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

• Market Cap: $472.56M
• Dividend Yield: N/A
• Average Volume (3M): 1.17M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.99
• Revenue Growth: 101.97%
• EPS Growth: 58.61%
• Country: US
• Employees: 559
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): 1.21
• Shares Outstanding: 24,038,433
• 10 Day Avg. Volume: 1,260,101
• 30 Day Avg. Volume: 1,174,630
• PEG Ratio: 0.05
• Price to Book (P/B): 4.28
• Price to Sales (P/S): 0.04
• P/FCF Ratio: -5.97
• Enterprise Value/Market Cap: 0.38
• Enterprise Value/Revenue: 0.05
• Enterprise Value/Gross Profit: 0.11
• Enterprise Value/Ebitda: -2.22
• 1Y Price Target: $39.00
• Price Target Upside: 179.17% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 49 Neutral
• Price Target: $14.50 ▲(3.79% Upside)

The score is held back primarily by weak financial fundamentals (ongoing losses and negative operating cash flow). Technicals are mixed, indicating only a tentative near-term improvement versus weaker longer-term trends. The earnings call adds support due to improved adjusted EBITDA and balance-sheet strengthening, but valuation remains constrained by loss-making results and no dividend support.

Positive Factors

Adjusted EBITDA Improvement

A swing to positive adjusted EBITDA demonstrates operating leverage and early scalability of Bakkt's core digital-asset platform. Sustained adjusted EBITDA growth can fund reinvestment, reduce reliance on external capital, and signal progress toward durable profitability as the business shifts to Markets, Agent, and Global segments.

Stronger Balance Sheet

Having meaningful cash and no long-term debt materially improves financial flexibility, enabling Bakkt to invest in product development and international expansion without near-term refinancing risk. This buffer supports multi-quarter execution on platform builds in regulated custody and market infrastructure.

Focus on Core Digital-Asset Strategy

Divesting the Loyalty business simplifies Bakkt's operating model and sharpens resource allocation toward digital-asset infrastructure. This structural refocus should improve comparability of future results, free management to prioritize regulated custody, tokenization, and global market expansion, enhancing long-term strategic clarity.

Negative Factors

Negative Operating Cash Flow

Persistent negative operating cash flow indicates Bakkt is not yet converting reported performance into core cash generation. Over time, insufficient OCF can force dependence on asset sales, financing, or equity raises, limiting the company's ability to self-fund sustained platform investment and absorb crypto market cyclicality.

Weak Returns on Equity & Profitability

A deeply negative ROE and continued negative net and EBIT margins reflect structural challenges in generating shareholder returns. Unless margins sustainably improve, Bakkt may struggle to justify reinvestment levels, and persistent losses could pressure capital allocation and investor confidence over multiple quarters.

Transition and Reporting Noise

Ongoing transition-related accounting effects and discontinued-operations reporting reduce clarity into underlying performance. This hampers comparability of GAAP metrics, complicates KPI tracking for investors, and may obscure the true pace of operational progress during the next several quarters.

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

Company Description

Bakkt Holdings, Inc. operates a digital asset platform. The company's platform enables consumers to buy, sell, convert, and spend digital assets. Its customers include merchants, retailers, and financial institutions. Bakkt Holdings, Inc. has a strategic alliance with the Global Payments to collaborate on use cases starting with enabling cryptocurrency redemption in customer loyalty programs offered by bankcard clients, as well as expanding its banking-as-a-service offerings to include consumer access to cryptocurrency. The company was formerly known as VPC Impact Acquisition Holdings and changed its name to Bakkt Holdings, Inc. The company was founded in 2018 and is headquartered in Alpharetta, Georgia. Bakkt Holdings, Inc. is a subsidiary of Intercontinental Exchange Holdings, Inc.

How the Company Makes Money

Bakkt generates revenue through multiple streams, primarily by facilitating transactions on its platform, charging fees for trading and storage services, and offering value-added services to institutional clients. Key revenue sources include transaction fees from buying and selling digital assets, subscription fees for premium features of its trading platform, and partnerships with major financial institutions and payment processors that integrate Bakkt's technology. Additionally, Bakkt may benefit from increased adoption of digital currencies and blockchain technology, enhancing its earnings potential through strategic alliances and expanding its user base.

Bakkt Holdings, Inc. Class A Financial Statement Overview

Summary

Bakkt Holdings shows revenue growth and improved gross profit margins, but struggles with profitability and cash flow. The balance sheet is stable with low leverage, but negative return on equity remains a concern.

Income Statement

Bakkt Holdings has shown some improvement in revenue growth, with a TTM revenue growth rate of 1.95%. However, the company continues to struggle with profitability, as evidenced by negative net profit margins (-1.07%) and EBIT margins (-2.10%). The gross profit margin has improved significantly to 42.23%, indicating better cost management, but the overall profitability remains a concern.

Balance Sheet

The company's debt-to-equity ratio has improved to 0.11, indicating a relatively low level of leverage. However, the return on equity remains negative at -72.26%, reflecting ongoing challenges in generating returns for shareholders. The equity ratio stands at 44.28%, suggesting a moderate level of financial stability.

Cash Flow

Bakkt Holdings has seen a positive free cash flow growth rate of 30.78%, but the operating cash flow remains negative. The operating cash flow to net income ratio is -2.07, indicating that the company is not generating sufficient cash from operations to cover its net losses. The free cash flow to net income ratio is slightly positive at 1.03, showing some ability to manage cash flow despite ongoing losses.

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

• Technical Analysis Sentiment: Positive
• Last Price: 13.97
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BKKT, the sentiment is Positive. The current price of 13.97 is above the 20-day moving average (MA) of 11.79, below the 50-day MA of 15.92, and below the 200-day MA of 15.52, indicating a bullish trend. The MACD of -0.29 indicates Negative momentum. The RSI at 62.68 is Neutral, neither overbought nor oversold. The STOCH value of 91.91 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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
PAYS	70 Outperform	$269.71M	36.96	20.36%	―	32.61%	-8.26%
IMXI	68 Neutral	$460.34M	12.12	26.84%	―	-6.57%	-29.62%
CLBT	66 Neutral	$4.50B	59.81	20.46%	―	18.37%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
JG	58 Neutral	$40.28M	-81.00	-5.30%	―	20.68%	84.51%
DAVA	58 Neutral	$374.91M	33.53	1.63%	―	4.02%	34.45%
BKKT	49 Neutral	$472.56M	-3.24	-48.63%	―	101.97%	58.61%

Bakkt Holdings, Inc. Class A Corporate Events

Bakkt Holdings Adopts X for Regulation FD Disclosures

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.

Bakkt Holdings Sells Loyalty Business to Project Labrador

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.

Bakkt Holdings Invests in Transchem with Warrants Deal

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.

Bakkt Holdings Approves Management Stock Option Grant

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.

Bakkt Holdings Board Member David Clifton Resigns

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.

Bakkt Holdings Revises Stock Option Proposal

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.

The most recent analyst rating on (BKKT) stock is a Buy with a $40.00 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 Expands Board, Appoints Lyn Alden

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.

The most recent analyst rating on (BKKT) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on Bakkt Holdings, Inc. Class A stock, see the BKKT Stock Forecast page.