Bakkt Holdings, Inc. Class A (BKKT) AI Stock Analysis

• Market Cap: $191.58M
• Dividend Yield: N/A
• Average Volume (3M): 1.49M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.86
• Revenue Growth: 111.83%
• EPS Growth: 73.52%
• Country: US
• Employees: 559
• Sector: Technology
• Sector Strength: 83
• Industry: Software - Infrastructure
• EPS (TTM): -2.16
• Shares Outstanding: 14,373,519
• 10 Day Avg. Volume: 1,362,506
• 30 Day Avg. Volume: 1,487,294
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.53
• Enterprise Value/Revenue: 0.03
• Enterprise Value/Gross Profit: 0.05
• Enterprise Value/Ebitda: -2.00
• 1Y Price Target: $9.00
• Price Target Upside: 4.53% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 0

• Rating: 41 Neutral
• Price Target: $9.00 ▲(4.53% Upside)

Bakkt Holdings, Inc. faces significant financial challenges, particularly in profitability and cash flow management, which heavily impact its overall score. The technical analysis indicates bearish momentum, further weighing down the score. Valuation concerns, driven by a negative P/E ratio and lack of dividend yield, also contribute to the low score. While strategic initiatives and corporate events are positive, they are not enough to offset the financial and technical weaknesses.

Bakkt Holdings, Inc. Class A Business Overview & Revenue Model

Company Description

Bakkt Holdings, Inc. Class A (BKKT) is a digital asset platform that operates within the fintech sector. The company provides a secure and regulated ecosystem designed to help individuals and institutions unlock the value of digital assets, including cryptocurrencies, loyalty points, and gift cards. Bakkt aims to bridge the gap between traditional finance and digital assets, thereby offering seamless and integrated financial solutions.

How the Company Makes Money

Bakkt Holdings, Inc. generates revenue primarily through its digital asset management and exchange platform. Key revenue streams include transaction fees from trading digital assets, such as cryptocurrencies, as well as fees from institutional clients who use Bakkt's custody and storage services. The company also monetizes its loyalty program management by facilitating the conversion of loyalty points and gift cards into cash or other digital assets. Strategic partnerships with financial institutions and retailers enhance Bakkt's service offerings and expand its user base, contributing to its earnings.

Bakkt Holdings, Inc. Class A Financial Statement Overview

Summary

Bakkt Holdings, Inc. shows strong revenue growth but struggles with profitability and cash flow generation. The low leverage is positive, but the low equity ratio and negative returns on equity are concerning.

Income Statement

Bakkt Holdings, Inc. has shown significant revenue growth from $780.1 million in 2023 to $3.49 billion in 2024, indicating a strong upward trajectory. However, profitability remains a concern, as evidenced by a negative net profit margin of -2.95% and negative EBIT and EBITDA margins. This suggests challenges in managing operational costs despite revenue growth.

Balance Sheet

The balance sheet shows a low debt-to-equity ratio, indicating conservative leverage, which is a positive aspect. However, the equity ratio stands at 12.58%, reflecting a relatively low proportion of equity to assets. Return on equity is negative, at -304.18%, suggesting that the company is not currently generating profits for its shareholders.

Cash Flow

Bakkt's cash flow statement reveals negative free cash flow, with a free cash flow to net income ratio of 0.21, indicating insufficient cash generation relative to net losses. The operating cash flow to net income ratio is -0.21, showing challenges in converting revenue into cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.78B	3.49B	780.14M	54.57M	37.27M	28.50M
Gross Profit	1.93B	87.01M	61.63M	-113.04M	-137.83M	-30.14M
EBITDA	-50.48M	-83.36M	-116.09M	-153.67M	-134.75M	-42.30M
Net Income	-29.10M	-46.66M	-74.85M	-578.11M	-242.66M	-79.61M
Balance Sheet
Total Assets	190.14M	269.38M	966.87M	455.50M	2.41B	468.38M
Cash, Cash Equivalents and Short-Term Investments	64.83M	127.61M	70.28M	239.39M	391.40M	77.18M
Total Debt	39.33M	23.54M	27.16M	26.42M	11.26M	2.30M
Total Liabilities	132.31M	206.52M	831.15M	119.43M	108.40M	58.59M
Stockholders Equity	35.29M	33.89M	48.28M	96.26M	479.80M	409.78M
Cash Flow
Free Cash Flow	-87.67M	-24.29M	-70.13M	-148.14M	-149.99M	-51.51M
Operating Cash Flow	-89.59M	-21.20M	-60.70M	-117.60M	-134.30M	-30.94M
Investing Cash Flow	16.51M	14.13M	65.97M	-171.96M	16.92M	-7.93M
Financing Cash Flow	20.89M	43.82M	-2.63M	-2.58M	256.83M	37.49M

Bakkt Holdings, Inc. Class A Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 8.61
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BKKT, the sentiment is Negative. The current price of 8.61 is below the 20-day moving average (MA) of 9.30, below the 50-day MA of 14.00, and below the 200-day MA of 15.98, indicating a bearish trend. The MACD of -1.68 indicates Negative momentum. The RSI at 38.40 is Neutral, neither overbought nor oversold. The STOCH value of 30.98 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BKKT.

Bakkt Holdings, Inc. Class A Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PAYO	78 Outperform	$2.44B	25.67	13.86%	―	13.02%	-2.57%
BAND	62 Neutral	$429.51M	―	-2.90%	―	14.51%	58.41%
AVPT	62 Neutral	$3.26B	―	-2.60%	―	24.41%	40.20%
JG	61 Neutral	$1.21B	―	-10.44%	―	16.93%	85.85%
STNE	56 Neutral	$4.26B	8.73	-8.77%	―	-20.82%	-154.29%
Sector *	54 Neutral	$298.66M	3.86	-5.40%	2.71%	9.11%	-73.63%
BKKT	41 Neutral	$191.58M	―	-70.04%	―	111.83%	73.52%

Bakkt Holdings, Inc. Class A Corporate Events

Bakkt Holdings Approves Increase in Authorized Shares

On August 6, 2025, Bakkt Holdings, Inc. held a special meeting where stockholders approved an amendment to increase the number of authorized Class A Common Stock shares from 60 million to 560 million. Additionally, stockholders approved the potential adjournment of the meeting to solicit more proxies if needed, reflecting strategic moves to enhance the company’s capital structure and flexibility.

Bakkt Holdings Acquires Stake in MarushoHotta

On July 31, 2025, Bakkt Crypto Solutions, a subsidiary of Bakkt Holdings, Inc., entered into a Commercial Agreement with Distributed Technologies Research Global Ltd. (DTR) to integrate Bakkt’s financial transaction processing and cryptocurrency trading solutions with DTR’s stablecoin-powered global payment technology. This agreement includes a non-exclusive license for both parties to use each other’s technologies and sets a three-year initial term. On August 6, 2025, Bakkt announced a share purchase agreement with RIZAP Group, Inc. to acquire approximately 30% of MarushoHotta Co., Ltd., a Tokyo-listed company. This acquisition is part of Bakkt’s multinational bitcoin treasury strategy and will make Bakkt the largest shareholder of MarushoHotta, which will be renamed bitcoin.jp, subject to shareholder approval.

Bakkt Holdings Announces $75 Million Stock Offering

On July 28, 2025, Bakkt Holdings, Inc. announced an underwriting agreement to sell 6,753,627 shares of Class A common stock and pre-funded warrants, raising approximately $75 million. The offering, which closed on July 30, 2025, is intended to fund Bitcoin and digital asset purchases, working capital, and general corporate purposes. Concurrently, Bakkt terminated a $40 million credit facility with Intercontinental Exchange Holdings, Inc., and approved a $74.5 million stock option award for employees, subject to stockholder approval.

Bakkt Holdings Sells Loyalty Business to Focus on Crypto

On July 23, 2025, Bakkt Holdings, Inc. announced a definitive agreement to sell its Loyalty business to Project Labrador Holdco, LLC, a subsidiary of Roman DBDR Technology Advisors, Inc., as part of its strategic realignment to focus solely on its core crypto offerings and stablecoin payments infrastructure. The transaction, expected to close in the third quarter of 2025, will allow Bakkt to streamline operations and dedicate resources to enhancing its crypto services, aiming for long-term value creation for customers and shareholders.

Bakkt Holdings Reschedules 2025 Annual Stockholders Meeting

On June 10, 2025, Bakkt Holdings, Inc. adjourned its 2025 Annual Meeting of Stockholders to allow more time for shareholders to review updates to the company’s investment policy, which includes allocating capital into Bitcoin and other digital assets. The meeting is rescheduled for June 17, 2025, and will remain a virtual event, with no changes to the proposals to be voted on. Stockholders who have already voted do not need to take any further action unless they wish to change their vote.

Bakkt Holdings Considers Increasing Authorized Class A Shares

Bakkt Holdings, Inc. has updated its investment policy to allow capital allocation into Bitcoin and other digital assets, although no purchases have been made yet. The company is also considering increasing its authorized shares of Class A Common Stock to enhance flexibility for future transactions, which could potentially dilute current stockholders’ interests.