Bakkt Holdings, Inc. (BKKT) Stock

Bakkt Holdings, Inc. (BKKT) is a Financials stock trading at $7.50 (as of 2026-08-20), with a market capitalization of $338.02M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Bakkt Holdings, Inc. operates a digital asset platform. The company's platform enables consumers to buy, sell, convert, and spend digital assets. Its customers include merchants, retailers, and financial institutions. Bakkt Holdings, Inc. has a strategic alliance with the Global Payments to collaborate on use cases starting with enabling cryptocurrency redemption in customer loyalty programs offered by bankcard clients, as well as expanding its banking-as-a-service offerings to include consumer access to cryptocurrency. The company was formerly known as VPC Impact Acquisition Holdings and changed its name to Bakkt Holdings, Inc. The company was founded in 2018 and is headquartered in Alpharetta, Georgia. Bakkt Holdings, Inc. is a subsidiary of Intercontinental Exchange Holdings, Inc.

Understand Bakkt Holdings, Inc.: how it makes money

Bakkt operates a digital asset platform that lets consumers buy, sell, convert, and spend digital assets, and it monetizes crypto trading and related loyalty redemption services.

Bakkt’s profit model is driven primarily by crypto transaction activity (reflected in Gross Crypto Revenue), with monetization linked to its Crypto Trading Take Rate and engagement shown by Active Transacting Accounts.

Revenue by segment (latest quarter)
Crypto$0.6B
Loyalty$0.0B

Business quality (Weak): Key operating signals exist (Assets Under Custody, Active Transacting Accounts, and Crypto Trading Take Rate), but segment detail is thin and profitability is currently negative.

Bull case

  • Partnership-led distribution expansion: Bakkt has a strategic alliance with Global Payments to collaborate on use cases starting with enabling cryptocurrency redemption in customer loyalty programs offered by bankcard clients, and expanding banking-as-a-service offerings to include consumer cryptocurrency access.
  • Meaningful platform activity and scale metrics: As of 2025-06-30, Bakkt reported Assets Under Custody of 1.36 USD_B and Active Transacting Accounts of 689000.0.
  • Defined monetization per crypto trade: Bakkt reported a Crypto Trading Take Rate of 44.0 (ratio), supporting the idea that trading activity can be monetized rather than relying only on custody holdings.

Bear case

  • Profitability is negative: For the latest period (2025-06-30), operating margin was -3.2.
  • Revenue concentration in crypto: The provided segment candidates show Gross Crypto Revenue at 0.57B versus Loyalty Services Net Revenue at 0.01B, suggesting limited diversification away from crypto transaction revenue.
  • Some revenue lines appear immaterial in the provided breakdown: In the segment and KPI candidates, several items are shown as 0.0 or near 0.0 (for example, Crypto Services Revenue Net of Crypto Costs and Subscription and Service Revenues), indicating limited contribution from those lines based on the available data.
Valuation — source: SEC EDGAR (first-party)
Price$7.50
Market Cap$338.02M
Price / Book0.95
Price / Sales0.14
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$2.34B
Net Margin-4.6%
Revenue Growth (YoY)-33.1%
EPS Growth (YoY)11.3%
Financial Health — source: SEC EDGAR
Altman Z-Score6.60 (safe)
Valuation vs Sector & Industry
Sector P/E (Financials)15.1
Industry P/E (Banking)12.9
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($8.49M)
Institutional Holders Tracked10
Company
SectorFinancials
IndustryBanking
CEOAkshay Naheta
Employees559
CountryUS
IPO Date2020-11-19

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BKKT earnings history · BKKT institutional & insider holders · BKKT KPIs & operating metrics · BKKT financials · BKKT investor presentations & press releases · BKKT SEC filings · BKKT peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.