Bakkt (BKKT) Company Report

Bakkt Holdings, Inc. (BKKT) has established an at-the-market (ATM) equity program, allowing it to offer and sell shares of its common stock for aggregate gross proceeds of up to $300 million.
As of January 20, 2026, no shares have been sold under the ATM program.
The program is intended to enhance Bakkt's financial flexibility and position the company to capitalize on attractive growth opportunities.
Bakkt plans to use this flexibility to accelerate its long-term growth strategy, including expanding the Bakkt Agent initiative, scaling Zaira\u2019s stablecoin payments platform, and accelerating expansion plans in Japan and India.

Jan 20, 2026, 2:31 PM

Press Release

Bakkt Holdings Enters $300 Million At-The-Market Equity Offering Agreement

BKKT

Bakkt Holdings, Inc. entered into a Sales Agreement on January 16, 2026, with multiple sales agents, including The Benchmark Company, LLC, Virtu Americas LLC, Clear Street LLC, Cohen & Company Capital Markets, Macquarie Capital (USA) Inc., Rosenblatt Securities Inc., and Roth Capital Partners, LLC.
Under this agreement, the company may sell up to an aggregate sales price of $300,000,000 of its Class A common stock through an "at the market offering".
The sales will be conducted under the Company's Registration Statement on Form S-3, which became effective on July 3, 2025, and a prospectus supplement dated January 20, 2026.
Bakkt Holdings, Inc. is not obligated to make any sales under this agreement and will pay commissions to the sales agents for any shares sold.

Jan 20, 2026, 2:29 PM

8-K

Bakkt Holdings, Inc. Announces Preliminary Q4 2025 Results and Strategic Updates

BKKT

Earnings

Legal Proceedings

New Projects/Investments

Bakkt Holdings, Inc. reported preliminary Q4 2025 gross digital asset revenues estimated between $298 million and $300 million, with available cash, cash equivalents, and restricted cash at December 31, 2025, estimated between $26 million and $28 million.
The company initiated legal action against the purchaser of its Loyalty Business to recover approximately $5 million in "Wrong Pockets Cash" and unpaid promissory note obligations, following the sale's completion on October 1, 2025.
Bakkt is investing approximately $10 million to subscribe to 47,500,000 warrants in Transchem Ltd., an Indian company, as part of its Bakkt Global expansion strategy.
Bakkt plans to host an Investor Day on March 17, 2026, and anticipates reporting its final Q4 2025 and annual 2025 results during a conference call in March.

Jan 20, 2026, 11:05 AM

8-K

Bakkt Holdings to Acquire DTR, Announces Name Change and Preferred Stock Conversion

BKKT

M&A

Convertible Preferred Issuance

New Projects/Investments

Bakkt Holdings, Inc. has agreed to acquire Distributed Technologies Research Ltd. (DTR), a global stablecoin payment infrastructure provider, to advance its stablecoin settlement and programmable payments strategy.
The consideration for the acquisition involves Bakkt issuing shares of its Class A common stock representing 31.5% of the "Bakkt Share Number", which is estimated at approximately 9,128,682 shares as of the announcement date.
The company plans to change its corporate name to "Bakkt, Inc." effective January 22, 2026, though it will continue to trade under the ticker symbol "BKKT" on the New York Stock Exchange.
All outstanding Series A Non-Voting Convertible Preferred Stock automatically converted into Class A common stock on December 3, 2025, with a Certificate of Elimination filed on January 9, 2026, to reflect this change.

Jan 12, 2026, 1:10 PM

8-K

Bakkt Holdings to Acquire Distributed Technologies Research Ltd.

BKKT

M&A

New Projects/Investments

Proxy Vote Outcomes

Bakkt Holdings, Inc. (BKKT) has agreed to acquire Distributed Technologies Research Ltd. (DTR), a global stablecoin payment infrastructure provider.
As consideration for DTR, Bakkt will issue shares of its Class A common stock representing 31.5% of the "Bakkt Share Number," which is approximately 9,128,682 shares based on the date of the announcement.
The acquisition is expected to accelerate Bakkt's global stablecoin settlement and programmable payments strategy, reduce third-party dependency, and support future revenue generation across payments and banking use cases, preparing the company to launch its neobanking strategy.
Intercontinental Exchange, Inc., which beneficially owns approximately 31% of Bakkt's outstanding Class A common stock, has agreed to vote in favor of the transaction.
Bakkt also intends to change its corporate name to "Bakkt, Inc." effective January 22, 2026, and will host an Investor Day on March 17, 2026.

Jan 12, 2026, 1:00 PM

Press Release

Bakkt Holdings Recasts 2024 Financials and Announces Strategic Exits Amid Client Loss and Going Concern Doubt

BKKT

Accounting Changes

M&A

Demand Weakening

Bakkt Holdings, Inc. has recast its financial information for all periods presented in its 2024 Form 10-K to reflect the Loyalty Business as discontinued operations, following the completion of its sale on October 1, 2025.
The company also entered into an agreement on March 17, 2025, to sell all outstanding equity interests of Bakkt Trust for $1.5 million plus the assumption of approximately $3.0 million in regulatory capital requirements.
Webull, Bakkt's largest crypto client, which accounted for approximately 74% of Crypto services revenue in 2024, notified the company on March 14, 2025, that it will not renew its agreement after June 14, 2025.
For the year ended December 31, 2024, continuing operations generated $3,441,056 thousand in total revenues and a net loss of $(94,411) thousand.
With an accumulated deficit of $798.0 million as of December 31, 2024, the company faces substantial doubt about its ability to continue as a going concern, though management believes planned cost reductions will alleviate this.

Dec 10, 2025, 9:04 PM

8-K

Bakkt Holdings, Inc. announces director resignations and amends CEO's employment and PSU award

BKKT

Board Change

Management Change

Executive Compensation

Bakkt Holdings, Inc. announced the resignations of directors Michelle Goldberg and Jill Simeone on November 8, 2025, and November 7, 2025, respectively, with 16,543 unvested RSUs vesting for each.
The company entered into an Amended and Restated Employment Agreement with co-Chief Executive Officer Akshay Naheta on November 14, 2025, which included an amendment to his performance-based restricted stock unit (PSU) award terms on November 13, 2025, allowing vesting upon achievement of performance conditions regardless of the one-year anniversary of the grant date.
Akshay Naheta's PSU award totals 1,607,717 PSUs, with 535,909 PSUs eligible to vest if the company's stock price appreciates by 100% above $9.33 (measured based on a rolling 90-day VWAP), and additional tranches for further 25% appreciation.
His compensation package also includes an annual base salary of $100,000, a one-time PSU award with a grant date value of $15,000,000, and a sign-on RSU grant of at least $150,000.

Nov 14, 2025, 10:21 PM

8-K

Bakkt Holdings, Inc. Reports Q3 2025 Results and Nears Transformation Completion

BKKT

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

Bakkt Holdings, Inc. reported Q3 2025 total GAAP revenue of $402 million, a 27% year-over-year increase, primarily driven by higher crypto trading activities. The company ended the quarter with approximately $64 million in cash and restricted cash and no debt, reflecting a strengthened financial foundation.
The company is nearing completion of its transformation into a pure-play digital asset infrastructure company, with the process expected to be largely complete by the end of Q4 2025. This transformation included the collapse of its Up-C capital structure on November 3, eliminating dual-class shares and simplifying the corporate entity.
Bakkt is focused on accelerating its three growth engines—Bakkt Markets, Bakkt Agent, and Bakkt Global—with Q4 2025 milestones including customer growth for Bakkt Markets, new distribution partnerships for Bakkt Agent, and international expansion for Bakkt Global.

Nov 12, 2025, 11:05 AM

8-K

Bakkt Holdings, Inc. Reports Third Quarter 2025 Results

BKKT

Earnings

M&A

Board Change

Bakkt Holdings, Inc. reported GAAP revenue of $402.2 million for Q3 2025, a 27% increase year-over-year, and Adjusted EBITDA of $28.7 million, up 241% year-over-year, alongside a GAAP net loss of $23.2 million.
The company ended the quarter with $64.4 million in cash and restricted cash and no long-term debt.
Bakkt completed the sale of its Loyalty business on October 1, 2025, and closed the Up-C collapse on November 3, 2025, which simplified its capital structure.
Richard Galvin was appointed to the Board of Directors, along with Mike Alfred and Lyn Alden, strengthening board leadership.

Nov 10, 2025, 11:44 PM

8-K

Bakkt Reports Strong Q3 2025 Results and Nears Completion of Transformation

BKKT

Earnings

New Projects/Investments

Guidance Update

Bakkt reported strong Q3 2025 financial results, with adjusted EBITDA of $29 million and adjusted net income from continued operations of $15.7 million, a significant improvement from a loss of $20.4 million in Q3 2024.
The company ended the quarter with $64 million in cash and restricted cash and no debt, following a capital raise of approximately $100 million and the elimination of all outstanding debt between Q2 and Q3 2025.
Bakkt is nearing completion of its transformation into a pure-play digital asset infrastructure company, expected to be largely finished by the end of Q4 2025, and has simplified its capital structure by collapsing the UP-C structure on November 3rd.
The company is focused on three growth engines—Bakkt Markets, Bakkt Agent, and Bakkt Global—and plans to release 2026 KPIs and host an investor day in Q1 2026.