Bakkt Holdings, Inc. (BKKT) AI Stock Analysis

Bakkt Holdings, Inc. operates a digital asset platform designed to facilitate the buying, selling, conversion, and spending of digital assets. Catering to merchants, retailers, and financial institutions, the platform serves as an ecosystem for engaging with cryptocurrencies. Bakkt has partnered with Global Payments to integrate cryptocurrency redemption into loyalty programs and expand banking-as-a-service offerings. Founded in 2018 and headquartered in Alpharetta, Georgia, the company operates as a subsidiary of Intercontinental Exchange Holdings, Inc. It leverages its parent company's infrastructure to facilitate transactions and foster adoption of cryptocurrencies across everyday financial services.

Annual revenue expanded from $39.4M in FY2021 to $56.2M in FY2022 and $780.1M in FY2023, before reaching $3.49B in FY2024. In FY2025, revenue contracted by 33.1% to $2.34B. Gross margin moved from -349.5% in FY2021 to 1.1% in FY2025, while operating margin was -6.1% in FY2025. Net income stood at -$107.2M in FY2025 compared to -$46.7M in FY2024. For the trailing twelve months, revenue reached $1.12B with an operating margin of -10.8% and an EPS of -$3.67. In the latest quarter ended June 30, 2026, quarterly revenue fell 70.1% year-over-year.

As of June 30, 2026, Bakkt held $70.6M in cash and short-term investments against total debt of $63,000, resulting in net cash of $70.5M. The company reported a current ratio of 3.14 and a debt-to-equity ratio of 0.00, alongside shareholders' equity of $354.4M. For FY2025, operating cash flow was -$149.3M and free cash flow was -$153.4M, with capital expenditures totaling $3.8M. Over five years, its share count changed by -22.8%.

Bakkt trades at a market capitalization of $251.9M and an enterprise value of $346.8M. Its price-to-sales ratio is 0.2x, below the 2.8x median of its US-listed Technology peers. Its EV-to-EBITDA ratio stands at 0.8x compared to the peer median of 16.6x, while price-to-book is 1.1x. The stock closed at $5.59 on October 16, 2026, down 40.5% from its 200-day average. Over the past year, the shares returned -85.7%, trailing the 16.8% return for the S&P 500 (SPY). Over five years, the stock returned -97.6% versus 83.0% for SPY.

Wall Street coverage consists of 1 Strong Buy rating, 0 Buy, 0 Hold, 0 Sell, and 0 Strong Sell ratings. The mean price target is $12.00, which represents 114.7% upside relative to the last close of $5.59. For the current fiscal year ending December 31, 2026, consensus expectations project revenue of $1.20B and an EPS of $2.55, with revenue estimate for the next fiscal year at $0. Bakkt has recorded 1 EPS beat over the last 4 quarters, and its next earnings date is November 9, 2026.

This page is an AI-written research summary of Bakkt Holdings, Inc. (BKKT). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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