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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 | 0.00 | 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | $302.19M | 41.75 | 20.36% | ― | 32.61% | -8.26% | |
68 Neutral | $458.86M | 12.10 | 26.84% | ― | -6.57% | -29.62% | |
66 Neutral | $4.51B | 61.52 | 20.46% | ― | 18.37% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | $41.12M | -81.84 | -5.30% | ― | 20.68% | 84.51% | |
58 Neutral | $373.23M | 33.03 | 1.63% | ― | 4.02% | 34.45% | |
48 Neutral | $360.82M | -2.28 | -48.63% | ― | 101.97% | 58.61% |
Bakkt Holdings, Inc. Class A Corporate Events
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.
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.
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.
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.
On September 9, 2025, Bakkt Holdings, Inc. filed a definitive proxy statement with the SEC for a special meeting scheduled on October 31, 2025, to vote on an amended proposal for granting stock options to management. The proposal was revised to reduce the number of options from 7,450,000 to 2,000,000, addressing shareholder concerns about dilution and value transfer. The revised plan aims to align management’s interests with those of shareholders by encouraging direct investment in the company.
On October 19, 2025, Bakkt Holdings, Inc. expanded its Board of Directors from seven to eight members, appointing Madelyn Alden Schwartzer, also known as Lyn Alden, as a Class II director. The Board confirmed her independence according to the New York Stock Exchange standards, and there are no conflicts of interest or arrangements influencing her appointment. Schwartzer, a private investor and author, has a background in Bitcoin financial services and engineering, and she will receive standard non-employee director compensation. The company will also provide her with indemnification against liabilities related to her board service.
On October 1, 2025, Bakkt Holdings, Inc. completed the sale of its Loyalty business to Project Labrador Holdco, LLC, marking a significant shift in its operational focus. This transaction, initially announced on July 23, 2025, allows Bakkt to streamline operations, reduce costs, and concentrate on its core areas of Bitcoin, tokenization, digital asset trading, stablecoin payments, and AI-driven finance. The sale is seen as a pivotal move to enhance Bakkt’s position as a pure-play digital asset infrastructure platform, aligning with its mission to drive growth and create long-term value for shareholders.
On September 17, 2025, De’Ana Dow resigned from her position as a director of Bakkt Holdings, Inc. and as a member of the Audit and Risk Committee, with her resignation unrelated to any disagreements with the company. Her unvested RSUs vested upon her resignation. Concurrently, Michael Alfred was appointed as a Class II director to fill the vacancy, with the Board confirming his independence and compliance with New York Stock Exchange requirements. Alfred, a seasoned investor and advisor, brings extensive experience in financial technology and digital assets, enhancing the company’s strategic direction.
On September 15, 2025, Bakkt Holdings, Inc. redeemed the outstanding principal amount of its 0.00% convertible debenture due June 18, 2026, for $7,875,000, including a 5% payment premium. This redemption follows a previous agreement with YA II PN, LTD., where the investor had converted $17,500,000 of the debenture into Bakkt’s Class A common stock, leaving $7,500,000 outstanding, which was fully redeemed.