Bakkt
Provides crypto trading, custody connections, and stablecoin payment rails for financial platforms.
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Profile
Provides transaction-based digital-asset trading infrastructure and stablecoin payment rails for banks, fintechs, brokers, and other client platforms. After selling loyalty and trust-company assets, its smaller U.S.-based business is rebuilding around Bakkt Markets, Bakkt Agent, and Bakkt Global.
Runs a transaction-based digital-asset infrastructure platform for client applications. Bakkt Markets covers brokerage, trading, payments, stablecoin on/off-ramp access, custody integration, liquidity, and payment infrastructure; Bakkt Agent adds programmable onboarding, funding, fiat and stablecoin rails, payouts, settlement, and compliance workflows.
Operates from a small U.S.-based workforce, with current international expansion handled through Bakkt Global and regulated jurisdiction-specific investments. The active portfolio reflects a recent reset that sold the Loyalty Business and Bakkt Trust, leaving crypto and payment infrastructure as the core.
Execution depends on client integrations, liquidity and custody partners, money-transmission coverage, the New York BitLicense, and successful DTR integration for stablecoin payments.
Company facts
Categories
Key statistics
Year to date −31.6% · Average volume (30d) 1.3M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior target | Target |
|---|---|---|---|---|
| Aug 12, 2026 | Coker Palmer | Target | $13 | $12 |
| Sep 8, 2025 | Coker Palmer | Target | $13 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 10, 2026Q2 FY26 | $0.03 | $1.94 | +6,366.7% | $373.3M | $170.1M | −54.4% | −3.66% |
| May 11, 2026Q1 FY26 | −$0.10 | −$0.41 | −310.0% | $297.9M | $243.6M | −18.2% | −10.58% |
| Mar 16, 2026Q4 FY25 | −$0.55 | −$6.73 | −1,134.9% | $396.4M | $281.2M | −29.1% | −0.10% |
| Nov 10, 2025Q3 FY25 | −$0.47 | $1.20 | +355.3% | $279.9M | $402.2M | +43.7% | +2.43% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.07B | $577.9M | $402.2M | $299.2M | $243.6M | $170.1M | |
| Gross profit | $1.05B | $550.8M | −$16.2M | −$48.1M | −$3.0M | $893.0K | |
| Operating income | −$18.5M | −$18.5M | −$25.3M | −$63.8M | −$16.9M | −$19.6M | |
| Net income | $7.7M | −$14.7M | −$14.9M | −$85.3M | −$11.7M | $80.8M | |
| Diluted EPS | $1.13 | −$2.16 | −$2.19 | −$6.37 | −$0.87 | $1.94 | |
| Gross margin | 97.5% | 95.3% | -4.0% | -16.1% | -1.3% | 0.5% | |
| Operating margin | -1.7% | -3.2% | -6.3% | -21.3% | -6.9% | -11.5% |
Fiscal years (4-quarter sums)FY21 $39.4M · FY22 $55.7M · FY23 $780.1M · FY24 $3.49B · FY25 $2.35B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $70.6M · Total debt $63.0K · Total assets $403.6M · Shareholders' equity $354.4M
Dividends
No dividends on record.
Ownership
Shares outstanding 44.61M · Float 35.27M · 79.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Akshay Sudhir Naheta | 11.14M | 22.30% | 13D | May 4, 2026 |
| Akshay Sudhir Naheta · officer: Chief Executive Officer | 9.09M | 20.38% | Form 4 | May 18, 2026 |
| Intercontinental Exchange, Inc. · 10 percent owner | 7.92M | 17.75% | Form 4 | Dec 5, 2025 |
| Alyeska Investment Group, L.P. | 3.05M | 9.99% | 13G | May 15, 2026 |
| BlackRock, Inc. | 2.45M | 5.50% | 13G | Jul 27, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 18, 2026 | Michael Alfred | director | +296,567 | $7.12 |
| Jul 15, 2026 | Joseph Sean-Walsh Henderson | officer: Chief Accounting Officer | −94 | $8.33 |
| Jul 15, 2026 | Karen Alexander | officer: Chief Financial Officer | −657 | $8.44 |
| Jul 15, 2026 | Marc D'Annunzio | officer: General Counsel & Secretary | −539 | $8.44 |
| Jun 25, 2026 | Karen Alexander | officer: Chief Financial Officer | −1,907 | $7.93 |
Peers
- Coinbase
Prime brokerage, custody, exchange, and stablecoin infrastructure
- BitGo
Regulated custody, wallets, settlement, and stablecoin services
- Circle
Stablecoin network and payment rails for institutions
- PayPal
Consumer and merchant crypto payments anchored by PYUSD
- Gemini
Crypto exchange, custody, staking, and GUSD stablecoin
- Robinhood Markets
Retail brokerage crypto trading and global exchange expansion
- Bullish
Institutional spot and derivatives exchange infrastructure
- Galaxy Digital
Institutional digital-asset trading and custody technology
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Bakkt | $7.82 | +1.69% | $343.1M | — | 22.6 | 0.3 | −70.6% |
| Coinbase | $178.50 | −0.02% | $47.13B | — | 206.3 | 8.5 | −18.5% |
| BitGo | $6.90 | +0.53% | $734.7M | — | 310.8 | 0.0 | — |
| Circle | $86.80 | −0.38% | $23.29B | 46.4 | — | 8.0 | +6.6% |
| PayPal | $53.74 | +0.15% | $45.90B | 10.1 | 9.7 | 1.3 | +4.8% |
| Gemini | $4.38 | +1.39% | $525.4M | — | — | 2.7 | — |
| Robinhood Markets | $104.06 | −0.14% | $93.74B | 45.9 | 44.4 | 22.5 | +32.3% |
| Bullish | $32.60 | −0.84% | $4.99B | — | 54.5 | 0.0 | −99.8% |
| Galaxy Digital | $23.29 | +0.30% | $7.70B | — | — | 0.1 | +0.6% |
| Median | 45.9 | 54.5 | 2.0 | +2.7% |