olivLaw · US equity research
Bakkt, Inc. BKKT
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
Bakkt builds digital financial infrastructure so institutions can take part in the digital asset economy, through three lines of activity: Bakkt Markets, Bakkt Agent and Bakkt Global. The company went through a transformation during 2025, and in the first half of 2026 its transacting volume reached 410.0 million USD, amid growing stablecoin adoption and new US regulation. However, revenue figures show a sharp decline from the prior year, so the trajectory depends on client activation.
At the close of 04 Nov 2026, Bakkt, Inc. (BKKT) stock was 4.77 USD (+2.14% on the day), with market capitalisation 215.0 m USD, beta 3.59, 52-week range 4.40–23.86 USD. Latest reported quarter (Q2 2026): net income of 80.8 m USD, diluted EPS 1.94 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 33.0
- weak (30–45)
- Bollinger (20, 2)
- 3.99 – 7.04
- in the lower half of the band · %B 0.26 · band width 55.3%
- SMA 50 / 200
- 7.05 / 8.73
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.73 / -0.72
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −37.0% | −1.1% | −35.9 pp | — |
| 3 months | −35.5% | −0.5% | −35.0 pp | — |
| 6 months | −47.8% | +4.4% | −52.2 pp | — |
| Year to date | −52.5% | +12.3% | −64.8 pp | — |
| 1 year | −77.9% | +13.5% | −91.4 pp | −50.9% |
| 3 years | −80.3% | +76.4% | −156.7 pp | −63.8% |
| 5 years | −99.4% | +63.7% | −163.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 328.4 m | 1.7 bn | 1.1 bn | 577.9 m | — | — | — | — |
| Operating income | -25.1 m | -10.0 m | -15.4 m | -16.1 m | -25.3 m | -91.0 m | -16.9 m | -19.6 m |
| Depreciation & amortisation | 107.0 k | 62.0 k | 220.0 k | 154.0 k | 153.0 k | 80.0 k | 66.0 k | 1.1 m |
| Pre-tax income | -3.9 m | -39.7 m | 19.4 m | -26.8 m | -21.6 m | -68.4 m | -11.4 m | 81.1 m |
| Income tax | -113.0 k | -9.0 k | 49.0 k | 76.0 k | -25.0 k | -150.0 k | 12.0 k | 5.0 k |
| Net income | -2.9 m | -19.2 m | 7.7 m | -14.7 m | -14.9 m | -85.3 m | -11.7 m | 80.8 m |
| Diluted EPS | -0.45 | -2.96 ≈ | 1.13 | -2.16 | -1.15 | -3.89 ≈ | -0.41 | 1.94 |
| Operating cash flow | -25.1 m ≈ | 31.4 m | -101.3 m | 5.4 m ≈ | -46.7 m ≈ | -10.8 m | -12.1 m | -14.8 m ≈ |
| Capex | 545.0 k ≈ | 308.0 k | 130.0 k | 19.0 k ≈ | — | — | — | — |
| Share repurchases | 112.0 k ≈ | 260.0 k | 906.0 k | 806.0 k ≈ | 1.7 m ≈ | — | 280.0 k | 49.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2022 | ⚠ 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 28.5 m | 56.2 m | 727.0 m | 3.4 bn | 2.3 bn |
| Revenue YoY | unavailable | unavailable | — | +373.3% | −32.1% |
| Net income | -79.6 m | -578.1 m | -74.9 m | -46.7 m | -107.2 m |
| Net income YoY | unavailable | unavailable | — | unavailable | unavailable |
| Diluted EPS | unavailable | -203.08 | -21.01 | -7.97 | -8.87 |
| Diluted EPS YoY | unavailable | unavailable | — | unavailable | unavailable |
| net % | -279.4% | -1,028.2% | -10.3% | -1.4% | -4.6% |
| Free cash flow | -51.5 m | -148.1 m | -70.1 m | -24.3 m | unavailable |
The series breaks before 2023: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 27.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 112.8 m USD
- Total assets
- 162.8 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.19x
- ROE
- -122.1%
- ROA
- -49.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 28.5 m | 56.2 m | 727.0 m | 3.4 bn | 2.3 bn | SEC (XBRL)· 19 Mar 2026verified |
| Operating income | -79.1 m | -2.0 bn | -156.2 m | -82.6 m | -147.8 m | SEC (XBRL)· 19 Mar 2026verified |
| Depreciation & amortisation | 8.0 m | 25.4 m | 13.9 m | 343.0 k | 607.0 k | SEC (XBRL)· 19 Mar 2026verified |
| EBITDA | -71.1 m ≈ | -2.0 bn ≈ | -142.3 m ≈ | -82.2 m ≈ | -147.2 m ≈ | SEC (XBRL)· 19 Mar 2026derived |
| Pre-tax income | -79.2 m | -2.0 bn | -153.3 m | -94.3 m | -97.4 m | SEC (XBRL)· 19 Mar 2026verified |
| Income tax | 391.0 k | -11.3 m | 355.0 k | 110.0 k | -49.0 k | SEC (XBRL)· 19 Mar 2026verified |
| Net income | -79.6 m | -578.1 m | -74.9 m | -46.7 m | -107.2 m | SEC (XBRL)· 19 Mar 2026verified |
| Diluted EPS | — | -203.08 | -21.01 | -7.97 | -8.87 | SEC (XBRL)· 19 Mar 2026verified |
| Weighted average diluted shares | — | 2.8 m | 3.6 m | 5.9 m | 12.1 m | SEC (XBRL)· 19 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 75.4 m | 98.3 m | 52.9 m | 39.0 m | 27.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Receivables | 10.4 m | 25.3 m | 29.7 m | 7.7 m | 12.1 m | SEC (XBRL)· 19 Mar 2026verified |
| Current assets | 132.1 m | 326.5 m | 181.1 m | 183.8 m | 72.2 m | SEC (XBRL)· 19 Mar 2026verified |
| Property, plant & equipment, net | 20.0 m | 19.7 m | 60.0 k | 2.1 m | 1.7 m | SEC (XBRL)· 19 Mar 2026verified |
| Goodwill | 233.4 m | 15.9 m | 68.0 m | 68.0 m | 64.7 m | SEC (XBRL)· 19 Mar 2026verified |
| Intangibles (excl. goodwill) | 62.2 m | 55.8 m | 2.9 m | 2.9 m | 5.6 m | SEC (XBRL)· 19 Mar 2026verified |
| Total assets | 468.4 m | 455.5 m | 265.3 m | 269.4 m | 162.8 m | SEC (XBRL)· 19 Mar 2026verified |
| Accounts payable | 7.2 m | 26.0 m | 14.9 m | 3.1 m | 3.7 m | SEC (XBRL)· 19 Mar 2026verified |
| Short-term debt | 0 | — | — | — | — | SEC (XBRL)· 31 Mar 2021verified |
| Current liabilities | 51.1 m | 92.1 m | 100.5 m | 137.7 m | 33.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Total liabilities | 58.6 m | 119.4 m | 129.6 m | 206.5 m | 50.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Equity | -29.2 m † | 336.1 m | 135.7 m | 62.9 m | 112.8 m | SEC (XBRL)· 19 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | -30.9 m | -117.6 m | -60.7 m | -21.2 m | -153.4 m | SEC (XBRL)· 19 Mar 2026verified |
| Capex | 20.6 m | 30.5 m | 9.4 m | 3.1 m | — | SEC (XBRL)· 20 Mar 2025verified |
| Free cash flow | -51.5 m ≈ | -148.1 m ≈ | -70.1 m ≈ | -24.3 m ≈ | — | SEC (XBRL)· 20 Mar 2025derived |
| Investing cash flow | -7.9 m | -172.0 m | 66.0 m | 14.1 m | -38.1 m | SEC (XBRL)· 19 Mar 2026verified |
| Financing cash flow | 37.5 m | -2.6 m | -2.6 m | 43.8 m | 82.1 m | SEC (XBRL)· 19 Mar 2026verified |
| Share repurchases | — | 2.6 m | 2.6 m | 2.7 m | — | SEC (XBRL)· 20 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 215.0 m USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -1.3% | 63 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 246.3% | 100 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.1x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -39.7% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | 1.7% | 24 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial63/100 · 1/3 factors with a value
- Returns· partial24/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Bakkt, Inc. (BKKT). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.3 bn USD in 2025; YoY growth -32.1%; net margin -1.3%; ROE -15.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 246.3%
- Current ratio: 3.1x
What contradicts it
- FCF yield: -39.7%
- Shareholder yield (distributions): 1.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 223.0 bn | 18.7 | 35.9% | 27.9% | +6.4% | −9% / +95% |
| COINCoinbase Global, Inc. | 40.1 bn | — | -4.7% | -12.5% | +9.4% | −44% / +21% |
| SOFISoFi Technologies, Inc. | 22.4 bn | 36.3 | 7.1% | 104.3% | +23.1% | −42% / +138% |
| KLARKlarna Group plc | 5.2 bn | — | -11.9% | -7.8% | +24.8% | −56% / unavailable |
| GPGIGPGI, Inc. | 3.7 bn | — | -20.6% | — | −85.8% | −36% / +208% |
| BLSHBullish | 3.5 bn | — | -27.3% | -0.3% | −2.2% | −47% / unavailable |
| CIFRCipher Digital Inc. | 3.0 bn | — | -156.8% | -742.3% | +48.0% | −68% / +135% |
| MARAMara Holdings, Inc. | 2.7 bn | — | -107.2% | -430.2% | +38.2% | −42% / −43% |
| WLTHWealthfront Corporation | 1.7 bn | — | -20.5% | -19.4% | +18.2% | unavailable / unavailable |
| WDWalker & Dunlop, Inc. | 1.3 bn | 34.4 | 2.2% | 3.0% | +9.0% | −41% / −54% |
| KEELKeel Infrastructure Corp. | 1.3 bn | — | -87.6% | -230.6% | +72.0% | −40% / +47% |
| XYFX Financial | 1.2 bn | 5.9 | 20.2% | 19.2% | +35.8% | −28% / +15% |
| CDChaince Digital Holdings Inc. | 741.4 m | — | -12.3% | -182.5% | +277.9% | −30% / +622% |
| GDOTGreen Dot Corp | 727.1 m | — | -2.8% | -1.1% | +20.7% | +2% / +59% |
| JFU9F Inc. | 536.7 m | 23.2 | 4.7% | 125.2% | +12.2% | −52% / −43% |
| CANGCango Inc. | 272.7 m | — | -130.8% | -90.4% | +524.3% | −92% / −76% |
| BKKTBakkt, Inc. | 215.0 m | — | -15.9% | -1.3% | −32.1% | −78% / −80% |
| ZSQRZ Squared Inc. | 192.4 m | — | -25.9% | -642.0% | unavailable | −81% / −84% |
| DEFTDefi Technologies Inc. | 152.4 m | 2.3 | 74.0% | 62.9% | +215.5% | −74% / unavailable |
| HSDTSolana Company | 127.0 m | — | -183.2% | -1,302.8% | +1,057.1% | −49% / −100% |
| GHIGreystone Housing Impact Investors LP | 111.0 m | — | — | -5.1% | −6.4% | −33% / −72% |
| AGPUAxe Compute Inc | 86.2 m | — | -1,565.2% | -7,769.8% | +47.7% | +24% / −85% |
| YRDYiren Digital Ltd. | 68.9 m | 8.8 | 0.6% | 1.0% | −85.9% | −91% / −86% |
| BTCSBTCS Inc. | 54.6 m | — | -354.8% | -746.3% | +304.8% | −67% / +6% |
| ZSTKZeroStack Corp. | 47.4 m | — | -1,993.6% | -444.2% | −0.5% | −67% / −94% |
1- and 3-year price returns: for BKKT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Bakkt builds digital financial infrastructure so institutions can take part in the digital asset economy, through three lines of activity: Bakkt Markets, Bakkt Agent and Bakkt Global. The company went through a transformation during 2025, and in the first half of 2026 its transacting volume reached 410.0 million USD, amid growing stablecoin adoption and new US regulation. However, revenue figures show a sharp decline from the prior year, so the trajectory depends on client activation.
SWOT
Strengths
- The company holds money transmitter licenses in several states and a New York BitLicense, a compliance framework that is hard to replicate quickly.
- Bakkt has eliminated long-term debt, which gives it financial flexibility for commercial investments.
- The platform is modular, so clients can activate only the capabilities they need without rebuilding the infrastructure.
Weaknesses
- Revenue fell significantly in 2026, and the company has a history of operating losses.
- The company depends on digital asset trading volumes, which are volatile and hard to forecast.
- Second-quarter net income was influenced by non-cash gains from warrant fair value changes, which makes underlying profitability harder to read.
Opportunities
- Bank and institutional adoption of stablecoins could open new clients for payments and on- and off-ramps.
- If Bakkt Agent launches succeed, the company could extend into banking-style products and cards for partner clients.
- International investments could provide access to licences and local distribution in Japan and India.
Threats
- Changes in digital asset regulation could affect the business model or require rapid adaptation.
- Competition from established custody and payment providers could limit the company's ability to win new clients.
- Cybersecurity incidents and loss of private keys could cause financial and reputational harm.
Risks
- Losses and falling revenuehigh
The company has reported net losses and sharp revenue declines from the prior year, which makes future results hard to forecast.
- Dependence on digital asset volumeshigh
Revenue depends on digital asset transactions, which could fall sharply if the market cools or prices move.
- Regulatory uncertaintymedium
The legal framework for digital assets is changing quickly, and licences could be suspended or could require extra conditions.
- Investment and integration effectsmedium
Acquisitions and strategic investments may not deliver the expected benefits, and integration could divert management attention.
- Shareholder dilutionmedium
Share issuances, including direct offerings and at-the-market programmes, could reduce the ownership stake of existing shareholders.
Investment thesis
What would need to be true (bull case)
- If stablecoin adoption continues and clients activate Bakkt Markets and Agent products, transacting volume could grow meaningfully from current levels.
- A balance sheet without long-term debt and existing licences could give the company room to invest in new products.
- Global investments such as the Indian warrants could add value if approvals and execution follow the plan.
What would break the thesis
- If revenue keeps falling and digital asset volumes stay weak, the company could struggle to reach profitability.
- Accounting gains from warrant revaluation do not reflect operating performance, and a negative revaluation could change reported results.
- Planned launches in the Agent and card areas could be delayed by partner or regulatory requirements.
What to watch
- Achievement of the expected transacting volume for 20262026
- Launch of co-branded cards and the Neobank-as-a-Service offeringQ4 2026
- Quarterly revenue and adjusted EBITDA loss trendQ3 2026
- Exercise of the Transchem warrants and changes in their fair valuenext 10-Q
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Bakkt, Inc. presents itself as a regulated fintech company that builds and operates infrastructure for digital asset trading, programmable payments and cross-border payments. Its main operations run through Bakkt Financial Solutions I, LLC, which holds money transmitter licenses in US states and a New York BitLicense. According to the Form 10-K, in 2025 the company sold its loyalty business and focused on a pure-play digital asset infrastructure platform.
Segments
Bakkt Markets
Bakkt Markets gives financial institutions and fintech firms access to trading, stablecoin on- and off-ramps, custody and payment infrastructure. According to the Q2 2026 release, the six live commercial offerings in this line cover trading, OTC, stablecoin ramps, cross-border payments and the Bakkt Widget. Revenue is mainly tied to digital asset transactions and is sensitive to trading volumes.
Bakkt Agent
Bakkt Agent is the AI-driven financial services layer that lets clients embed onboarding, accounts, payments and international transfers into their own products. According to the August 2026 release, the Embedded Finance component is available for partner integration, while co-branded cards and the Neobank-as-a-Service offering are targeted for Q4 2026, subject to partner and regulatory requirements.
Bakkt Global
Bakkt Global extends the business outside the US through strategic investments in locally regulated entities. Current positions include the stake in Bitcoin Japan Corporation, accounted for under the equity method, and a warrant position in Transchem Limited in India. The fair value of the warrants is reported separately, and its development depends on market prices and local approvals.
Market context
The market Bakkt operates in shifted during 2025 from a speculative retail market to institutional infrastructure, and stablecoins grew quickly. According to the Form 10-K, the GENIUS Act of July 2025 created a federal framework for payment stablecoins, and adjusted stablecoin payment volume grew 733% year over year. This is relevant for Bakkt, but its activity remains sensitive to volatility in the crypto market.
Trends
- Regulatory clarity for stablecoinstailwind
The federal framework introduced in 2025 gives banks a clear path to integrate stablecoins into payment infrastructure. This could support demand for Bakkt Markets and Bakkt Agent products if institutions accelerate adoption.
- Growing stablecoin adoptiontailwind
Stablecoin payment volumes have grown very fast, and corporate treasuries are moving more cash into yield-bearing assets. If this trend continues, Bakkt's ramps and cross-border payments could generate larger volumes.
- Digital asset volatility and lower volumesheadwind
Quarterly revenue fell sharply from the prior year, partly because of weaker digital asset trading volumes. If volatility persists, trading revenue could stay under pressure.
- Shift from gross revenue to payment fees and spreadsmixed
With payment flows from the acquired infrastructure, part of the activity is based on fees and spreads, not notional value. This change could stabilise revenue, but it depends on client adoption.
Competitive position
Bakkt competes with custody providers, digital asset trading platforms and stablecoin payment providers. According to the Form 10-K, the company faces intense competition worldwide, and many incumbent providers already handle most of the assets Bakkt integrates. Differentiation depends on regulation, integration and how fast clients can be activated.
- CoinbaseCOIN
Digital asset trading and custody platform competing with Bakkt's trading and custody services.
- PayPalPYPL
Digital payments provider cited in the source as a comparison point for stablecoin payment volumes.
- Bank custody providers
Large banks are expanding custody offerings, creating competition for Bakkt's infrastructure.
- Cross-border payment providers
International payment firms offering settlement and currency conversion compete with Bakkt's cross-border payments.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report17 Aug 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report10 Aug 2026
- Current report10 Aug 2026Results of operations · Financial statements and exhibits
- Current report (amendment)07 Aug 2026Financial statements and exhibits
- Current report (amendment)16 Jul 2026Financial statements and exhibits
- Current report26 Jun 2026Shareholder vote
- Current report04 Jun 2026Other events
- Current report11 May 2026Results of operations · Financial statements and exhibits
- Quarterly report11 May 2026
- Proxy statement30 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Bakkt, Inc. · 19 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Bakkt, Inc. · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Bakkt, Inc. · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.