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Bakkt Holdings Inc (BKKT)
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Upturn Advisory Summary
11/03/2025: BKKT (1-star) has a low Upturn Star Rating. Not recommended to BUY.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
Analysis of Past Performance
Type Stock | Historic Profit -48.96% | Avg. Invested days 25 | Today’s Advisory WEAK BUY |
Upturn Star Rating | Upturn Advisory Performance  2.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 11/03/2025 |
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 86.06M USD | Price to earnings Ratio - | 1Y Target Price 13 |
Price to earnings Ratio - | 1Y Target Price 13 | ||
Volume (30-day avg) - | Beta 5.22 | 52 Weeks Range 6.81 - 37.21 | Updated Date 06/29/2025 |
52 Weeks Range 6.81 - 37.21 | Updated Date 06/29/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) -4.98 |
Earnings Date
Report Date 2025-05-30 | When After Market | Estimate - | Actual 1.1804 |
Profitability
Profit Margin -0.83% | Operating Margin (TTM) -1.7% |
Management Effectiveness
Return on Assets (TTM) -5.47% | Return on Equity (TTM) -62.07% |
Valuation
Trailing PE - | Forward PE - | Enterprise Value 85947647 | Price to Sales(TTM) 0.02 |
Enterprise Value 85947647 | Price to Sales(TTM) 0.02 | ||
Enterprise Value to Revenue 0.02 | Enterprise Value to EBITDA 0.79 | Shares Outstanding 6734320 | Shares Floating 6408786 |
Shares Outstanding 6734320 | Shares Floating 6408786 | ||
Percent Insiders 23.59 | Percent Institutions 20.64 |
Upturn AI SWOT
Bakkt Holdings Inc
Company Overview
History and Background
Bakkt Holdings, Inc. was founded in 2018 by Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. Initially focused on institutional cryptocurrency trading and custody, Bakkt aimed to bridge the gap between traditional finance and the digital asset market. It went public in October 2021 via a SPAC merger with VPC Impact Acquisition Holdings.
Core Business Areas
- Crypto Solutions: Provides cryptocurrency trading and custody services to institutional investors. This includes Bakkt Warehouse, their secure digital asset storage solution.
- Loyalty and Rewards: Offers loyalty program solutions for businesses, enabling them to integrate cryptocurrency and other digital assets into their customer rewards programs. This includes partnerships with various retailers and financial institutions.
- Platform-as-a-Service (PaaS): Offers a platform that allows partners to integrate crypto into their systems. It's essentially crypto APIs.
Leadership and Structure
Gavin Michael is the current CEO. The company operates with a typical corporate structure, with various departments such as technology, sales, marketing, and finance, overseen by senior management.
Top Products and Market Share
Key Offerings
- Bakkt Crypto Solutions (Custody & Trading): Offers custody and trading solutions for Bitcoin and Ether. No specific recent market share data available for crypto custody, it's a competitive market. Competitors: Coinbase Custody, Gemini Custody, BitGo.
- Loyalty & Rewards Programs: Allows partners to offer crypto as rewards. Revenue from this is included in the overall revenues reported. Competitors: Traditional loyalty program providers (e.g., airline mileage programs) and other crypto-enabled rewards platforms (limited direct competitors).
- Bakkt Platform: A platform that supports crypto, rewards, and other digital asset programs. Exact revenue numbers are rolled into the overall revenue for platform solutions. Competitors: Other companies offering blockchain or digital asset APIs, and in-house development by larger firms.
Market Dynamics
Industry Overview
The industry is composed of digital asset platforms and service providers. It's characterized by volatility, regulatory uncertainty, and rapid innovation. Many players are offering different tools and solutions to consumers looking to get into the crypto market.
Positioning
Bakkt aims to be a bridge between traditional finance and the crypto economy, focusing on enterprise solutions and partnerships. It positions itself as a compliant and regulated provider in a space often associated with risk.
Total Addressable Market (TAM)
TAM is estimated to be in the tens of billions of dollars, across crypto custody, trading, and loyalty/rewards integrations. Bakkt is focused on enterprise solutions and is attempting to capture a portion of the TAM by working with businesses, rather than directly with consumers.
Upturn SWOT Analysis
Strengths
- Backed by Intercontinental Exchange (ICE)
- Focus on institutional clients and regulated solutions
- Early mover in the crypto custody space
- Partnerships with major brands and retailers
Weaknesses
- Limited financial performance to date (large operating losses)
- Relatively small market share in a competitive market
- Dependence on regulatory approvals
- Volatility in the crypto market
Opportunities
- Growing adoption of cryptocurrency by institutional investors
- Expansion into new digital asset classes
- Development of new loyalty and rewards programs
- Further partnerships with financial institutions
Threats
- Increased competition from established crypto exchanges and custodians
- Regulatory uncertainty and potential restrictions on cryptocurrency
- Cybersecurity risks and potential for hacks
- Fluctuations in cryptocurrency prices
Competitors and Market Share
Key Competitors
- COIN
- SQ
- PYPL
Competitive Landscape
Bakkt faces intense competition. Coinbase is the largest, Square is a FinTech giant, and Paypal is a big player in digital transactions. Bakkt struggles to differentiate itself.
Major Acquisitions
Apex Crypto
- Year: 2023
- Acquisition Price (USD millions): 200
- Strategic Rationale: The company wanted to enter the growing market of digital asset. The acquisition gave the company access to new technology, customers, and partners and create synergies in product development and cross-selling.
Growth Trajectory and Initiatives
Historical Growth: Historical growth has been slow and inconsistent due to significant capital expenditure and delayed approvals.
Future Projections: Future growth is highly uncertain and dependent on market conditions, regulatory approvals, and the company's ability to execute its strategy.
Recent Initiatives: Focusing on expanding partnerships and developing new product offerings, especially within the loyalty and rewards sector.
Summary
Bakkt faces significant challenges in a competitive and volatile market. While the company has strong backing from ICE and partnerships with established brands, it has yet to demonstrate profitability. The company must execute its strategy effectively to gain market share and achieve sustainable growth and must navigate regulatory uncertainty in order to remain a stable business. Without a serious shift in the business model, the company is unlikely to succeed.
Similar Stocks
Sources and Disclaimers
Data Sources:
- Company SEC Filings (10-K, 10-Q)
- Company Website
- Third-party financial news sources (e.g., Bloomberg, Reuters, Yahoo Finance)
Disclaimers:
The information provided is for informational purposes only and should not be considered financial advice. Investment decisions should be made based on thorough research and consultation with a qualified financial advisor. Market conditions and company performance can change rapidly, and past performance is not indicative of future results.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Bakkt Holdings Inc
Exchange NYSE | Headquaters Alpharetta, GA, United States | ||
IPO Launch date 2020-11-19 | President, Co-CEO & Director Mr. Andrew A. Main | ||
Sector Technology | Industry Software - Infrastructure | Full time employees 559 | Website https://www.bakkt.com |
Full time employees 559 | Website https://www.bakkt.com | ||
Bakkt Holdings, Inc. offers software as a service and application programming interface solutions for crypto trading capabilities and loyalty for clients and customers. The company operates Bakkt Crypto, a trading platform to purchase, sell, store, deposit, and withdraw approved crypto assets, as well as transfer supported crypto assets between a custodial wallet maintained by Bakkt Crypto and external wallets; and BakktX, an order matching technology for smart order routing for trade matching. Its platform also offers a range of loyalty solutions, including redemption solutions for various rewards categories comprising travel, gift cards, and merchandise; travel solutions that offer a retail e-commerce booking platform, as well as live agent booking and servicing; and unified shopping experience. The company's client includes financial institutions, fintechs, broker-dealers, neobanks, registered investment advisers, funds, merchants, and other businesses. It markets its products and services using various business-to-business channels, such as direct marketing, including email marketing and targeted digital advertisements; indirect marketing; and its website, blog, and social media platforms. The company offers crypto services in the United States, Latin America, Europe, and Asia. Bakkt Holdings, Inc. was founded in 2018 and is headquartered in Alpharetta, Georgia.
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