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Bakkt Holdings, Inc. Class A
(NYSE:BKKT)
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Rating:49Neutral
Price Target:
$6.50
▼(-21.02% Downside)
Action:Reiterated
Date:09/19/26
The score is primarily held back by weak financial performance (continued losses, revenue contraction, and negative operating/free cash flow), only partially offset by a stronger balance sheet with no reported debt. Technicals are mixed with only modest short-term support versus weaker longer-term trend signals, and valuation is not supported by a meaningful P/E due to losses and no dividend. The latest earnings call adds upside optionality (GAAP profit quarter and breakeven/volume targets), but the required second-half acceleration and regulatory/adoption dependencies keep risk elevated.
Positive Factors
Debt-Free Balance Sheet
The absence of reported debt reduces refinancing pressure and gives Bakkt greater flexibility to fund product development and commercial activation. Its cash position provides an operating cushion while management works toward breakeven, although durable value creation still depends on improving returns.
Negative Factors
Persistent Unprofitable Operations
Revenue contraction alongside negative gross profit and continued operating losses shows that the core cost structure has not yet supported sustainable profitability. Until growth returns and margins improve, Bakkt’s ability to compound internally generated earnings remains unproven over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-Free Balance Sheet
The absence of reported debt reduces refinancing pressure and gives Bakkt greater flexibility to fund product development and commercial activation. Its cash position provides an operating cushion while management works toward breakeven, although durable value creation still depends on improving returns.
Read all positive factors
Bakkt Holdings, Inc. Class A (BKKT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$306.47M
Dividend YieldN/A
Average Volume (3M)1.22M
Price to Earnings (P/E)―
Beta (1Y)3.73
Revenue Growth-70.49%
EPS Growth33.05%
CountryUS
Employees48
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-7.47
Shares Outstanding45,069,458
10 Day Avg. Volume1,152,934
30 Day Avg. Volume1,223,289
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 Cap0.90
Enterprise Value/Revenue0.25
Enterprise Value/Gross Profit-4.13
Enterprise Value/Ebitda-15.62
Forecast
1Y Price Target
$13.00Price Target Upside57.96% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2.55
Revenue Forecast (FY)$2.30B
Bakkt Holdings, Inc. Class A Business Overview & Revenue Model
Company Description
Bakkt, Inc. is building the backbone of next-generation financial infrastructure. The company provides solutions that enable institutional participation in the digital asset economy, spanning Bitcoin, tokenization, stablecoin payments, and AI-driv...
How the Company Makes Money
Bakkt primarily makes money by providing digital-asset-related services to customers and partners, generating revenue from transaction-based activity and service fees tied to its platform. Key revenue streams include: (1) Crypto transaction and tr...
Bakkt Holdings, Inc. Class A Earnings Call Summary
Earnings Call Date:Aug 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 18, 2026
Earnings Call Sentiment Positive
Overall the call skewed positive: management reported strong GAAP profitability (quarterly net income and EPS), significant product and infrastructure milestones (four production APIs, six live offerings, payments integrated in-house), measurable operational scorecard improvements, and strategic investments with reported value. However, material execution risks remain — Q2 volume was depressed by lower trading activity, the company needs a large second-half acceleration to meet a $2.5B TTV target, MAU adoption is still nascent, and certain product launches are subject to regulatory approvals. Management expressed confidence in execution and reiterated targets (including a stated expectation of EBITDA breakeven in the upcoming Q4), but achievement depends on delivery of client activations and market adoption.Positive Updates
Strong GAAP Result and Profitability Milestone
Reported GAAP net income of $80.8 million for the quarter and diluted EPS of $1.94, presented as a strong reported GAAP result and an important milestone for the platform build.
Negative Updates
Lower Trading Activity Weighed on Q2 Volume
Management stated the movement in Q2 was driven principally by lower trading activity, which reduced reported TTV in the quarter (Q2 TTV $169M) and contributed to the reliance on H2 acceleration to hit the full-year target.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong GAAP Result and Profitability Milestone
Reported GAAP net income of $80.8 million for the quarter and diluted EPS of $1.94, presented as a strong reported GAAP result and an important milestone for the platform build.
Read all positive updates
Company Guidance
Management reiterated a full‑year 2026 total transacting volume (TTV) target of ~ $2.5 billion (H1 TTV ~$410M; Q2 TTV $169M) with payments entering TTV after the May 1 integration and an expected H2 acceleration driven by 6 live offerings and 4 production APIs spanning 63+ countries, 19 currencies and 10 public blockchains; they set an initial Bakkt Agent year‑end monthly active user (MAU) target of 25,000, reported strategic asset value (SAV) of $119M as of June 30 ( $10.6M Japan equity carrying value + $107.9M Transchem warrants), and reiterated market context (stablecoin market cap ≈ $320B in May 2026; adjusted on‑chain stablecoin volume ≈ $1.79T in June; global cross‑border flows ≈ $2.08T in 2025). Financials/guidance included Q2 GAAP net income $80.8M, diluted EPS $1.94, $50.7M cash and restricted cash with no long‑term debt, and management expects to reach EBITDA breakeven in Q4 assuming planned client activations; operational scorecard metrics showed 6 of 8 categories ≥75 (Regulatory 85; Infrastructure & Technology 80; Team/Talent 75; Financial Strength 75), with Partners & Distribution up 20 points to 50 and Operational Efficiency up 10 points.Bakkt Holdings, Inc. Class A Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.12B | 2.34B | 3.49B | 780.14M | 56.22M | 37.25M |
| Gross Profit | -66.45M | 26.85M | 87.01M | 61.63M | 54.57M | 37.25M |
| EBITDA | -17.58M | -97.10M | -83.36M | -114.29M | -151.97M | -133.03M |
| Net Income | -31.00M | -107.21M | -46.66M | -74.85M | -578.11M | -133.55M |
Balance Sheet | ||||||
| Total Assets | 403.60M | 162.79M | 269.38M | 966.87M | 455.50M | 2.41B |
| Cash, Cash Equivalents and Short-Term Investments | 70.56M | 27.77M | 39.05M | 70.28M | 239.39M | 391.36M |
| Total Debt | 63.00K | 549.00K | 19.90M | 27.16M | 26.42M | 11.26M |
| Total Liabilities | 49.21M | 50.01M | 206.52M | 831.15M | 119.43M | 120.11M |
| Stockholders Equity | 354.39M | 112.78M | 33.89M | 48.28M | 96.26M | 468.40M |
Cash Flow | ||||||
| Free Cash Flow | -85.90M | -153.40M | -24.29M | -70.13M | -148.14M | -149.99M |
| Operating Cash Flow | -80.25M | -149.26M | -21.20M | -60.70M | -117.60M | -134.30M |
| Investing Cash Flow | -54.93M | -38.12M | 14.13M | 65.97M | -171.96M | 16.92M |
| Financing Cash Flow | 123.92M | 77.95M | 43.82M | -2.63M | -2.58M | 256.83M |
Bakkt Holdings, Inc. Class A Technical Analysis
Negative
8.23
Price Trends
7.82
Negative
8.23
Negative
9.46
Negative
Market Momentum
-0.35
Positive
34.26
Neutral
3.57
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 8.23 is above the 20-day moving average (MA) of 7.86, above the 50-day MA of 7.82, and below the 200-day MA of 9.46, indicating a bearish trend. The MACD of -0.35 indicates Positive momentum. The RSI at 34.26 is Neutral, neither overbought nor oversold. The STOCH value of 3.57 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 74 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $856.53M | 54.30 | 30.13% | ― | 46.84% | 125.24% | |
67 Neutral | $42.58M | 53.52 | 9.31% | ― | 14.88% | ― | |
67 Neutral | $2.88B | 48.34 | 11.87% | ― | 17.76% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $328.40M | 17.30 | 11.58% | ― | -13.27% | -62.21% | |
49 Neutral | $306.47M | -0.86 | -16.48% | ― | -70.49% | 33.05% | |
46 Neutral | $110.17M | -0.19 | -88.28% | ― | -2.00% | -2798.10% |
* Technology Sector Average
BKKT
Bakkt Holdings, Inc. Class A
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-38.58
-85.66%
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Bakkt Holdings, Inc. Class A Corporate Events
Business Operations and StrategyExecutive/Board Changes
Bakkt Appoints Matt White as New Chief Financial Officer
Positive
Aug 17, 2026
On August 11, 2026, Bakkt agreed that Chief Financial Officer Karen Alexander would step down effective August 14, 2026, with her employment ending and her prior contract replaced by a transition agreement. She will serve as an advisor through Dec...
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.