Bakkt Holdings, Inc. Class A (BKKT)
NYSE:BKKT
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Bakkt Holdings, Inc. Class A
(NYSE:BKKT)
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Rating:50Neutral
Price Target:
$12.50
▼(-10.52% Downside)
Action:Reiterated
Date:05/22/26
The score is held down primarily by weak financial performance—sharp revenue decline and ongoing, worsening cash burn—despite a debt-free balance sheet. Technicals are supportive with strong recent momentum, and earnings-call updates highlight meaningful strategic steps and liquidity, but the path to hitting ambitious volume targets depends on successful integrations and partner-driven execution. Valuation remains unattractive due to ongoing losses and no dividend support.
Positive Factors
Balance Sheet Strength
A debt-free balance sheet with $82.6M liquidity and recent financing proceeds materially reduces refinancing and solvency risk over the next several quarters. This provides runway to fund integrations, partner onboarding and product launches without immediate reliance on dilutive capital, improving operational optionality.
Negative Factors
Revenue Decline & Cash Burn
Sharp trailing revenue contraction combined with materially negative operating and free cash flow erodes runway and forces reliance on external funding or rapid monetization. Persistent cash burn constrains strategic investments, limits margin improvements and increases dilution or credit risk absent sustained top‑line recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
A debt-free balance sheet with $82.6M liquidity and recent financing proceeds materially reduces refinancing and solvency risk over the next several quarters. This provides runway to fund integrations, partner onboarding and product launches without immediate reliance on dilutive capital, improving operational optionality.
Read all positive factors
Bakkt Holdings, Inc. Class A (BKKT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$512.60M
Dividend YieldN/A
Average Volume (3M)1.86M
Price to Earnings (P/E)―
Beta (1Y)3.35
Revenue Growth-58.96%
EPS Growth-44.30%
CountryUS
Employees559
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-11.59
Shares Outstanding44,612,328
10 Day Avg. Volume3,059,695
30 Day Avg. Volume1,856,861
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.61
Price to Sales (P/S)0.03
P/FCF Ratio-0.45
Enterprise Value/Market Cap0.22
Enterprise Value/Revenue0.07
Enterprise Value/Gross Profit0.23
Enterprise Value/Ebitda-0.87
Forecast
1Y Price Target
$20.00Price Target Upside43.16% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.9
Revenue Forecast (FY)$1.63B
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 st...
How the Company Makes Money
Bakkt generates revenue primarily by providing crypto-related technology and services to businesses (B2B/B2B2C). Key revenue streams include: (1) Transaction-based revenue tied to customer activity on its platform (e.g., fees or spreads associated...
Bakkt Holdings, Inc. Class A Earnings Call Summary
Earnings Call Date:May 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Neutral
The call presented a mix of material strategic progress and clear execution work remaining. Positives include a debt-free balance sheet with $82.6M liquidity, in-house DTR stablecoin rails, favorable regulatory developments, disciplined cost structure post-loyalty divestiture, and marked-up strategic assets. Negatives and risks center on current revenue scale versus ambitious year-end targets (Q1 TTV of ~$241M vs. $2.5B year-end estimate), remaining integration work from the DTR acquisition, incremental near-term acquisition costs (~$2.5M), dependence on partner activations and long institutional sales cycles, and pending regulatory approval in India. Overall, the company shows solid foundational and structural progress but requires execution (sales conversion, integrations, partner activations) to translate those strengths into the forecasted volume and revenue.Positive Updates
Clean, Debt-Free Balance Sheet and Liquidity
Cash, cash equivalents and restricted cash totaled $82.6 million at quarter end; company has no long-term debt and received $66.8 million of net cash provided by financing activities, providing capital to execute the 3-engine strategy.
Negative Updates
Current Revenue Scale Small vs. Year-End Target
Total transacting volume for 2026 reported at approximately $241 million to date, materially below the year-end estimate of ~$2.5 billion — significant execution and ramp required to reach the target within the year.
Read all updates
Q1-2026 Updates
Positive
Negative
Clean, Debt-Free Balance Sheet and Liquidity
Cash, cash equivalents and restricted cash totaled $82.6 million at quarter end; company has no long-term debt and received $66.8 million of net cash provided by financing activities, providing capital to execute the 3-engine strategy.
Read all positive updates
Company Guidance
The company gave directional, execution-focused guidance: Markets TTV was ~$241M year‑to‑date in 2026 with a year‑end TTV target of ~$2.5B as partner integrations ramp; Agent is on track for a Q3 launch (monthly active users to be reported post‑launch); DTR is now in‑house with a technology upgrade planned in H2‑2026 (>200 assets at rollout); a new Zoth partnership shows current annualized TPV of ~$300M with a target of ~$1B annualized TPV by year‑end 2026. Financial and balance‑sheet metrics include $82.6M of cash and restricted cash, no long‑term debt, $66.8M net cash provided by financing activities, Q1 2026 controllable OpEx of $18.6M (vs. $18.9M continuing‑ops Q1 2025 and $31.1M reported Q1 2025 before a $12.2M loyalty divestiture), and ~$2.5M of incremental professional services related to DTR. Strategic asset value was ~$76M vs. ~$21M of capital committed (Bitcoin Japan carrying value rose from ~$11.5M to $31.7M and other mark‑to‑market positions reported ~ $44.3M), while industry/market context included 2025 stablecoin settlement volume of ~$33T (up 72% from $19T in 2024), cap stabilization of ~$320B, and a cross‑border payments addressable market growing from ~$44T today to ~$67T by 2030; regulatory timelines noted final stablecoin rules due by July 18, 2026 with the framework substantially effective in early 2027 (three‑year transition).Bakkt Holdings, Inc. Class A Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
63
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.52B | 2.34B | 3.49B | 780.14M | 56.22M | 37.25M |
| Gross Profit | 483.45M | 26.85M | 87.01M | 61.63M | 54.57M | 37.25M |
| EBITDA | -130.02M | -141.11M | -83.36M | -114.29M | -151.97M | -134.75M |
| Net Income | -126.57M | -107.21M | -46.66M | -74.85M | -578.11M | -133.55M |
Balance Sheet | ||||||
| Total Assets | 213.38M | 162.79M | 269.38M | 966.87M | 455.50M | 2.42B |
| Cash, Cash Equivalents and Short-Term Investments | 97.38M | 27.77M | 39.05M | 70.28M | 239.39M | 407.86M |
| Total Debt | 0.00 | 0.00 | 23.54M | 27.16M | 26.42M | 28.96M |
| Total Liabilities | 42.50M | 50.01M | 206.52M | 831.15M | 119.43M | 122.31M |
| Stockholders Equity | 170.88M | 112.78M | 33.89M | 48.28M | 96.26M | 468.40M |
Cash Flow | ||||||
| Free Cash Flow | -64.49M | -153.40M | -24.29M | -70.13M | -148.14M | -149.99M |
| Operating Cash Flow | -60.08M | -149.26M | -21.20M | -60.70M | -117.60M | -134.30M |
| Investing Cash Flow | -36.06M | -38.12M | 14.13M | 65.97M | -171.96M | 16.92M |
| Financing Cash Flow | 140.63M | 77.95M | 43.82M | -2.63M | -2.58M | 256.83M |
Bakkt Holdings, Inc. Class A Technical Analysis
Positive
13.97
Price Trends
8.94
Positive
10.71
Positive
14.54
Negative
Market Momentum
0.68
Negative
57.44
Neutral
62.40
Neutral
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 9.79, above the 50-day MA of 8.94, and below the 200-day MA of 14.54, indicating a neutral trend. The MACD of 0.68 indicates Negative momentum. The RSI at 57.44 is Neutral, neither overbought nor oversold. The STOCH value of 62.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BKKT.
Bakkt Holdings, Inc. Class A Risk Analysis
Bakkt Holdings, Inc. Class A disclosed 77 risk factors in its most recent earnings report. Bakkt Holdings, Inc. Class A reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Bakkt Holdings, Inc. Class A Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $3.29B | 50.52 | 15.53% | ― | 18.43% | ― | |
75 Outperform | $397.49M | 38.12 | 21.74% | ― | 43.38% | 66.05% | |
64 Neutral | $35.27M | 60.92 | 0.58% | ― | 13.23% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
50 Neutral | $512.60M | ― | -116.83% | ― | -58.96% | -44.30% | |
44 Neutral | $180.99M | -0.30 | -88.28% | ― | -2.00% | -2798.10% | |
40 Underperform | $450.21M | 17.59 | 16.51% | ― | -10.94% | -50.17% |
* Technology Sector Average
BKKT
Bakkt Holdings, Inc. Class A
10.87
-0.77
-6.62%
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Bakkt Holdings, Inc. Class A Corporate Events
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Bakkt Finalizes DTR Acquisition to Expand Stablecoin Payments
Positive
Apr 30, 2026
On April 30, 2026, Bakkt completed its acquisition of Distributed Technologies Research Global Ltd., a Cyprus-based developer of agentic payments and stablecoin infrastructure, via its subsidiary Bividen Limited. The all-stock deal issued 11,316,7...
Business Operations and StrategyM&A TransactionsShareholder Meetings
Bakkt Shareholders Approve Key Stock Issuance for DTR Acquisition
Positive
Apr 20, 2026
On April 17, 2026, Bakkt reconvened a special shareholders’ meeting originally adjourned on March 24, 2026, with 13,266,200 Class A shares represented, or about 51.49% of eligible voting power, establishing a quorum. Stockholders approved an...
M&A TransactionsShareholder Meetings
Bakkt Postpones Shareholder Vote on New Class A Shares
Neutral
Mar 24, 2026
On March 24, 2026, Bakkt convened but immediately adjourned a special shareholders’ meeting without conducting business, pushing the session to April 17, 2026, to allow more time for investors to vote on issuing new Class A shares tied to it...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Bakkt Highlights 2025 Results, Strategic Overhaul and Refocus
Neutral
Mar 17, 2026
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,...
Business Operations and StrategyPrivate Placements and Financing
Bakkt Announces $48 Million Registered Direct Offering
Positive
Mar 2, 2026
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....
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.