Download PDF

1. Company Snapshot

1.a. Company Description

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.

Show Full description

1.b. Last Insights on BKKT

Bakkt Holdings' recent performance was negatively driven by a lack of significant updates or catalysts. The company's Q4 2024 results are expected on March 17, 2024, but there are no hints of a potential earnings beat or a significant increase in revenue. Additionally, the absence of a share buyback program or any notable acquisitions has limited investor enthusiasm. Furthermore, the company's focus on expanding its cryptocurrency offerings has not yet translated into significant revenue growth.

1.c. Company Highlights

2. Bakkt's Q3 2025 Earnings: A Strong Foundation for Future Growth

Bakkt's financial performance in Q3 2025 was marked by a significant improvement in adjusted EBITDA, which reached $28.7 million, compared to a loss of $20.4 million in Q3 2024. Total GAAP revenue was $402 million, up 27% year-over-year, primarily driven by higher crypto trading activities. However, the actual EPS came out at -$2.81, relative to estimates at -$0.73, indicating a wider loss than expected. The company's adjusted net income from continuing operations was $15.7 million. Bakkt ended the quarter with $64 million in cash, cash equivalents, and restricted cash, with no long-term debt, reflecting a disciplined financial foundation.

Publication Date: Nov -20

📋 Highlights
  • Strong Financial Performance:: Delivered $29M adjusted EBITDA and $64M in cash/restricted cash with no debt.
  • Revenue Growth:: Total GAAP revenue rose 27% YoY to $402M, driven by increased crypto trading activities.
  • Strategic Restructuring:: Eliminated noncore operations, reconstituted the Board, and focused on three growth engines: Markets, Agent, and Global.
  • Margin Improvement:: Adjusted EBITDA shifted from -$20.4M in Q3 2024 to $28.7M in Q3 2025.
  • International Expansion:: Targeting Japan, South Korea, and India, with Bakkt Global aiming to tokenize $700T in global assets on blockchain.

Business Model and Growth Engines

Bakkt's business model is diversified, recurring, and designed to compound as it scales dramatically over the coming quarters. The company's three growth engines - Bakkt Markets, Bakkt Agent, and Bakkt Global - are expected to drive growth in 2026. Bakkt Markets provides institutional-grade infrastructure for digital assets, while Bakkt Agent is a programmable finance platform combining stablecoins, AI agents, and cross-border payments. Bakkt Global takes Bakkt's technology into new jurisdictions through a minority investment model. As Akshay Naheta, CEO, emphasized, "Bakkt's model is diversified, recurring, and designed to compound as it scales dramatically over the coming quarters."

Valuation and Future Prospects

With a P/S Ratio of 0.07 and an EV/EBITDA of -3.13, Bakkt's valuation suggests that the market is pricing in significant growth potential. Analysts estimate next year's revenue growth at 2.0%. The company's focus on maintaining a resilient and efficient balance sheet, ensuring liquidity and flexibility to execute its roadmap, is expected to drive growth in the coming quarters. Key milestones for the fourth quarter include completing the transformation, strengthening the core engine, and expanding reach across all three growth engines.

International Expansion and Partnerships

Bakkt is expanding internationally, with a focus on Japan, South Korea, and India. The company is also focused on organic growth through distribution partnerships, with the goal of releasing KPIs and announcing partnerships over the next quarter or two. This strategic expansion is expected to drive growth and increase the company's global presence.

3. NewsRoom

Card image cap

Bakkt Announces Partnership with Nexo

Feb -17

Source: globenewswire.com

Card image cap

Comparing Bakkt (NYSE:BKKT) & Strive (NASDAQ:ASST)

Jan -22

Source: defenseworld.net

Card image cap

Bakkt Provides Update on Existing Shelf Registration Statement

Jan -20

Source: globenewswire.com

Card image cap

David Vs. Goliath: Why Small Caps Are Crushing The Magnificent 7

Jan -15

Source: feeds.benzinga.com

Card image cap

BKKT Stock Alert: Halper Sadeh LLC is Investigating Whether the Merger of Bakkt Holdings, Inc. is Fair to Shareholders

Jan -12

Source: businesswire.com

Card image cap

Bakkt Agrees to Acquire Distributed Technologies Research Ltd.

Jan -12

Source: globenewswire.com

Card image cap

Bitcoin Falls Below $90K as ETF Outflows Hit Most Since November

Jan -08

Source: gurufocus.com

Card image cap

Bakkt Files Post-Effective Amendments to Form S-3 Registration Statements Following Corporate Reorganization

Dec -10

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (20.04%)

6. Segments

Crypto Services

Expected Growth: 20.6%

Increasing adoption of cryptocurrencies, growing demand for secure and regulated environments, and rising institutional investment in digital assets drive the growth of Bakkt's Crypto Services.

Loyalty Redemption Platform

Expected Growth: 12.3%

Growing demand for digital rewards redemption, increasing adoption of cryptocurrencies, and partnerships with loyalty programs drive growth in Bakkt's Loyalty Redemption Platform.

7. Detailed Products

Bakkt Cash and Custody

A regulated custodian that offers secure storage and management of digital assets

Bakkt Bitcoin Futures

A federally regulated futures exchange that offers bitcoin futures contracts

Bakkt Warehouse

A secure and regulated storage solution for digital assets

Bakkt Pay

A digital asset payment platform that enables consumers to buy, sell, and hold digital assets

Bakkt App

A mobile app that enables consumers to buy, sell, and hold digital assets

8. Bakkt Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bakkt Holdings, Inc. operates in a niche market, providing a platform for institutional investors to buy, sell, and store digital assets. While there are some substitutes available, such as other cryptocurrency exchanges, Bakkt's focus on institutional investors and its partnership with Intercontinental Exchange (ICE) provide a level of differentiation that reduces the threat of substitutes.

Bargaining Power Of Customers

Bakkt's customers are primarily institutional investors, who have limited bargaining power due to the specialized nature of Bakkt's services. Additionally, the company's partnership with ICE provides a level of stability and credibility that reduces the bargaining power of customers.

Bargaining Power Of Suppliers

Bakkt's suppliers are primarily technology and infrastructure providers, who have limited bargaining power due to the company's strong financial position and its partnership with ICE. Additionally, the company's focus on digital assets reduces its reliance on traditional suppliers.

Threat Of New Entrants

The cryptocurrency and digital asset market is rapidly evolving, and new entrants are emerging regularly. While Bakkt's partnership with ICE and its focus on institutional investors provide a level of differentiation, the company still faces a high threat from new entrants.

Intensity Of Rivalry

The cryptocurrency and digital asset market is highly competitive, with several established players competing for market share. However, Bakkt's focus on institutional investors and its partnership with ICE provide a level of differentiation that reduces the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 44.68%
Debt Cost 3.95%
Equity Weight 55.32%
Equity Cost 24.39%
WACC 15.25%
Leverage 80.76%

11. Quality Control: Bakkt Holdings, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
OneSpan

A-Score: 5.3/10

Value: 6.5

Growth: 6.6

Quality: 8.6

Yield: 4.0

Momentum: 2.5

Volatility: 3.3

1-Year Total Return ->

View Full Report
Stock-Card
Glimpse Group

A-Score: 4.5/10

Value: 7.0

Growth: 6.7

Quality: 4.4

Yield: 0.0

Momentum: 8.0

Volatility: 0.7

1-Year Total Return ->

View Full Report
Stock-Card
Veritone

A-Score: 3.7/10

Value: 6.8

Growth: 3.2

Quality: 3.6

Yield: 0.0

Momentum: 8.5

Volatility: 0.0

1-Year Total Return ->

View Full Report
Stock-Card
Bakkt Holdings

A-Score: 3.6/10

Value: 10.0

Growth: 3.4

Quality: 4.8

Yield: 0.0

Momentum: 3.5

Volatility: 0.0

1-Year Total Return ->

View Full Report
Stock-Card
Kaltura

A-Score: 3.6/10

Value: 6.9

Growth: 5.6

Quality: 5.2

Yield: 0.0

Momentum: 2.0

Volatility: 2.0

1-Year Total Return ->

View Full Report
Stock-Card
Cerberus Sentinel

A-Score: 3.1/10

Value: 9.4

Growth: 3.3

Quality: 3.8

Yield: 0.0

Momentum: 1.5

Volatility: 0.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

10.44$

Current Price

10.44$

Potential

-0.00%

Expected Cash-Flows