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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 | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.85B | 3.49B | 780.14M | 56.22M | 37.25M | 28.50M |
| Gross Profit | 1.63B | 87.01M | 61.63M | 54.57M | 37.25M | -30.14M |
| EBITDA | -80.24M | -83.36M | -114.29M | -151.97M | -134.75M | -43.38M |
| Net Income | -41.12M | -46.66M | -74.85M | -578.11M | -133.55M | -79.61M |
Balance Sheet | ||||||
| Total Assets | 258.26M | 269.38M | 966.87M | 455.50M | 2.42B | 468.38M |
| Cash, Cash Equivalents and Short-Term Investments | 69.53M | 39.05M | 70.28M | 239.39M | 407.86M | 77.18M |
| Total Debt | 12.51M | 23.54M | 27.16M | 26.42M | 28.96M | 2.30M |
| Total Liabilities | 129.70M | 206.52M | 831.15M | 119.43M | 122.31M | 80.05M |
| Stockholders Equity | 114.39M | 33.89M | 48.28M | 96.26M | 468.40M | 388.33M |
Cash Flow | ||||||
| Free Cash Flow | -114.84M | -24.29M | -70.13M | -148.14M | -149.99M | -51.51M |
| Operating Cash Flow | -111.18M | -21.20M | -60.70M | -117.60M | -134.30M | -30.94M |
| Investing Cash Flow | -9.16M | 14.13M | 65.97M | -171.96M | 16.92M | -7.93M |
| Financing Cash Flow | 81.09M | 43.82M | -2.63M | -2.58M | 256.83M | 37.49M |
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 |
|---|---|---|---|---|---|---|---|
68 Neutral | $459.75M | 12.12 | 26.84% | ― | -6.57% | -29.62% | |
66 Neutral | $3.83B | 49.84 | 20.46% | ― | 18.37% | ― | |
64 Neutral | $234.48M | 31.86 | 20.36% | ― | 32.61% | -8.26% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | $42.08M | -93.51 | -5.30% | ― | 20.68% | 84.51% | |
58 Neutral | $370.98M | 31.34 | 1.63% | ― | 4.02% | 34.45% | |
53 Neutral | $474.21M | -2.69 | -48.63% | ― | 101.97% | 58.61% |
Bakkt Holdings, Inc. Class A Corporate Events
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.
Bakkt Holdings, Inc. announced its intention to use its official X account, @bakkt, as a platform for disclosing material non-public information and complying with Regulation FD. This move encourages investors and stakeholders to monitor the account alongside traditional channels like press releases and SEC filings, potentially impacting how the company communicates with its audience.
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 October 1, 2025, Bakkt Holdings, Inc. completed the sale of its Loyalty Business, which included Bridge2 Solutions and Aspire Loyalty Travel Solutions, to Project Labrador Holdco, LLC. This strategic move led to the reclassification of the Loyalty Business as discontinued operations in Bakkt’s financial statements, impacting the company’s historical financial data and ongoing operations. The sale reflects Bakkt’s commitment to streamline its operations and focus on its core digital asset services, potentially affecting stakeholders by altering the company’s financial landscape and market strategy.
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 November 21, 2025, Bakkt Holdings, Inc. Class A announced its decision to subscribe to 47,500,000 warrants issued by Transchem Ltd., an Indian company listed on BSE Ltd. The investment, valued at approximately $10 million, allows Bakkt to exercise these warrants for shares in Transchem’s common stock within 18 months, with an option for additional warrants. Transchem has identified a potential acquisition target in India within the stock broking sector, which is registered with the Securities and Exchange Board of India. The completion of this investment is contingent upon shareholder and regulatory approvals, and Bakkt anticipates providing further updates on the investment structure, potential rebranding, and management changes.
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.
On October 31, 2025, Bakkt Holdings, Inc. held a special meeting where shareholders approved the grant of options to select management members to purchase up to 2,000,000 shares of Class A Common Stock. This decision, which was detailed in the Proxy Statement and Supplemental Solicitation Materials, reflects a strategic move to incentivize management and potentially align their interests with those of the shareholders.
The most recent analyst rating on (BKKT) stock is a Hold with a $22.50 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 31, 2025, David Clifton, a founding board member and former interim CEO of Bakkt Holdings, Inc., resigned from the company’s board. His departure marks a strategic transition as Bakkt moves towards an independent board under the leadership of CEO Akshay Naheta. Intercontinental Exchange (ICE), a major shareholder, continues to support Bakkt, indicating confidence in its future growth and transformation.
The most recent analyst rating on (BKKT) stock is a Hold with a $22.50 price target. To see the full list of analyst forecasts on Bakkt Holdings, Inc. Class A stock, see the BKKT Stock Forecast page.