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Bakkt, Inc. BKKT R2K

Technology · Software - Infrastructure · United States
https://www.bakkt.com

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.

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$10.87
-6.62% 1Y

Market & Price

Market Cap
$485.96M
Current Price
$10.87
High / Low (52W)
$45.04 / $6.95
Beta
5.86

Valuation

Stock P/E
-
Industry PE
32.74
Forward P/E
11.32
PEG Ratio
-
Book Value
$5.56
Price to Book
1.95
P/S
0.32
EV/EBITDA
-3.46
Dividend Yield
-

Profitability & Returns

ROCE
-109.21%
ROE
-101.96%
ROA
-37.38%
Profit Margin
-8.37%
Op Margin
-6.95%
EPS (Latest Qtr)
$-0.41
EPS (TTM)
$-8.37

Balance Sheet & Liquidity

Debt/Equity
0.05
Quick Ratio
2.96
Current Ratio
4.13
Debt
$79.00K
Total Assets
$162.79M
Current Assets
$72.20M
Working Capital
$39.17M

Ownership

Promoter Holding
40.10%
Chg in Prom Hold
-
FII / Inst Holding
21.43%
Chg in FII Hold
-

Financial Snapshot

Enterprise Value
$403.12M
Total Revenue (TTM)
$1.51B
EBITDA
$-116.57M
Free Cash Flow
$-11.74M
Operating Cash Flow
$-64.21M
Shares Outstanding
44.71M
Gross Margin
-6.91%
Payout Ratio
0.00%

Growth (CAGR)

Revenue 5Y
246.31%
Profit 5Y
27.15%
Revenue (YoY)
-77.10%
Earnings (YoY)
-

PROS

  • Compounding revenue at 246.3% over 5 years.
  • Profit CAGR of 27.2% over 5 years.

CONS

  • Trading 75.9% below its 52-week high.
  • In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Technology).

#NameCMP $P/E Mkt CapDiv Yld % ROCE %ROE % Rev CAGR 5Y %Profit CAGR 5Y %
1 BKKT Bakkt, Inc. R2K 10.87 - $485.96M - -109.21% -101.96% 246.31% 27.15%
2 NVDA NVIDIA Corporation NDXSPXAI 211.14 32.38 $5.11T 0.47% 81.14% 114.29% 100.05% 201.80%
3 AAPL Apple Inc. NDXSPX 312.06 37.73 $4.58T 0.35% 68.72% 141.47% 1.81% 3.92%
4 MSFT Microsoft Corporation NDXSPXAI 450.24 26.82 $3.34T 0.81% 26.37% 34.01% 12.42% 11.87%
5 TSM Taiwan Semiconductor Manufacturing Company Limited AI 418.45 35.86 $2.17T 0.91% 32.04% 36.21% 18.94% 19.57%
6 MU Micron Technology, Inc. NDXSPXAI 971.00 45.87 $1.10T 0.06% 14.20% 39.82% 6.71% -0.57%
7 AMD Advanced Micro Devices, Inc. NDXSPXAI 516.10 172.61 $841.55B - 6.33% 8.06% 13.64% 48.64%
8 ORCL Oracle Corporation SPXAI 225.78 40.46 $649.35B 0.89% 13.07% 57.57% 10.59% 22.81%
9 ASML ASML Holding N.V. NDXAI 1,612.76 53.76 $621.59B 0.54% 43.81% 52.24% 15.55% 19.55%
Ad space

Quarterly Results

Figures in USD.

Metric Sep 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Mar 2023Jun 2023Sep 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue -8.14M8.49M9.14M11.48M12.53M14.04M13.21M13.22M347.63M204.77M854.58M509.90M--1.07B577.88M402.21M299.17M243.59M
Cost of Revenue ---------------1.05B561.07M396.81M295.87M239.97M
Gross Profit ---------------11.12M16.81M5.40M3.31M3.62M
Operating Expenses ---------------26.33M35.30M25.07M94.02M20.55M
Operating Income -17.54K-28.41M-31.32M-29.86M-74.55M-48.49M-43.55M-1.59B-45.45M-51.09M-52.86M-31.84M-22.02M---15.21M-18.49M-19.68M-90.71M-16.92M
EBITDA ----------------14.99M-18.34M-21.38M-90.63M-16.86M
Interest Expense -----------------50.00K--
Pretax Income ---------------19.44M-30.09M-21.58M-68.43M-11.42M
Tax Provision ---------------49.00K60.00K-25.00K-150.00K12.00K
Net Income -3.03M-28.82M-31.89M-28.85M-43.99M-7.13M-3.90M-468.13M-13.98M-16.85M-17.33M-8.16M-16.42M--7.71M-14.73M-14.92M-85.27M-11.65M
Diluted EPS -----0.81-0.14-0.05-6.11-4.27-4.69-4.74-1.86-2.67--2.951.13-2.16-1.15--0.41

Profit & Loss (Annual)

Figures in USD.

Metric Dec 2020Dec 2022Dec 2023Dec 2024Dec 2025
Revenue 28.50M56.22M726.99M3.44B2.34B
Cost of Revenue -1.66M718.51M3.40B2.31B
Gross Profit -54.57M8.48M37.85M26.85M
Operating Expenses -231.89M119.41M111.37M168.57M
Operating Income -79.12M-177.32M-110.93M-73.52M-141.71M
EBITDA --151.97M-97.00M-73.18M-141.11M
Interest Expense -----
Pretax Income --2.00B-153.30M-94.30M-97.38M
Tax Provision --11.32M355.00K110.00K-49.00K
Net Income -79.61M-578.11M-74.85M-46.66M-107.21M
Diluted EPS --203.08-21.01-7.97-8.87

Compounded Sales Growth

5 Years:246.31%
1 Year:-77.10%

Compounded Profit Growth

5 Years:27.15%
1 Year:-

Stock Price Performance

1 Year:-6.62%
6 Months:-29.28%
3 Months:+13.70%
1 Month:+38.30%

Balance Sheet (Annual)

Figures in USD.

Metric Jul 2020Dec 2020Oct 2021Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Total Assets -468.38M--455.50M265.31M269.38M162.79M
Current Assets ----326.46M181.09M183.84M72.20M
Cash & Equivalents -75.36M13.91M-98.33M52.88M39.05M26.96M
Inventory --------
Receivables ----25.31M29.66M6.00M4.34M
Total Liabilities -58.59M--119.43M129.60M206.52M50.01M
Current Liabilities -51.08M--92.13M100.52M137.72M33.03M
Long Term Debt --------
Total Debt ----26.42M27.16M19.90M549.00K
Total Equity 05.00M--96.26M48.28M33.89M112.78M
Shares Outstanding ----3.24M3.79M6.51M25.52M

Cash Flows (Annual)

Figures in USD.

Metric Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Operating Cash Flow -30.94M--117.60M-60.70M-21.20M-153.40M
Investing Cash Flow -7.93M--171.96M65.97M14.13M-38.12M
Financing Cash Flow 37.49M--2.58M-2.63M43.82M82.08M
Capital Expenditure ---30.54M-9.43M-3.09M-3.82M
Free Cash Flow ---148.14M-70.13M-24.29M-157.22M
Net Change in Cash ---292.14M2.64M36.75M-109.44M
Share Buybacks --2.59M2.63M2.69M-

Ratios (Annual)

Figures in %.

Metric Dec 2020Dec 2022Dec 2023Dec 2024Dec 2025
Gross Margin % -97.1%1.2%1.1%1.1%
Operating Margin % -277.7%-315.4%-15.3%-2.1%-6.1%
Net Margin % -279.4%-1,028.2%-10.3%-1.4%-4.6%
ROE % -1,592.1%-600.5%-155.0%-137.7%-95.1%
ROCE % -19.0%-48.8%-67.3%-55.8%-109.2%

Shareholding Pattern

Insiders
40.10%
Institutions
21.43%
Public Float
35.78%

Top Institutional Holders

#Holder% HeldSharesValue
1 Blackrock Inc. 2.59% 1.15M $12.54M
2 Alyeska Investment Group, L.p. 2.29% 1.02M $11.13M
3 Tidal Investments LLC 2.12% 947.55K $10.30M
4 Weiss Asset Management Lp 1.52% 678.53K $7.38M
5 Vanguard Capital Management LLC 1.40% 623.34K $6.78M
6 Geode Capital Management, LLC 1.28% 569.84K $6.19M
7 LMR Partners LLP 1.27% 566.97K $6.16M
8 Renaissance Technologies, LLC 0.99% 441.10K $4.79M
9 Citadel Advisors Llc 0.82% 367.09K $3.99M
10 Horizon Kinetics Asset Management LLC 0.71% 316.54K $3.44M

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