BKKT · Bakkt, Inc.

Bakkt, Inc. engages in digital building financial infrastructure. The company offers Bakkt Market solutions which enables institutions to launch secure, compliant, and advanced digital asset brokerage, trading and payment capabilities through a plug-and-play platform; Bakkt Agent provides programmable access to Bakkt's financial infrastructure through an intelligent software layer that coordinates onboarding, account creation, funding, and global money movement; and Bakkt Global enables Bakkt to expand its technology and infrastructure into international markets through strategic investments in jurisdiction-specific entities operating in regulated financial markets. It also provides solutions that enable institutional participation in the digital asset economy. The company serves client, such as financial institutions, hedge funds, merchants, retailers, third party partners, and other businesses. It markets its products and services using various business-to-business channels, such as direct marketing, including email marketing and targeted digital advertisements; indirect marketing; and its website, blog, and social media platforms. The company offers its services in the United States, Latin America, Europe, and Asia. The company was formerly known as Bakkt Holdings, Inc. and changed its name to Bakkt, Inc. in January 2026. Bakkt, Inc. was founded in 2018 and is headquartered in New York, New York.

Cap structure and valuation

Cap structure
SP	$10.15
SO	44.6M
Options	2.0M
Warrants	9.2M
FD SO	55.7M
MC	$565.6M

Cash	$80.0M
Total debt	$0.0M
EV	$485.6M

TTM Multiples
EV / Revenue	0.1x
EV / EBITDA	—
MC / Net Income	—
EV / FCF	91.1x
MC / FCF	106.1x

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-06. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative.

Financial statements

	12/31/25	6/30/25	3/31/25	12/31/24
Total Revenue	682.45	577.88	1,074.91	1,797.32
Revenue YoY %	107.8%	13.3%	25.8%	737.9%

Operating Income	(91.02)	(18.49)	(15.44)	(20.32)
Operating Income YoY %	(262.1%)	16.0%	51.5%	74.1%
Operating Margin %	(13.3%)	(3.2%)	(1.4%)	(1.1%)
EBITDA	(90.94)	(18.34)	(15.22)	(20.26)
EBITDA Margin %	(13.3%)	(3.2%)	(1.4%)	(1.1%)

Interest Expense	0.27	(0.05)	0.62	1.10
Pretax Income	(95.31)	(30.09)	16.29	(40.32)
Tax Provision	(0.15)	0.06	0.05	0.05
Net Income	(95.16)	(30.15)	16.24	(40.37)
Net Income to Common	(85.27)	(14.73)	7.71	(19.18)
Net Margin %	(13.9%)	(5.2%)	1.5%	(2.2%)

Diluted EPS	-$6.37	-$2.16	$1.13	-$3.10
Basic EPS	-$6.37	-$2.16	$1.18	-$3.10
Diluted Avg Shares	3.3	-6.3	7.2	0.2
Basic Avg Shares	3.3	6.8	6.5	0.2

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Total Revenue	4,132.56	2,335.24	3,441.06	780.14	56.22
Revenue YoY %	77.0%	(32.1%)	341.1%	1287.5%	—

Operating Income	(145.26)	(147.84)	(82.59)	(227.89)	(2,018.91)
Operating Income YoY %	1.7%	(79.0%)	63.8%	88.7%	—
Operating Margin %	(3.5%)	(6.3%)	(2.4%)	(29.2%)	(3590.8%)
EBITDA	(144.75)	(147.23)	(82.24)	(213.96)	(1,993.56)
EBITDA Margin %	(3.5%)	(6.3%)	(2.4%)	(27.4%)	(3545.8%)

Interest Expense	1.95	0.79	4.32	4.34	1.88
Pretax Income	(149.44)	132.15	103.51	(225.37)	(2,001.25)
Tax Provision	0.01	(0.05)	0.11	0.44	(11.32)
Net Income	(149.44)	132.20	103.40	(225.81)	(1,989.93)
Net Income to Common	(111.47)	(107.21)	(46.66)	(74.85)	(578.11)
Net Margin %	(3.6%)	5.7%	3.0%	(28.9%)	(3539.3%)

Diluted EPS	-$10.50	-$8.87	-$7.97	-$0.84	-$8.12
Basic EPS	-$10.45	-$8.87	-$7.97	-$0.84	-$8.12
Diluted Avg Shares	3.3	12.1	5.9	89.1	71.2
Basic Avg Shares	3.3	12.1	5.9	89.1	71.2

	12/31/25	6/30/25	3/31/25	12/31/24
Cash & Equivalents	26.96	43.49	23.01	39.05
Receivables	12.07	23.31	28.69	7.68
Total Current Assets	72.20	110.46	92.51	183.84

Net PPE	1.66	1.84	1.97	2.06
Goodwill	64.66	64.66	68.00	68.00
Total Assets	162.79	190.14	176.35	269.38

Accounts Payable	3.72	5.37	7.20	3.06
Total Current Liabilities	33.03	93.19	58.43	137.72
Total Liabilities	50.01	132.31	94.79	206.52

Retained Earnings	(905.17)	(804.98)	(790.25)	(797.96)
Total Equity	112.78	57.83	81.56	62.85

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Cash & Equivalents	26.96	26.96	39.05	52.88	98.33
Receivables	12.07	12.07	7.68	29.66	25.31
Total Current Assets	72.20	72.20	183.84	882.64	326.46

Net PPE	1.66	1.66	2.06	0.06	19.74
Goodwill	64.66	64.66	68.00	68.00	15.85
Total Assets	162.79	162.79	269.38	966.87	455.50

Accounts Payable	3.72	3.72	3.06	14.93	25.98
Total Current Liabilities	33.03	33.03	137.72	802.07	92.13
Total Liabilities	50.01	50.01	206.52	831.15	119.43

Retained Earnings	(905.17)	(905.17)	(797.96)	(751.30)	(676.45)
Total Equity	112.78	112.78	62.85	135.71	336.07

	3/31/26	12/31/25	9/30/25	6/30/25
Net Income	(11.65)	(85.27)	(14.92)	(14.73)
D&A	0.07	0.08	0.15	0.15
Stock-Based Comp	2.81	53.81	8.12	6.34
Operating Cash Flow	(12.09)	(10.81)	(46.66)	5.35

CapEx	—	—	—	(0.02)
Investing Cash Flow	1.94	(22.72)	(19.77)	4.50

Debt Issuance	—	—	(1.53)	—
Stock Issuance	—	0.00	62.96	0.00
Stock Buyback	(0.28)	—	(1.71)	(0.81)
Financing Cash Flow	66.78	0.73	60.09	17.17

Effect of FX on Cash	0.09	0.00	(0.32)	0.89

Free Cash Flow	—	—	—	5.33

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Net Income	(126.57)	(107.21)	(46.66)	(74.85)	(578.11)
D&A	0.45	0.61	0.34	13.93	25.35
Stock-Based Comp	71.06	71.60	15.84	15.45	31.56
Operating Cash Flow	(64.21)	(153.40)	(21.20)	(60.70)	(117.60)

CapEx	—	—	(3.09)	(9.43)	(30.54)
Investing Cash Flow	(36.06)	(38.12)	14.13	65.97	(171.96)

Stock Issuance	—	62.96	0.00	0.00	0.00
Stock Buyback	—	—	(2.69)	(2.63)	(2.59)
Financing Cash Flow	144.77	82.08	43.82	(2.63)	(2.58)

Effect of FX on Cash	0.66	0.59	(1.50)	0.44	(0.85)

Free Cash Flow	—	—	(24.29)	(70.13)	(148.14)

	12/31/25	6/30/25	3/31/25	12/31/24
Current Ratio	2.19	1.19	1.58	1.33
Quick Ratio	—	—	—	—
Debt / Equity	0.44	2.29	1.16	3.29
EBITDA Margin %	(13.3%)	(3.2%)	(1.4%)	(1.1%)
Working Capital	39.17	17.27	34.08	46.13
Net Debt	—	—	—	—
ROE %	(84.4%)	(52.1%)	19.9%	(64.2%)
ROA %	(58.5%)	(15.9%)	9.2%	(15.0%)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Current Ratio	2.19	2.19	1.33	1.10	3.54
Quick Ratio	—	—	—	—	—
Debt / Equity	0.44	0.44	3.29	6.12	0.36
EBITDA Margin %	(3.5%)	(6.3%)	(2.4%)	(27.4%)	(3545.8%)
Working Capital	39.17	39.17	46.13	80.57	234.34
Net Debt	—	—	—	—	—
ROE %	(132.5%)	117.2%	164.5%	(166.4%)	(592.1%)
ROA %	(91.8%)	81.2%	38.4%	(23.4%)	(436.9%)

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-05-18	ALFRED MICHAEL	Director	2026-05-18	P	220,000	$8.20	$1,804,000
2026-05-18	Naheta Akshay Sudhir	Officer (Chief Executive Officer)	2026-05-15	M	33,557	$10.00	$335,570
2026-05-18	Naheta Akshay Sudhir	Officer (Chief Executive Officer)	2026-05-15	M	(33,557)	—	$-0
2026-05-18	ALFRED MICHAEL	Director	2026-05-15	P	365,000	$8.34	$3,044,100
2026-05-04	Naheta Akshay Sudhir	Director, Officer (CEO and President), 10% Owner	2026-04-30	A	7,927,831	—	$0
2026-04-29	Alexander Karen	Officer (Chief Financial Officer)	2026-04-28	S	(4,684)	$9.13	-$42,765
2026-04-29	Baes Nicholas	Officer (Chief Operating Officer)	2026-04-28	S	(2,352)	$9.13	-$21,474
2026-04-29	D'Annunzio Marc	Officer (General Counsel & Secretary)	2026-04-28	S	(3,789)	$9.13	-$34,594
2026-04-29	D'Annunzio Marc	Officer (General Counsel & Secretary)	2026-04-28	S	(3,991)	$8.60	-$34,323
2026-04-08	Baes Nicholas	Officer (Chief Operating Officer)	2026-04-06	S	(711)	$7.56	-$5,375
2026-03-31	D'Annunzio Marc	Officer (General Counsel and Secretary)	2026-03-30	S	(5,342)	$7.08	-$37,815
2026-03-31	D'Annunzio Marc	Officer (General Counsel and Secretary)	2026-03-27	S	(6,422)	$8.55	-$54,908
2026-02-27	D'Annunzio Marc	Officer (General Counsel and Secretary)	2026-02-24	S	(785)	$10.09	-$7,924
2025-12-23	Henderson Joseph Sean-Walsh	Officer (Chief Accounting Officer)	2025-12-19	S	(2,461)	$10.01	-$24,635
2025-12-05	Intercontinental Exchange, Inc.	10% Owner	2025-12-03	C	465,890	—	$0
2025-12-05	Intercontinental Exchange, Inc.	10% Owner	2025-12-03	C	(465,890)	—	$-0
2025-12-05	Intercontinental Exchange, Inc.	10% Owner	2025-11-03	J	649,934	—	$0
2025-12-05	Intercontinental Exchange, Inc.	10% Owner	2025-11-03	C	6,803,178	—	$0
2025-12-05	Intercontinental Exchange, Inc.	10% Owner	2025-11-03	C	(6,803,178)	—	$-0
2025-12-05	Intercontinental Exchange, Inc.	10% Owner	2025-11-03	J	465,890	$39.34	$18,328,113
2025-12-05	Intercontinental Exchange, Inc.	10% Owner	2025-11-03	J	230,680	—	$0
2025-12-05	Intercontinental Exchange, Inc.	10% Owner	2025-11-03	J	230,680	—	$0
2025-12-01	ALFRED MICHAEL	Director	2025-11-19	A	9,000	—	$0
2025-11-18	Naheta Akshay Sudhir	Director, Officer (CEO and President)	2025-11-14	M	803,861	—	$0
2025-11-18	Naheta Akshay Sudhir	Director, Officer (CEO and President)	2025-11-14	M	(803,861)	—	$-0
2025-11-18	Naheta Akshay Sudhir	Director, Officer (CEO and President)	2025-11-14	M	803,861	—	$0
2025-11-18	Naheta Akshay Sudhir	Director, Officer (CEO and President)	2025-11-14	M	(803,861)	—	$-0
2025-11-18	D'Annunzio Marc	Officer (General Counsel & Secretary)	2025-11-14	F	(495)	$21.61	-$10,697
2025-11-18	Baes Nicholas	Officer (Chief Operating Officer)	2025-11-14	F	(198)	$21.61	-$4,279
2025-11-18	Alexander Karen	Officer (Chief Financial Officer)	2025-11-14	F	(121)	$21.61	-$2,615
2025-11-14	Naheta Akshay Sudhir	Director, Officer (CEO and President)	2025-11-12	M	33,557	$10.00	$335,570
2025-11-14	Naheta Akshay Sudhir	Director, Officer (CEO and President)	2025-11-12	M	(33,557)	—	$-0
2025-11-14	D'Annunzio Marc	Officer (General Counsel & Secretary)	2025-11-12	M	1,677	$10.00	$16,770
2025-11-14	D'Annunzio Marc	Officer (General Counsel & Secretary)	2025-11-12	M	(1,677)	—	$-0
2025-11-14	Baes Nicholas	Officer (Chief Operating Officer)	2025-11-12	M	671	$10.00	$6,710
2025-11-14	Baes Nicholas	Officer (Chief Operating Officer)	2025-11-12	M	(671)	—	$-0
2025-11-14	Alexander Karen	Officer (Chief Financial Officer)	2025-11-12	M	335	$10.00	$3,350
2025-11-14	Alexander Karen	Officer (Chief Financial Officer)	2025-11-12	M	(335)	—	$-0
2025-11-13	Henderson Joseph Sean-Walsh	Officer (Chief Accounting Officer)	2025-11-12	S	(169)	$21.50	-$3,634
2025-11-13	Henderson Joseph Sean-Walsh	Officer (Chief Accounting Officer)	2025-07-15	S	(95)	$18.75	-$1,781
2025-11-05	Intercontinental Exchange, Inc.	10% Owner	2025-11-03	J	649,934	—	$0
2025-11-05	Intercontinental Exchange, Inc.	10% Owner	2025-11-03	M	6,803,178	—	$0
2025-11-05	Intercontinental Exchange, Inc.	10% Owner	2025-11-03	M	(6,803,178)	—	$-0
2025-11-05	Intercontinental Exchange, Inc.	10% Owner	2025-11-03	J	465,890	$39.34	$18,328,113
2025-11-05	Intercontinental Exchange, Inc.	10% Owner	2025-11-03	J	230,680	—	$0
2025-11-05	Intercontinental Exchange, Inc.	10% Owner	2025-11-03	J	230,680	—	$0
2025-11-04	D'Annunzio Marc	Officer (General Counsel & Secretary)	2025-11-03	M	48,188	—	$0
2025-11-04	D'Annunzio Marc	Officer (General Counsel & Secretary)	2025-11-03	M	(48,188)	—	$-0
2025-11-04	Naheta Akshay Sudhir	Director, Officer (CEO and President)	2025-11-03	A	69,733	$39.34	$2,743,296
2025-11-04	D'Annunzio Marc	Officer (General Counsel & Secretary)	2025-10-31	A	134,228	—	$0
2025-11-04	Baes Nicholas	Officer (Chief Operating Officer)	2025-10-31	A	53,691	—	$0
2025-11-04	Alexander Karen	Officer (Chief Financial Officer)	2025-10-31	A	26,846	—	$0
2025-11-04	Naheta Akshay Sudhir	Director, Officer (CEO and President)	2025-10-31	A	1,342,282	—	$0
2025-10-30	ALFRED MICHAEL	Director	2025-10-30	A	139	—	$0
2025-09-29	Baes Nicholas	Officer (Chief Operating Officer)	2025-09-25	F	(810)	$20.00	-$16,200
2025-08-29	Alexander Karen	Officer (Chief Financial Officer)	2025-08-28	F	(483)	$8.89	-$4,294
2025-08-25	Naheta Akshay Sudhir	Director, Officer (CEO and President)	2025-08-22	P	30,000	$8.55	$256,389
2025-08-25	Naheta Akshay Sudhir	Director, Officer (CEO and President)	2025-08-21	P	100,000	$8.18	$818,150
2025-08-25	Naheta Akshay Sudhir	Director, Officer (CEO and President)	2025-08-21	P	50,000	$8.00	$399,865
2025-07-16	D'Annunzio Marc	Officer (General Counsel & Secretary)	2025-07-15	S	(559)	$18.21	-$10,179
2025-07-16	Main Andrew A	Director, Officer (Co-CEO & President)	2025-07-15	S	(14,440)	$18.21	-$262,952
2025-07-16	Alexander Karen	Officer (Chief Financial Officer)	2025-07-15	S	(671)	$18.21	-$12,219
2025-06-20	Collins Sean Roberts	Director	2025-06-17	A	30,191	—	$0
2025-06-20	BROWN COLLEEN B	Director	2025-06-17	A	16,543	—	$0
2025-06-20	Simeone Jill	Director	2025-06-17	A	16,543	—	$0
2025-06-20	GOLDBERG MICHELLE J	Director	2025-06-17	A	16,543	—	$0
2025-06-20	Dow De'Ana	Director	2025-06-17	A	16,543	—	$0
2025-06-20	Watson Gordon	Director	2025-06-17	A	20,679	—	$0
2025-05-15	D'Annunzio Marc	Officer (General Counsel & Secretary)	2025-05-14	S	(10,000)	$14.21	-$142,082
2025-05-15	Dow De'Ana	Director	2025-05-14	S	(19,200)	$12.89	-$247,530
2025-04-30	D'Annunzio Marc	Officer (General Counsel & Secretary)	2025-04-28	F	(3,501)	$8.93	-$31,264
2025-04-30	Alexander Karen	Officer (Chief Financial Officer)	2025-04-28	F	(4,174)	$8.93	-$37,274
2025-04-30	Baes Nicholas	Officer (Chief Operating Officer)	2025-04-28	F	(2,528)	$8.93	-$22,575
2025-04-23	Naheta Akshay Sudhir	Director, Officer (Co-CEO)	2025-04-21	A	11,426	—	$0
2025-04-23	Naheta Akshay Sudhir	Director, Officer (Co-CEO)	2025-04-21	A	1,607,717	—	$0
2025-04-15	D'Annunzio Marc	Officer (General Counsel & Secretary)	2025-04-11	A	34,211	—	$0
2025-04-15	Henderson Joseph Sean-Walsh	Officer (Chief Accounting Officer)	2025-04-11	A	6,315	—	$0
2025-04-15	Baes Nicholas	Officer (Chief Operating Officer)	2025-04-11	A	34,211	—	$0
2025-04-15	Alexander Karen	Officer (Chief Financial Officer)	2025-04-11	A	34,211	—	$0
2025-04-15	Main Andrew A	Director, Officer (Co-CEO & President)	2025-04-11	A	58,265	—	$0
2025-04-10	Baes Nicholas	Officer (Chief Operating Officer)	2025-04-09	F	(800)	$9.08	-$7,264
2025-03-31	Main Andrew A	Director, Officer (Co-CEO & President)	2025-03-27	F	(51,147)	$10.94	-$559,548
2025-02-21	D'Annunzio Marc	Officer (General Counsel & Secretary)	2025-02-19	F	(174)	$14.84	-$2,582
2025-02-21	D'Annunzio Marc	Officer (General Counsel & Secretary)	2025-02-19	F	(852)	$14.84	-$12,644
2025-02-21	Alexander Karen	Officer (Chief Financial Officer)	2025-02-19	F	(209)	$14.84	-$3,102
2025-02-21	Alexander Karen	Officer (Chief Financial Officer)	2025-02-19	F	(1,015)	$14.84	-$15,063
2025-02-18	D'Annunzio Marc	Officer (General Counsel & Secretary)	2025-02-13	A	3,495	—	$0
2025-02-18	Alexander Karen	Officer (Chief Financial Officer)	2025-02-13	A	3,495	—	$0
2025-02-18	Main Andrew A	Director, Officer (Chief Exec Officer & President)	2025-02-13	A	60,967	—	$0
2025-02-07	D'Annunzio Marc	Officer (General Counsel & Secretary)	2025-02-05	F	(347)	$17.56	-$6,093
2025-02-07	Alexander Karen	Officer (Chief Financial Officer)	2025-02-05	F	(173)	$17.56	-$3,038
2025-02-07	D'Annunzio Marc	Officer (General Counsel & Secretary)	2025-01-22	F	(809)	$28.84	-$23,332
2024-12-26	Alexander Karen	Officer (Chief Financial Officer)	2024-12-23	F	(362)	$27.56	-$9,977
2024-12-26	Baes Nicholas	Officer (Chief Operating Officer)	2024-12-23	A	49,907	—	$0
2024-12-19	Henderson Joseph Sean-Walsh	Officer (Chief Accounting Officer)	2024-12-17	A	6,546	—	$0
2024-09-12	BROWN COLLEEN B	Director	2024-09-11	A	12,228	—	$0
2024-07-01	Collins Sean Roberts	Director	2024-06-28	A	21,875	—	$0
2024-07-01	Simeone Jill	Director	2024-06-28	A	11,364	—	$0
2024-07-01	GOLDBERG MICHELLE J	Director	2024-06-28	A	11,364	—	$0
2024-07-01	Dow De'Ana	Director	2024-06-28	A	11,364	—	$0
2024-07-01	Dow De'Ana	Director	2024-06-28	A	11,364	—	$0
2024-07-01	Lumb Richard	Director	2024-06-28	A	11,364	—	$0
2024-07-01	Watson Gordon	Director	2024-06-28	A	14,205	—	$0
2024-06-03	Alexander Karen	Officer (Chief Financial Officer)	2024-05-30	A	23,541	—	$0
2024-06-03	D'Annunzio Marc	Officer (General Counsel & Secretary)	2024-05-30	A	23,541	—	$0