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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 |
|---|---|---|---|---|---|---|---|
69 Neutral | $282.37M | 39.01 | 20.36% | ― | 32.61% | -8.26% | |
68 Neutral | $447.56M | 11.80 | 26.84% | ― | -6.57% | -29.62% | |
66 Neutral | $4.04B | 55.18 | 20.46% | ― | 18.37% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | $39.62M | ― | -5.30% | ― | 20.68% | 84.93% | |
58 Neutral | $354.12M | 31.34 | 1.63% | ― | 4.02% | 34.45% | |
46 Neutral | $486.92M | ― | -48.63% | ― | 101.97% | 58.61% |
Bakkt Holdings, Inc. Class A Corporate Events
The recent earnings call for Bakkt Holdings, Inc. Class A painted a positive picture of the company’s financial health and strategic direction. The sentiment expressed during the call was optimistic, highlighting significant progress in restructuring efforts and a strong financial foundation. Key achievements included robust adjusted EBITDA growth, improvements in the balance sheet, and strategic initiatives aimed at international expansion. While there were some challenges, such as temporary transition impacts and accounting noise from the Loyalty business, the overall outlook remains promising.
Bakkt Holdings, Inc., a digital asset infrastructure company, provides solutions for institutional participation in the digital asset economy, including Bitcoin, tokenization, and stablecoin payments. In its third-quarter 2025 earnings report, Bakkt reported a 27% increase in GAAP revenue to $402.2 million, despite a GAAP net loss of $23.2 million due to warrant liability mark-to-market adjustments. The company achieved an adjusted EBITDA of $28.7 million, marking a significant 241% increase year-over-year. Key strategic moves included the sale of its Loyalty business and the simplification of its governance structure by collapsing its Up-C structure. Bakkt also appointed Richard Galvin to its Board of Directors, enhancing its leadership as it continues its international expansion. Looking ahead, Bakkt aims to complete its transformation into a unified digital-asset infrastructure platform, focusing on expanding customer adoption and preparing for growth acceleration in 2026.
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.
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.
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.
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.
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.
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.
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.
The most recent analyst rating on (BKKT) stock is a Buy with a $14.00 price target. To see the full list of analyst forecasts on Bakkt Holdings, Inc. Class A stock, see the BKKT Stock Forecast page.
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.
The most recent analyst rating on (BKKT) stock is a Buy with a $14.00 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, Inc. recently held its earnings call, revealing a strategic shift towards becoming a dedicated crypto infrastructure company. The call highlighted successful divestitures and new capital influx, alongside innovative product launches and strategic initiatives. Despite these positive developments, the company faces short-term challenges, including a sequential decline in trading volumes and revenue, coupled with a net loss.
Bakkt Holdings, Inc. announced several operational updates, including the acquisition of a 30% stake in Marusho Hotta Co., Ltd., with Phillip Lord becoming CEO of MHT. An extraordinary general meeting of MHT’s shareholders is expected in October 2025 to discuss changes in corporate purpose and stock issuance. On August 26, 2025, Public Platform LLC notified Bakkt of its intent to offboard customers by October 31, 2025, impacting a significant portion of Bakkt’s crypto services revenue. Additionally, Bakkt is finalizing the sale of its loyalty and travel redemption business by Q3 2025 and has signed a nonbinding letter of intent with ICE Digital Trust, LLC for digital asset custody services.
The most recent analyst rating on (BKKT) stock is a Hold with a $9.00 price target. To see the full list of analyst forecasts on Bakkt Holdings, Inc. Class A stock, see the BKKT Stock Forecast page.