Bakkt Holdings, Inc. Class A (BKKT)
NYSE:BKKT
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Bakkt Holdings, Inc. Class A
(NYSE:BKKT)
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Rating:47Neutral
Price Target:
$8.00
▼(-42.73% Downside)
Action:ReiteratedDate:03/19/26
The score is held down primarily by weak financial performance (ongoing losses, sustained cash burn, and a sharp 2025 revenue decline) and bearish technicals (price below key moving averages with negative MACD). Offsetting factors include a more constructive earnings-call outlook with improving adjusted EBITDA and strategic product/partnership initiatives, plus improved liquidity from the recent $48M financing and a debt-free balance sheet.
Positive Factors
Debt-free balance sheet
Reporting zero total debt in 2025 materially reduces solvency and interest-cost risk, giving management structural flexibility to invest in product and regulatory buildouts. A debt-free base lengthens runway compared with levered peers and supports strategic M&A or working-capital needs without immediate interest burdens.
Negative Factors
Persistent cash burn
Consistent negative operating and free cash flow, including a large outflow in 2025, shows the company cannot self-fund operations. This structural cash-burn pattern forces reliance on external financing, increasing dilution risk and constraining the firm's ability to invest in growth unless cash generation turns positive.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
Reporting zero total debt in 2025 materially reduces solvency and interest-cost risk, giving management structural flexibility to invest in product and regulatory buildouts. A debt-free base lengthens runway compared with levered peers and supports strategic M&A or working-capital needs without immediate interest burdens.
Read all positive factors
Bakkt Holdings, Inc. Class A (BKKT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$243.58M
Dividend YieldN/A
Average Volume (3M)1.39M
Price to Earnings (P/E)―
Beta (1Y)3.46
Revenue Growth101.97%
EPS Growth58.61%
CountryUS
Employees559
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-6.73
Shares Outstanding30,562,096
10 Day Avg. Volume1,542,596
30 Day Avg. Volume1,387,659
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 Cap0.37
Enterprise Value/Revenue0.04
Enterprise Value/Gross Profit0.06
Enterprise Value/Ebitda-0.68
Forecast
1Y Price Target
$21.50Price Target Upside53.90% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.55
Revenue Forecast (FY)$2.50B
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’s revenue model has historically been tied to providing digital-asset-related products and services through its platform. Key revenue streams include: (1) Transaction-based revenue, where Bakkt earns fees tied to customer activity such as bu...
Bakkt Holdings, Inc. Class A Earnings Call Summary
Earnings Call Date:Mar 16, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call conveyed a constructive turnaround narrative: management emphasized that extensive structural work (governance, capital structure, technology) is largely complete, highlighted strong strategic wins (DTR capabilities, regulatory licenses, partnerships), and showcased early high-return outcomes from global investments (Japan, India). At the same time, fiscal 2025 reflected significant revenue decline (down 32%), continuing net losses, one-time legacy costs, and a modest year-end cash balance. The company reported improving adjusted EBITDA, a cleaner balance sheet (debt-free), and multiple operational and product milestones that underpin a positive growth outlook contingent on successful partnership rollouts, regulatory approvals, and execution of monetization (MAUs and transacting volume).Positive Updates
Strategic Rebuild and Governance Reset
Rebuilt governance, capital structure, and technology; simplified capital structure (Up-C collapsed), eliminated long-term debt, zeroed noncontrolling interest, and added independent board members—management states ~90% of structural work is behind the company.
Negative Updates
Significant Revenue Decline in Fiscal 2025
Total revenue declined 32% year-over-year from $3.4B to $2.3B, driven by an amended Webull agreement that reduced transaction volume and lower crypto trading volumes and asset prices through most of 2025.
Read all updates
Q4-2025 Updates
Positive
Negative
Strategic Rebuild and Governance Reset
Rebuilt governance, capital structure, and technology; simplified capital structure (Up-C collapsed), eliminated long-term debt, zeroed noncontrolling interest, and added independent board members—management states ~90% of structural work is behind the company.
Read all positive updates
Company Guidance
The company guided investors to focus on three core KPIs—total transacting volume for Bakkt Markets, monthly active users (MAUs) for Bakkt Agent, and strategic asset value for Bakkt Global—and said Markets and Agent revenue cadence should accelerate materially with DTR’s capabilities (DTR team ~90% engineering) unlocking stablecoin on-/off‑ramps and cross‑border payments into a $44T current market (projected to $67T by 2033) amid stablecoins that settle >$30T annually; product metrics include Stablecoin API payouts to 57+ countries, 15 currencies on 10 public blockchains with same‑day 24/7 settlement, Accounts API in USD/EUR/GBP and Zyra’s 15 sub‑agent orchestration, while operational efficiencies are highlighted by 99.9% platform availability, Clara speeding answers by 98%, Lucy cutting detection time by 83%, 74% of merged code contributed by AI and >50% faster delivery; FY‑2025 results and cleanup set a baseline—total revenue down 32% YoY to $2.3B (from $3.4B), OpEx down to $2.5B (from $3.5B) with OpEx ex‑crypto $156M (up $96M largely due to ~$65M stock‑based comp), loss from continuing ops ~$98M vs $94M, adjusted EBITDA improving from –$57M to –$33M (a $24M improvement), ~$66.8M of nonrecurring legacy items (including $34.6M Loyalty loss, $26.9M TRA costs, $5.3M restructuring), ended 2025 with roughly $27M cash and subsequently raised $48.1M—positioning the company to scale MAUs, expand Markets transaction volume, and monetize Global investments (Japan ~$11.5M invested → ≈$37M realized, ~3x; India $10M → 5x+ reported).Bakkt Holdings, Inc. Class A Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
55
Neutral
Cash Flow
22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.34B | 3.49B | 780.14M | 56.22M | 37.25M |
| Gross Profit | -51.09M | 87.01M | 61.63M | 54.57M | 37.25M |
| EBITDA | -114.23M | -83.36M | -114.29M | -151.97M | -134.75M |
| Net Income | -132.23M | -46.66M | -74.85M | -578.11M | -133.55M |
Balance Sheet | |||||
| Total Assets | 162.79M | 269.38M | 966.87M | 455.50M | 2.42B |
| Cash, Cash Equivalents and Short-Term Investments | 27.77M | 39.05M | 70.28M | 239.39M | 407.86M |
| Total Debt | 0.00 | 23.54M | 27.16M | 26.42M | 28.96M |
| Total Liabilities | 50.01M | 206.52M | 831.15M | 119.43M | 122.31M |
| Stockholders Equity | 112.78M | 33.89M | 48.28M | 96.26M | 468.40M |
Cash Flow | |||||
| Free Cash Flow | -153.40M | -24.29M | -70.13M | -148.14M | -149.99M |
| Operating Cash Flow | -149.26M | -21.20M | -60.70M | -117.60M | -134.30M |
| Investing Cash Flow | -38.12M | 14.13M | 65.97M | -171.96M | 16.92M |
| Financing Cash Flow | 77.95M | 43.82M | -2.63M | -2.58M | 256.83M |
Bakkt Holdings, Inc. Class A Technical Analysis
Negative
13.97
Price Trends
11.47
Negative
13.48
Negative
15.89
Negative
Market Momentum
-0.76
Positive
33.36
Neutral
5.68
Positive
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 13.97 is above the 20-day moving average (MA) of 9.21, above the 50-day MA of 11.47, and below the 200-day MA of 15.89, indicating a bearish trend. The MACD of -0.76 indicates Positive momentum. The RSI at 33.36 is Neutral, neither overbought nor oversold. The STOCH value of 5.68 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $294.14M | 37.12 | 17.19% | ― | 32.61% | -8.26% | |
73 Outperform | $3.44B | 58.16 | 18.39% | ― | 18.37% | ― | |
69 Neutral | $476.76M | 14.08 | 22.07% | ― | -6.57% | -29.62% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | $41.05M | 640.13 | 0.58% | ― | 20.68% | 84.51% | |
50 Neutral | $252.38M | -9.10 | -0.48% | ― | 4.02% | 34.45% | |
47 Neutral | $243.58M | -0.40 | -139.50% | ― | 101.97% | 58.61% |
* Technology Sector Average
BKKT
Bakkt Holdings, Inc. Class A
7.97
-1.14
-12.51%
IMXI
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15.82
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DAVA
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4.49
-15.43
-77.46%
PAYS
PaySign
5.33
3.20
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CLBT
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13.79
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-29.14%
Bakkt Holdings, Inc. Class A Corporate Events
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....
Private Placements and FinancingRegulatory Filings and Compliance
Bakkt Establishes $300 Million At-The-Market Stock Program
Neutral
Jan 20, 2026
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 offering...
Business Operations and StrategyLegal ProceedingsM&A TransactionsPrivate Placements and Financing
Bakkt Expands Into India via Transchem Warrants Subscription
Neutral
Jan 20, 2026
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 Hol...
Business Operations and StrategyM&A Transactions
Bakkt to Acquire DTR and Rebrand as Bakkt, Inc.
Positive
Jan 12, 2026
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 Bakkt̵...
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.