.8% change in BKKT stock from 1/31/2026 to 8/22/2026 was primarily driven by a -70.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.39 | 8.59 | -35.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,822 | 1,115 | -70.8% |
| P/S Multiple | 0.0 | 0.3 | 595.8% |
| Shares Outstanding (Mil) | 13 | 41 | -68.4% |
| Cumulative Contribution | -35.8% |
Market Drivers
1/31/2026 to 8/22/2026| Return | Correlation | |
|---|---|---|
| BKKT | -35.8% | |
| Market (SPY) | 11.0% | 52.0% |
| Sector (XLK) | 27.6% | 48.0% |
Fundamental Drivers
The -13.2% change in BKKT stock from 7/31/2025 to 8/22/2026 was primarily driven by a -84.1% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 7312025 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.90 | 8.59 | -13.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,678 | 1,115 | -69.7% |
| P/S Multiple | 0.0 | 0.3 | 1704.4% |
| Shares Outstanding (Mil) | 7 | 41 | -84.1% |
| Cumulative Contribution | -13.2% |
Market Drivers
7/31/2025 to 8/22/2026| Return | Correlation | |
|---|---|---|
| BKKT | -13.2% | |
| Market (SPY) | 22.2% | 38.7% |
| Sector (XLK) | 40.1% | 33.6% |
Fundamental Drivers
The -79.2% change in BKKT stock from 7/31/2023 to 8/22/2026 was primarily driven by a -92.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 7312023 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 41.25 | 8.59 | -79.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 56 | 1,115 | 1878.1% |
| P/S Multiple | 2.4 | 0.3 | -86.8% |
| Shares Outstanding (Mil) | 3 | 41 | -92.0% |
| Cumulative Contribution | -79.2% |
Market Drivers
7/31/2023 to 8/22/2026| Return | Correlation | |
|---|---|---|
| BKKT | -79.2% | |
| Market (SPY) | 73.2% | 31.0% |
| Sector (XLK) | 109.4% | 27.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BKKT Return | -16% | -86% | 87% | -56% | -59% | -25% | -97% |
| Peers Return | -16% | -56% | 116% | 72% | 36% | -5% | 77% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| BKKT Win Rate | 42% | 25% | 50% | 25% | 33% | 50% | |
| Peers Win Rate | 40% | 38% | 60% | 54% | 57% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BKKT Max Drawdown | -80% | -86% | -77% | -89% | -78% | -68% | |
| Peers Max Drawdown | -28% | -62% | -33% | -27% | -36% | -42% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: COIN, HOOD, CME, PYPL, CRCL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/21/2026 (YTD)
How Low Can It Go
| Event | BKKT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -54.2% | -18.8% |
| % Gain to Breakeven | 118.4% | 23.1% |
| Time to Breakeven | 85 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -29.2% | -7.8% |
| % Gain to Breakeven | 41.2% | 8.5% |
| Time to Breakeven | 96 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -62.1% | -9.5% |
| % Gain to Breakeven | 163.5% | 10.5% |
| Time to Breakeven | 16 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.4% | -6.7% |
| % Gain to Breakeven | 35.8% | 7.1% |
| Time to Breakeven | 7 days | 31 days |
In The Past
Bakkt's stock fell -54.2% during the 2025 US Tariff Shock. Such a loss loss requires a 118.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | BKKT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -54.2% | -18.8% |
| % Gain to Breakeven | 118.4% | 23.1% |
| Time to Breakeven | 85 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -29.2% | -7.8% |
| % Gain to Breakeven | 41.2% | 8.5% |
| Time to Breakeven | 96 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -62.1% | -9.5% |
| % Gain to Breakeven | 163.5% | 10.5% |
| Time to Breakeven | 16 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.4% | -6.7% |
| % Gain to Breakeven | 35.8% | 7.1% |
| Time to Breakeven | 7 days | 31 days |
In The Past
Bakkt's stock fell -54.2% during the 2025 US Tariff Shock. Such a loss loss requires a 118.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Bakkt (BKKT)
Bakkt Holdings, Inc. (BKKT) operates a comprehensive digital asset platform focused on enabling consumers to manage their digital assets efficiently. The company's core service allows users to seamlessly buy, sell, convert, and spend various digital assets, simplifying their interaction with the growing digital economy.
Bakkt primarily serves institutional clients, including merchants, retailers, and financial institutions. By providing its platform and technology, Bakkt empowers these businesses to integrate digital asset capabilities into their services, thereby facilitating greater accessibility and utility of digital assets for their own customers.
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Analogy 1: Coinbase, but for using digital assets like cryptocurrencies to pay at merchants and retailers.
Analogy 2: A payment processor like Stripe or Square, but built exclusively for digital assets and cryptocurrencies.
AI Analysis | Feedback
- Digital Asset Trading Platform: Enables consumers to buy, sell, and convert various digital assets.
- Digital Asset Spending Solutions: Allows consumers to spend their digital assets with participating merchants and retailers.
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Bakkt (BKKT) primarily sells its digital asset platform and services to other companies. Its major customers fall into the categories of merchants, retailers, and financial institutions.
Major customers include, but are not limited to:
- Starbucks (SBUX): A global coffeehouse chain that has integrated Bakkt's platform to allow customers to load value onto their Starbucks cards using converted digital assets.
- Fiserv (FI): A global provider of financial services technology. Bakkt has partnered with Fiserv to enable financial institutions and merchants in Fiserv's network to offer cryptocurrency services to their customers.
- Mastercard (MA): A global payment technology company. Bakkt has partnered with Mastercard to offer solutions that enable financial institutions and merchants to integrate crypto into their loyalty programs and offer crypto-linked cards.
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Akshay Naheta, Chief Executive Officer and Member of Board of Directors
Akshay Naheta became co-CEO of Bakkt in March 2025 and then sole CEO in August 2025. He founded Distributed Technologies Research (DTR) in January 2023, a company focused on building next-generation financial infrastructure, which Bakkt acquired in January 2026. In 2011, he founded Knight Assets & Co., an investment management firm specializing in arbitrage and value-oriented strategies, which he managed until 2016. From 2017 to 2022, Naheta served in various executive roles at SoftBank Group, including Senior Vice President, Investments, where he reported directly to Masayoshi Son and oversaw significant technology investments in companies such as ARM, Auto1, and Nvidia. He also played a key role in the planned $40 billion sale of Arm to Nvidia. He began his career at Deutsche Bank AG, where he was Head of Principal Strategies from 2005 to 2010.
Karen Alexander, Chief Financial Officer
Karen Alexander was appointed Chief Financial Officer of Bakkt in August 2022, after serving as interim CFO since May 2022 and Chief Accounting Officer since June 2021. Prior to joining Bakkt, Ms. Alexander worked at GE Capital from October 2004 to April 2021, holding various finance and accounting roles, including Global Technical Controller. She began her career as an external auditor with Arthur Andersen LLP and Ernst & Young LLP.
Ankit Khemka, Chief Product Officer
Ankit Khemka assumed the role of Chief Product Officer at Bakkt in June 2025. He previously served as Global General Manager and Head of Marketing at Revolut, where he was responsible for the company's growth, brand, and global expansion strategies. Mr. Khemka also held the position of Chief Marketing and Product Officer at Kape Technologies, where he drove product strategy and growth for brands like ExpressVPN. Earlier in his career, he worked with Rocket Internet, leading growth ventures across multiple continents and playing a key role in scaling HelloFresh in the United States.
Nicholas Baes, Chief Operating Officer
Nicholas Baes is the Chief Operating Officer of Bakkt, Inc., a position he assumed in October 2024, having previously served as Chief Technology Officer. Before joining Bakkt in April 2023, Mr. Baes was the Chief Technology Officer of Apex Crypto and the Vice President of Engineering at PEAK6 Investments. His career includes various lead positions within the TradFi, FinTech, and crypto market segments, including a role at Intercontinental Exchange (ICE).
Marc D'Annunzio, General Counsel and Secretary
Marc D'Annunzio serves as the General Counsel and Secretary of Bakkt, Inc. He joined the company in May 2019 and played a key role in guiding Bakkt through its IPO on the New York Stock Exchange in 2021. With over two decades of experience, Mr. D'Annunzio has worked as a payments and corporate transactions lawyer for prominent law firms such as Alston & Bird and McKenna Long & Aldridge (now Dentons). His expertise spans M&A transactions, strategic alliances, international expansion, complex commercial relationships, and compliance, including co-branded and private label card programs and new product launches.
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The key risks to Bakkt Holdings, Inc. (BKKT) primarily stem from its highly dynamic operating environment within the digital asset space and historical business challenges.
- Client Concentration and Revenue Volatility: Bakkt has historically faced significant client concentration risk, notably with its reliance on Webull for a large portion of its crypto services revenue. The termination of key contracts, including with Webull and Bank of America in early 2025, was projected to result in a substantial 73% decrease in top-line revenue. This client dependency and subsequent contract losses led to an investor class-action lawsuit alleging misleading statements about the stability of its revenue streams. This demonstrates a fragile revenue model highly susceptible to partner decisions.
- Evolving Regulatory Landscape and Compliance Risk: Bakkt operates within an uncertain and rapidly evolving regulatory environment governing blockchain technologies, stablecoins, and crypto payments. Unfavorable regulatory rulings from bodies such as the SEC, changes in the classification of crypto assets as securities, or new legislation could significantly disrupt Bakkt's business model, create substantial compliance risks, and potentially lead to investigations, fines, or other penalties. Navigating these complex and shifting regulatory requirements is crucial for the company's expansion and ongoing operations.
- Intense Competition and Digital Asset Market Volatility: The digital asset market is intensely competitive, with Bakkt vying against numerous established financial institutions and agile fintech startups such as Coinbase, Binance, and Bittrex. This competitive pressure can affect pricing and market share. Additionally, the inherent high volatility of the digital asset market itself is a constant threat. Downturns in crypto prices can directly lead to reduced trading volumes and a decrease in the value of assets under custody, thereby impacting Bakkt's transaction revenue and overall profitability.
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- Aggressive expansion and diversification by well-capitalized fintech firms and traditional financial institutions into digital asset services. Companies like PayPal, Block (Cash App), Robinhood, and even established banks and brokerage firms are increasingly offering services for buying, selling, converting, and spending digital assets, directly competing with Bakkt's core platform and leveraging their existing vast customer bases and financial resources.
- Growing user preference and technological advancements in decentralized finance (DeFi) and self-custody solutions. As the digital asset ecosystem evolves, there's a clear trend towards non-custodial wallets and direct interaction with decentralized applications (dApps) and exchanges (DEXs). This could reduce the reliance on centralized platforms like Bakkt for managing and transacting with digital assets for a significant segment of users seeking greater autonomy and direct control over their holdings.
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Bakkt (BKKT) operates within several rapidly expanding addressable markets related to digital assets, including digital asset trading platforms, stablecoin payments, institutional crypto custody, and asset tokenization.
- The global digital asset trading platform market was valued at approximately $2.49 billion in 2023 and is projected to exceed $10.99 billion by 2033, growing at a compound annual growth rate (CAGR) of 16.01% from 2023 to 2033. Another estimate indicates the global cryptocurrency exchange platform market size was valued at $33.42 billion in 2024 and is expected to grow to $88.79 billion by 2033, with a CAGR of 11.2% during the forecast period.
- For stablecoin payments, which Bakkt's "Bakkt Agent" initiative directly addresses, the global on-chain transfer value reached $33 trillion in 2025. The settlement volume for stablecoins nearly doubled from $30 trillion in 2024 to $57 trillion in 2025.
- Bakkt also focuses on institutional-grade infrastructure for digital assets. The global institutional crypto custody market alone is projected to reach $847.01 billion in 2025.
- The tokenization of real-world assets, another area of Bakkt's interest, could represent a market of approximately $10.9 trillion globally by 2030.
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Bakkt (BKKT) is strategically transforming its business model to focus on becoming a pure-play crypto infrastructure provider, anticipating several key drivers for future revenue growth over the next two to three years.
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Strategic Shift to Pure-Play Crypto Infrastructure and B2B Solutions: Bakkt has divested its non-core Loyalty and Custody businesses to concentrate entirely on providing institutional-grade crypto infrastructure, trading, and business-to-business (B2B) services through its Bakkt Markets, Bakkt Agent, and Bakkt Global verticals. This sharpened focus aims to drive revenue through increased engagement with new retail and institutional clients who seek regulated and scalable digital asset solutions.
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Enhancement and Expansion of Brokerage-in-a-box 2.0: Significant technological upgrades to Bakkt's "Brokerage-in-a-box 2.0" solution are scheduled for the latter half of 2025. This enhanced platform is expected to support over 200 digital assets (up from 50), feature an advanced trading engine, and introduce social, copy trading, and yield generation capabilities. These improvements are designed to increase trading volumes and user engagement, thereby boosting revenue.
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Development and Rollout of a Global Stablecoin Payments Network: Bakkt is focusing on developing a global stablecoin payments network through its Bakkt Agent product, bolstered by its partnership with and acquisition of Distributed Technologies Research (DTR). This initiative aims to facilitate seamless, AI-driven global transfers to an initial 36 countries, with plans to expand to over 90, and introduce neobanking services in 2026. This strategy is centered on enabling frictionless movement between crypto trading, AI-powered solutions, and global digital payments.
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International Market Expansion: The company is actively pursuing geographic expansion, particularly in key Asian markets such as Japan (through the rebranding of its acquisition as 'Bitcoin.jp'), South Korea, and India. Bakkt also plans to expand its crypto capabilities in Latin American and European markets. This global outreach seeks to capitalize on new market opportunities, especially in the growing cross-border payments sector.
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Share Issuance
- Bakkt completed a merger with VPC Impact Acquisition Holdings in October 2021 to become publicly listed on the NYSE.
- In August 2025, Bakkt closed a $75 million underwritten public offering, issuing Class A common stock and pre-funded warrants. The proceeds were earmarked for purchasing Bitcoin and other digital assets, working capital, and general corporate purposes.
- Bakkt priced a registered direct offering in February 2026, generating $48.125 million in gross proceeds from the issuance of Class A shares and pre-funded warrants. Net proceeds are intended for working capital, general corporate purposes, and strategic initiatives.
Inbound Investments
- The company's public listing in October 2021 through a merger with the Special Purpose Acquisition Company (SPAC) VPC Impact Acquisition Holdings served as a significant inbound investment event.
- A registered direct offering in February 2026 to a single institutional investor is expected to yield gross proceeds of $48.125 million, which will be used for working capital and strategic initiatives.
Outbound Investments
- Bakkt acquired the Chicago-based integrated crypto trading platform, Apex Crypto, in April 2023.
- In August 2025, Bakkt made a strategic investment by acquiring approximately 30% of MHT (TSE: 8105), a Tokyo Stock Exchange-listed company, becoming its largest shareholder to initiate a Japan Bitcoin treasury strategy.
- Bakkt agreed to acquire Distributed Technologies Research Ltd. (DTR), a global stablecoin infrastructure provider, in an all-stock transaction involving the issuance of approximately 9.13 million shares of Bakkt's Class A common stock, announced in February 2026.
Capital Expenditures
- For the nine months ended September 30, 2025, Bakkt reported capitalized internal-use software development costs and other capital expenditures totaling $2.8 million.
Peer Outperformance in Systems Software
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 56.5% | 200.4% | 341.0% | FLEX 746% · TTMI 687% · JBL 432% |
| Semiconductor Materials & Equipment | 27 | 137.0% | 74.6% | 125.0% | AEHR 1645% · AXTI 677% · KLAC 488% |
| Technology Distributors | 9 | 21.8% | 61.4% | 77.5% | CLMB 340% · AVT 153% · SNX 113% |
| Electronic Components | 26 | 54.5% | 61.3% | 57.7% | CLS 3221% · BELFA 1309% · LPTH 617% |
| Communications Equipment | 35 | 29.8% | 82.4% | 42.0% | AAOI 1755% · LITE 905% · ANET 715% |
| Semiconductors | 54 | 31.6% | 30.5% | 31.0% | POET 1926% · MU 1282% · NVDA 881% |
| Technology Hardware, Storage & Peripherals | 22 | 31.2% | 76.3% | 22.5% | STX 976% · SMCI 936% · WDC 891% |
| Internet Services & Infrastructure | 6 | 13.9% | 38.3% | 15.1% | DOCN 109% · GDDY 36% · VRSN 34% |
| Electronic Equipment & Instruments | 27 | -7.9% | 17.2% | -3.6% | PI 215% · SOTK 138% · NSSC 125% |
| IT Consulting & Other Services | 28 | -25.2% | -7.3% | -18.3% | CHRN 627400% · APLD 1844% · TSSI 695% |
| Application Software | 123 | -19.6% | -10.4% | -42.5% | VIDA 394900% · INLX 5338% · PLTR 625% |
| Systems Software ← | 69 | -7.8% | 14.7% | -51.2% | QNC 845% · PANW 476% · PAYS 446% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Bakkt Earnings Notes | 12/16/2025 | |
| Bakkt Stock Drop Looks Sharp, But How Deep Can It Go? | 10/17/2025 | |
| Day 5 of Gains Streak for Bakkt Stock with 107% Return (vs. -19% YTD) [9/24/2025] | 09/25/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 98.06 |
| Mkt Cap | 51.6 |
| Rev LTM | 5,607 |
| Op Inc LTM | 1,502 |
| FCF LTM | 1,212 |
| FCF 3Y Avg | 1,667 |
| CFO LTM | 1,245 |
| CFO 3Y Avg | 1,699 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.4% |
| Rev Chg 3Y Avg | 40.8% |
| Rev Chg Q | 2.8% |
| QoQ Delta Rev Chg LTM | 0.7% |
| Op Inc Chg LTM | 3.4% |
| Op Inc Chg 3Y Avg | 10.8% |
| Op Mgn LTM | 15.0% |
| Op Mgn 3Y Avg | 19.4% |
| QoQ Delta Op Mgn LTM | -0.4% |
| CFO/Rev LTM | 24.3% |
| CFO/Rev 3Y Avg | 26.5% |
| FCF/Rev LTM | 21.9% |
| FCF/Rev 3Y Avg | 25.2% |
Price Behavior
| Market Price | $8.59 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 11/19/2020 | |
| Distance from 52W High | -80.9% | |
| 50 Days | 200 Days | |
| DMA Price | $8.07 | $10.85 |
| DMA Trend | down | down |
| Distance from DMA | 6.4% | -20.8% |
| 3M | 1YR | |
| Volatility | 85.4% | 133.9% |
| Downside Capture | 395.67 | 534.65 |
| Upside Capture | 200.98 | 428.78 |
| Correlation (SPY) | 50.0% | 38.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.11 | 3.00 | 2.93 | 3.38 | 3.97 | 3.37 |
| Up Beta | 5.30 | 4.50 | 3.62 | 3.30 | 1.25 | 2.27 |
| Down Beta | 7.64 | 3.98 | 3.51 | 2.83 | 4.72 | 2.77 |
| Up Capture | 212% | 91% | 205% | 395% | 1970% | 75100% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 11 | 19 | 29 | 57 | 116 | 330 |
| Down Capture | 314% | 286% | 264% | 256% | 195% | 112% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 24 | 34 | 68 | 134 | 411 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BKKT | |
|---|---|---|---|---|
| BKKT | 16.8% | 133.7% | 0.70 | - |
| Sector ETF (XLK) | 41.9% | 26.0% | 1.31 | 33.7% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 39.2% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 21.9% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | -0.3% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 18.6% |
| Bitcoin (BTCUSD) | -31.6% | 44.1% | -0.73 | 49.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BKKT | |
|---|---|---|---|---|
| BKKT | -46.8% | 189.9% | 0.33 | - |
| Sector ETF (XLK) | 19.7% | 25.9% | 0.68 | 25.2% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 26.2% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 11.4% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 5.4% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 18.1% |
| Bitcoin (BTCUSD) | 10.4% | 52.8% | 0.38 | 30.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BKKT | |
|---|---|---|---|---|
| BKKT | -27.5% | 180.7% | 0.32 | - |
| Sector ETF (XLK) | 24.1% | 24.9% | 0.88 | 25.1% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 25.9% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 10.3% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 5.4% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 17.7% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 27.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/19/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/10/2026 | -3.7% | -6.9% | |
| 5/11/2026 | -10.6% | -12.1% | -22.6% |
| 3/17/2026 | -0.1% | -8.1% | -4.1% |
| 11/12/2025 | -14.3% | -21.4% | -50.6% |
| 8/11/2025 | -5.4% | -6.9% | -5.1% |
| 5/12/2025 | 47.4% | 31.7% | 31.7% |
| 3/19/2025 | 13.0% | 17.5% | -8.6% |
| 11/14/2024 | -6.5% | 156.8% | 167.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 4 | 6 | 5 |
| # Negative | 13 | 11 | 11 |
| Median Positive | 11.1% | 21.6% | 41.0% |
| Median Negative | -10.6% | -11.9% | -22.6% |
| Max Positive | 47.4% | 156.8% | 167.9% |
| Max Negative | -20.6% | -33.7% | -51.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/10/2026 | -3.7% | -6.9% | |
| 5/11/2026 | -10.6% | -12.1% | -22.6% |
| 3/17/2026 | -0.1% | -8.1% | -4.1% |
| 11/12/2025 | -14.3% | -21.4% | -50.6% |
| 8/11/2025 | -5.4% | -6.9% | -5.1% |
| 5/12/2025 | 47.4% | 31.7% | 31.7% |
| 3/19/2025 | 13.0% | 17.5% | -8.6% |
| 11/14/2024 | -6.5% | 156.8% | 167.9% |
| 8/14/2024 | -20.6% | -11.9% | -25.9% |
| 5/15/2024 | -13.9% | 25.6% | 53.2% |
| 3/25/2024 | -19.9% | -25.3% | -36.0% |
| 5/11/2023 | -5.8% | 3.6% | 1.5% |
| 3/9/2023 | -10.7% | -2.5% | 41.0% |
| 11/10/2022 | 9.2% | 15.6% | -2.9% |
| 8/11/2022 | 3.5% | -2.8% | -6.3% |
| 2/17/2022 | -19.4% | -24.0% | -25.3% |
| 11/12/2021 | -7.2% | -33.7% | -51.9% |
| SUMMARY STATS | |||
| # Positive | 4 | 6 | 5 |
| # Negative | 13 | 11 | 11 |
| Median Positive | 11.1% | 21.6% | 41.0% |
| Median Negative | -10.6% | -11.9% | -22.6% |
| Max Positive | 47.4% | 156.8% | 167.9% |
| Max Negative | -20.6% | -33.7% | -51.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/19/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/20/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 03/25/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/24/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/19/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/20/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 03/25/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/24/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/11/2022 | 10-Q |
| 03/31/2022 | 05/12/2022 | 10-Q |
| 12/31/2021 | 03/31/2022 | 10-K |
Recent Forward Guidance
Updated 8/11/2026Latest: Q2 2026 Earnings Reported 8/10/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Monthly Active Users | 25,000 | ||||||
| 2026 Total Transacting Volume | 2.50 Bil | ||||||
Insider Activity
Updated 8/19/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Alfred, Michael | Limited Partnership | Buy | 8192026 | 7.12 | 296,567 | 2,111,557 | 8,555,157 | Form | |
| 2 | D'Annunzio, Marc | General Counsel & Secretary | Direct | Sell | 7172026 | 8.44 | 539 | 4,549 | 913,866 | Form |
| 3 | Alexander, Karen | Chief Financial Officer | Direct | Sell | 7172026 | 8.44 | 657 | 5,545 | 451,894 | Form |
| 4 | Henderson, Joseph Sean-Walsh | Chief Accounting Officer | Direct | Sell | 7152026 | 8.33 | 94 | 783 | 107,907 | Form |
| 5 | D'Annunzio, Marc | General Counsel & Secretary | Direct | Sell | 6292026 | 7.71 | 1,357 | 10,462 | 838,979 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Alfred, Michael | Limited Partnership | Buy | 8192026 | 7.12 | 296,567 | 2,111,557 | 8,555,157 | Form | |
| 2 | D'Annunzio, Marc | General Counsel & Secretary | Direct | Sell | 7172026 | 8.44 | 539 | 4,549 | 913,866 | Form |
| 3 | Alexander, Karen | Chief Financial Officer | Direct | Sell | 7172026 | 8.44 | 657 | 5,545 | 451,894 | Form |
| 4 | Henderson, Joseph Sean-Walsh | Chief Accounting Officer | Direct | Sell | 7152026 | 8.33 | 94 | 783 | 107,907 | Form |
| 5 | D'Annunzio, Marc | General Counsel & Secretary | Direct | Sell | 6292026 | 7.71 | 1,357 | 10,462 | 838,979 | Form |
| 6 | Henderson, Joseph Sean-Walsh | Chief Accounting Officer | Direct | Sell | 6292026 | 7.93 | 349 | 2,768 | 103,471 | Form |
| 7 | D'Annunzio, Marc | General Counsel & Secretary | Direct | Sell | 6292026 | 7.93 | 1,562 | 12,387 | 873,680 | Form |
| 8 | Baes, Nicholas | Chief Operating Officer | Direct | Sell | 6292026 | 7.93 | 1,562 | 12,387 | 835,624 | Form |
| 9 | Alexander, Karen | Chief Financial Officer | Direct | Sell | 6292026 | 7.93 | 1,907 | 15,123 | 429,798 | Form |
| 10 | Alfred, Michael | Limited Partnership | Buy | 6112026 | 7.83 | 100,000 | 783,000 | 7,086,150 | Form | |
| 11 | Alfred, Michael | Limited Partnership | Buy | 6112026 | 7.71 | 180,000 | 1,387,800 | 6,206,550 | Form | |
| 12 | Alfred, Michael | Alpine Fox LP | Buy | 5182026 | 8.20 | 220,000 | 1,804,000 | 5,125,000 | Form | |
| 13 | Alfred, Michael | Alpine Fox LP | Buy | 5182026 | 8.34 | 365,000 | 3,044,100 | 3,377,700 | Form | |
| 14 | Baes, Nicholas | Chief Operating Officer | Direct | Sell | 4292026 | 9.13 | 2,352 | 21,474 | 970,209 | Form |
| 15 | D'Annunzio, Marc | General Counsel & Secretary | Direct | Sell | 4292026 | 8.86 | 7,780 | 68,916 | 974,916 | Form |
| 16 | Alexander, Karen | Chief Financial Officer | Direct | Sell | 4292026 | 9.13 | 4,684 | 42,765 | 509,189 | Form |
| 17 | Baes, Nicholas | Chief Operating Officer | Direct | Sell | 4082026 | 7.56 | 711 | 5,375 | 765,919 | Form |
| 18 | D'Annunzio, Marc | General Counsel and Secretary | Direct | Sell | 3312026 | 7.08 | 5,342 | 37,815 | 750,841 | Form |
| 19 | D'Annunzio, Marc | General Counsel and Secretary | Direct | Sell | 3312026 | 8.55 | 6,422 | 54,908 | 952,564 | Form |
| 20 | D'Annunzio, Marc | General Counsel and Secretary | Direct | Sell | 2272026 | 10.09 | 785 | 7,924 | 1,189,489 | Form |
| 21 | Henderson, Joseph Sean-Walsh | Chief Accounting Officer | Direct | Sell | 12232025 | 10.01 | 2,461 | 24,635 | 109,469 | Form |
| 22 | Henderson, Joseph Sean-Walsh | Chief Accounting Officer | Direct | Sell | 11132025 | 21.50 | 169 | 3,634 | 288,036 | Form |
| 23 | Henderson, Joseph Sean-Walsh | Chief Accounting Officer | Direct | Sell | 11132025 | 18.75 | 95 | 1,781 | 254,362 | Form |
| 24 | Naheta, Akshay Sudhir | CEO and President | Direct | Buy | 8252025 | 8.55 | 30,000 | 256,389 | 1,635,984 | Form |
| 25 | Naheta, Akshay Sudhir | CEO and President | Direct | Buy | 8252025 | 8.12 | 150,000 | 1,218,015 | 1,310,795 | Form |
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Systems Software Resources |
| CNET |
| ZDNet |
| Gartner |
| Software Development Times |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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