Bakkt (BKKT)
Provides crypto trading, custody connections, and stablecoin payment rails for financial platforms.
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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
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 12, 2026 | Coker Palmer | Target | Target: $13 | Target: $12 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $70.6M · Total debt $63.0K · Total assets $403.6M · Shareholders' equity $354.4M
- Revenue
- $170.1M
- Operating income
- −$19.6M
- Net income
- $80.8M
No dividends on record.
| Institutions | ≈ 27.72% | 12.49M shares | |
|---|---|---|---|
| 111 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 47.13% | 21.24M shares | |
| 15 holders · as of Aug 19, 2026 | |||
| Strategic holders | 17.57% | 7.92M shares | |
| 1 holder · as of Dec 5, 2025 | |||
| Other | ≈ 7.58% | 3.42M shares | |
| remainder | |||
45.07M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Akshay Sudhir Naheta1Insiderofficer: Chief Executive Officer | 44.89% | 11.14M · 9.09M | filed May 4, 2026 |
Intercontinental Exchange, Inc.Strategic10 percent owner | 17.57% | 7.92M | filed Dec 5, 2025 |
BlackRock, Inc.Institution | 6.85% | 3.09M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 2.75% | 1.24M | as of Jun 30, 2026 |
Geode Capital Management, LLCInstitution | 2.27% | 1.02M | as of Jun 30, 2026 |
- Akshay Sudhir Naheta's transaction reports restate only vehicles that traded; the 2026 ownership statement (11.14M) is used instead.
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 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Bakkt | $9.00 | −7.50% | $434.1M | — | 26.5 | 0.4 | −70.6% |
| Coinbase | $198.21 | −1.42% | $53.05B | — | 303.2 | 9.6 | −18.5% |
| BitGo | $7.98 | −3.61% | $886.8M | — | 269.5 | 0.0 | — |
| Circle | $92.30 | −2.42% | $25.28B | 50.3 | — | 8.7 | +6.6% |
| PayPal | $52.67 | −0.42% | $45.25B | 10.0 | 9.5 | 1.3 | +4.8% |
| Gemini | $5.63 | −5.35% | $727.0M | — | — | 3.7 | +32.4% |
| Robinhood Markets | $124.97 | +0.58% | $111.71B | 54.7 | 51.4 | 22.7 | +32.3% |
| Bullish | $40.11 | −1.45% | $6.17B | — | 63.8 | 0.0 | +62.5% |
| Galaxy Digital | $26.56 | −2.25% | $9.01B | — | — | 0.2 | −3.8% |
| Median | 50.3 | 63.8 | 2.5 | +6.6% |