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Bakkt Holdings, Inc. Class A
(NYSE:BKKT)
Bakkt Holdings, Inc. Class A (BKKT) vs. SPDR S&P 500 ETF (SPY)
Bakkt Holdings, Inc. Class A Business Overview & Revenue Model
Bakkt Holdings, Inc. Class A Earnings Call Summary
Bakkt Holdings, Inc. Class A Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.34B | 3.49B | 780.14M | 56.22M | 37.25M |
| Gross Profit | 2.23B | 87.01M | 61.63M | 54.57M | 37.25M |
| EBITDA | -114.23M | -83.36M | -114.29M | -151.97M | -134.75M |
| Net Income | -107.21M | -46.66M | -74.85M | -578.11M | -133.55M |
Balance Sheet | |||||
| Total Assets | 162.79M | 269.38M | 966.87M | 455.50M | 2.42B |
| Cash, Cash Equivalents and Short-Term Investments | 27.77M | 39.05M | 70.28M | 239.39M | 407.86M |
| Total Debt | 0.00 | 23.54M | 27.16M | 26.42M | 28.96M |
| Total Liabilities | 50.01M | 206.52M | 831.15M | 119.43M | 122.31M |
| Stockholders Equity | 112.78M | 33.89M | 48.28M | 96.26M | 468.40M |
Cash Flow | |||||
| Free Cash Flow | -153.40M | -24.29M | -70.13M | -148.14M | -149.99M |
| Operating Cash Flow | -153.40M | -21.20M | -60.70M | -117.60M | -134.30M |
| Investing Cash Flow | -38.12M | 14.13M | 65.97M | -171.96M | 16.92M |
| Financing Cash Flow | 77.95M | 43.82M | -2.63M | -2.58M | 256.83M |
Bakkt Holdings, Inc. Class A Technical Analysis
Bakkt Holdings, Inc. Class A Risk Analysis
Bakkt Holdings, Inc. Class A Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $3.64B | 58.16 | 18.39% | ― | 18.37% | ― | |
69 Neutral | $474.05M | 14.08 | 22.07% | ― | -6.57% | -29.62% | |
63 Neutral | $177.24M | 38.90 | 19.18% | ― | 32.61% | -8.26% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | $45.68M | 22.16 | 0.58% | ― | 20.68% | 84.51% | |
50 Neutral | $259.12M | -9.10 | -0.48% | ― | 4.02% | 34.45% | |
47 Neutral | $272.92M | -0.64 | -139.50% | ― | 101.97% | 58.61% |
Bakkt Holdings, Inc. Class A Corporate Events
On March 16, 2026, Bakkt released a shareholder letter and reported its financial results for the full year ended December 31, 2025, highlighting a major strategic overhaul under new CEO Akshay Naheta. The company spent much of 2025 restructuring, exiting its custody and loyalty businesses, eliminating long-term debt, collapsing its legacy Up-C into a single-class structure, rebranding, and sharpening its focus on infrastructure for digital assets, stablecoins, and tokenized markets.
The reshaping left Bakkt with a debt-free balance sheet after raising about $100 million in strategic capital and repositioned it around three operating engines: Bakkt Markets, Bakkt Agent, and Bakkt Global. Financially, 2025 GAAP revenue fell 32.1% year over year to $2,335.2 million amid lower crypto trading volumes, while total operating expenses declined 29.5% to $2,483.1 million and the firm posted a $97.7 million GAAP net loss from continuing operations, reflecting share-based compensation and costs tied to its structural simplification.
Operationally, Bakkt strengthened its board with capital markets and digital asset experts, signaled early traction in Japan and India, and announced on January 11, 2026, an agreement to acquire Distributed Technologies Research, a digital payments infrastructure provider, to deepen its stablecoin and AI-native capabilities. Management framed 2025 as a rebuilding year and indicated that, as the platform scales through 2026 and beyond, performance should increasingly mirror the economics of its refocused role as a regulated backbone for the evolving global financial system.
The most recent analyst rating on (BKKT) stock is a Hold with a $12.50 price target. To see the full list of analyst forecasts on Bakkt Holdings, Inc. Class A stock, see the BKKT Stock Forecast page.
On February 27, 2026, Bakkt, Inc. entered into a securities purchase agreement with a single institutional investor for a registered direct offering of 3,024,799 Class A shares and pre-funded warrants for 2,475,201 additional shares, priced at $8.75 per share and $8.7499 per warrant, which closed on March 2, 2026 and raised approximately $48.125 million in gross proceeds. Bakkt plans to use the net proceeds for working capital, general corporate purposes and strategic initiatives, while the deal’s lock-up provisions on the company and its insiders, along with warrant ownership caps, are designed to manage near-term dilution and concentration risks as the firm reinforces its capital base for expansion in the institutional digital asset market.
The most recent analyst rating on (BKKT) stock is a Hold with a $12.50 price target. To see the full list of analyst forecasts on Bakkt Holdings, Inc. Class A stock, see the BKKT Stock Forecast page.
On January 16, 2026, Bakkt Holdings, Inc. entered into a sales agreement with a syndicate of broker-dealers that allows the company to issue and sell, from time to time, up to $300 million of its Class A common stock through at-the-market offerings on the New York Stock Exchange or in other permitted transactions. The shares will be offered under an effective shelf registration statement and related prospectus supplement, with actual sales contingent on factors such as market conditions, the company’s share price and capital needs, and Bakkt retaining full discretion over whether to sell any stock and the right to terminate the arrangement, signaling a flexible mechanism to raise equity capital without committing to a specific issuance schedule.
The most recent analyst rating on (BKKT) stock is a Hold with a $21.50 price target. To see the full list of analyst forecasts on Bakkt Holdings, Inc. Class A stock, see the BKKT Stock Forecast page.
On October 1, 2025, Bakkt Opco Holdings, LLC, a subsidiary of Bakkt Holdings, Inc., completed the sale of its loyalty and travel redemption business, including Bridge2 Solutions entities and Aspire Loyalty Travel Solutions, to Project Labrador Holdco, LLC, an affiliate of Roman DBDR Technology Advisors, Inc. Following the sale, Bakkt alleges that the buyer failed to return approximately $5 million in so‑called “Wrong Pockets Cash” that was to cover ordinary course transactions around closing, and also failed to meet certain repayment obligations under unsecured subordinated promissory notes linked to about $5 million of restricted cash; Bakkt has filed a breach-of-contract complaint in Delaware and plans to enforce its rights under the notes to recover unpaid amounts. Separately, Bakkt elected to subscribe to 47,500,000 warrants in Transchem Ltd., an Indian listed company, for roughly $10 million pursuant to approvals obtained in November and December 2025, with the warrants exercisable within 18 months and including an option for additional warrants, positioning Bakkt to participate in Transchem’s planned acquisition of an Indian stockbroking and depository participant firm and signaling a strategic expansion into India’s capital markets ecosystem, with potential implications for its branding, management, and governance structure.
The most recent analyst rating on (BKKT) stock is a Hold with a $21.50 price target. To see the full list of analyst forecasts on Bakkt Holdings, Inc. Class A stock, see the BKKT Stock Forecast page.
On January 11, 2026, Bakkt agreed to acquire Distributed Technologies Research Ltd. (DTR), a global stablecoin payment infrastructure provider, in an all-stock deal that will see DTR shareholders receive Class A shares equal to 31.5% of Bakkt’s fully diluted share count prior to closing, with an estimated 9.1 million shares based on current figures and with final consideration subject to various adjustments. The transaction, negotiated and approved by an independent special committee of Bakkt’s board given that CEO and DTR founder Akshay Naheta is the seller, is designed to internalize and consolidate a critical piece of Bakkt’s stablecoin settlement stack, reduce third-party dependencies, and underpin its planned neobanking and programmable payments strategy, with major shareholder Intercontinental Exchange committing its roughly 31% stake in favor of the deal; Bakkt will also rebrand as “Bakkt, Inc.” on January 22, 2026 and host an Investor Day on March 17, 2026 to outline the combined platform’s growth plans.
The most recent analyst rating on (BKKT) stock is a Hold with a $14.50 price target. To see the full list of analyst forecasts on Bakkt Holdings, Inc. Class A stock, see the BKKT Stock Forecast page.