Feed / BKKT

Bakkt, Inc.

BKKT

Technology · 7.93 -3.8% today

Isolated · not yet confirmedMarket checked 10 Sept, 15:55 GMT-4

Market read

Bakkt, Inc.'s current read is isolated; its market group is not confirming.

No new filing conclusion is available. 0 of 14 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 4 directly disclosed connections are confirming.

Company-3.8% todayVolume comparison unavailable
Market group0 of 14 activeLogistics & Asset Management · unavailable
Disclosed network0 of 4 confirmingNo filing-linked name is confirming now
What would change this read
  • BKKT's market-adjusted activity becomes unusual and at least one connected name confirms.

Invalidation: The isolated read changes if BKKT's group or a disclosed connection begins moving with it.

Watch this read

Research brief

The story so far

Technology · Software - Infrastructure

No new filing conclusion is available. 0 of 14 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 4 directly disclosed connections are confirming.

Evidence that supports

No thresholded supportive filing evidence is available yet.

Evidence that challenges

No thresholded adverse filing evidence is available yet.

What would clarify the read
  • BKKT's market-adjusted activity becomes unusual and at least one connected name confirms.

Company research

Understand the business, not just the ticker

As of Sep 11, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods5
Price observations319
Usable filing statements25
Verified relationships5
Evidence supporting the case

No qualifying supportive evidence was identified.

Evidence challenging the case
  • Latest annual revenue changed -32.1% year over year.
  • Operating margin changed -3.9 percentage points in the latest annual period.
  • Net margin changed -3.2 percentage points in the latest annual period.
Questions before a position

No credible peer-relative valuation comparison is available yet.

Longer-term price context

Price as of Sep 10, 2026

7.93
6m-17.1%12m-8.0%24m
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2020-12-31$28.5M
2022-12-31$56.2M+97.3%$-203.08
2023-12-31$727.0M+1193.0%$-21.01+25.2%
2024-12-31$3.4B+373.3%$-7.97
2025-12-31$2.3B-32.1%$-8.87

What management says matters

Persistent and emerging business drivers

Credit and interest ratesmixed · 1 filings
The ICE Credit Facility also contained various customary events of default that included, among others, payment defaults, breach of covenants, inaccuracy of representations and warranties, cross defaults to certain other indebtedness, bankruptcy and insolvenc…
10-K · Mar 19, 2026
Demand and volumemixed · 1 filings
An action for failure to register as a broker, dealer, national securities exchange, or clearing agency when such registration was required could result in injunctions, cease and desist orders, as well as civil monetary penalties, fines and disgorgement, crim…
10-K · Mar 19, 2026
Legal and regulatory exposuremixed · 1 filings
We continue to monitor guidance, rulemaking, and interpretive statements issued by the DFPI regarding the scope and application of the DFAL.
10-K · Mar 19, 2026
Restructuring and cost reductionsmixed · 1 filings
Due to the significance of Webull to the Company's historical Crypto services revenue, Bakkt management determined that the non-renewal notification was a triggering event indicating a potential impairment of the Company's goodwill during the three months end…
10-K · Mar 19, 2026

Valuation discipline

Peer-relative valuation withheld

Jodie found no industry-matched filing peers suitable for a valuation comparison. It will not substitute broader financial-sector names.

Scenario scaffold

Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.

Price action

How the market is pricing the story

7.93-3.8% today

Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.

Developments

No sourced recent-development timeline yet

Jodie has not returned a relevant primary source or news item for BKKT. This is an evidence-coverage gap, not a conclusion that nothing material happened.

Business and financial condition

Reported financial figures are not available yet

Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.

Filing analysis

No comparable filing assessment is available yet

Jodie has not yet found a suitable current-versus-prior filing comparison for BKKT. This does not mean the latest filing was neutral or immaterial.

Business ecosystem

The relationships behind BKKT

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Depends on

BTGOBitGo Holdings, Inc.supplierMar 19, 2026

Custody Services for the Digital Assets Supported for Trading BFS has third-party custodial relationships with Fireblocks Trust Company, LLC (“Fireblocks Custody”), Coinbase Custody Trust Company (“Coinbase Custody”), and BitGo Trust Company (“BitGo”), which…

COINCoinbase Global, Inc.supplierMar 19, 2026

Custody Services for the Digital Assets Supported for Trading BFS has third-party custodial relationships with Fireblocks Trust Company, LLC (“Fireblocks Custody”), Coinbase Custody Trust Company (“Coinbase Custody”), and BitGo Trust Company (“BitGo”), which…

Depended on by

ICEIntercontinental Exchange, Inc.investeeApr 30, 2026

Our equity method investments include OCC and Bakkt, among others.

Filing peers

Companies whose filings use similar operating language.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks 1 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

BKKT is currently a Follower in the organic co-movement group Logistics & Asset Management. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.

This group is retained as the last observed read for BKKT; it is not active in the latest market snapshot.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.