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Upturn AI Summary - About
Bakkt, Inc.(BKKT)
Advisory History & Simulated Performance *
*as per simulation (see disclosures)- ALL
- 1Y
- 1M
- 1W
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- PASS (Skip)
Stock price based on last close Advisory Performance History (Simulated)
Upturn Advisory & Investor View for BKKT
11/05/2026: BKKT (1-star) is currently NOT-A-BUY. Pass it for now.
Bakkt, Inc. is a financial technology company focused on providing regulated crypto infrastructure and loyalty program services for businesses. While the company benefits from institutional-grade security, its performance is highly sensitive to the volatile cryptocurrency market. Its primary growth opportunity lies in becoming the preferred B2B provider for digital asset custody and reward integrations. However, the company faces significant execution and competition risks, alongside a history of financial losses that challenge its long-term stability. This stock is best suited for investors with a high risk tolerance who are monitoring the firm’s path toward sustained profitability and its success in securing long-term B2B partnerships.
How to Read the Upturn Advisory
The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.
Company fundamentals, valuation, risks, and news provide supporting context about the business.
Investor Fit
| Investor style | Fit | Why |
|---|---|---|
| Growth investor | Weak fit | The company's inconsistent revenue growth and history of losses do not align with traditional growth investment criteria. |
| Momentum investor | Mixed fit | Momentum may be present during crypto market rallies, but this is highly speculative and conditional on market sentiment. |
| Value investor | Weak fit | The company lacks stable positive earnings and clear book value support, making it an unsuitable target for value strategies. |
| Dividend investor | Weak fit | Bakkt does not pay a dividend and focuses on cash preservation rather than income generation. |
| Low-risk investor | Weak fit | High price volatility and operational risks make this stock inappropriate for low-risk portfolios. |
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Price volatility | High | The stock's value is tightly linked to the volatile crypto asset market and speculative sentiment. |
| Valuation risk | High | Difficulty in predicting future cash flows makes valuation highly subjective and prone to downward revisions. |
| Competition risk (Crypto/Fintech) | High | Competition from firms like Coinbase and PayPal poses significant threats to market share and pricing power. |
| Business quality | Medium / high | The business model is still evolving, and the company has yet to demonstrate sustainable, long-term profitability. |
| Dividend income | Low / none | Investors should not expect any income from this security. |
| Execution risk | High | Successfully pivoting and scaling the B2B infrastructure model remains a complex execution challenge. |
Price Behavior
Steep Decline
The stock price has dropped sharply with strong downward pressure.
Highly Choppy
The stock has experienced frequent, large price swings that make its near-term movement less predictable.
Analysis of Past Performance
Type Stock | Historic Profit -45.02% | Avg. Invested days 15 | Today’s Advisory PASS |
Upturn Advisory Rating  | Upturn Advisory Performance  2.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 11/05/2026 |
Upturn Scorecard
Upturn Star Rating 
Company Fundamentals
Financial Health Rating
Growth Momentum Score
Ownership
Top 5 Institutional Investors
Unit Economics (Per $1K Revenue)
Economic Dimensions
Quantitative Style Profile
Style Classification
Quality Focused
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 214.98M USD | Price to earnings Ratio - | 1Y Target Price 12 |
Price to earnings Ratio - | 1Y Target Price 12 | ||
Volume (30-day avg) 1.2M shares | Beta 4.61 | 52 Weeks Range 3.86 - 25.00 | Updated Date 11/05/2026 |
52 Weeks Range 3.86 - 25.00 | Updated Date 11/05/2026 | ||
Dividends yield (FY) - | Basic EPS (TTM) -3.67 |
How Company Makes Money
| Business area | What it includes | Retail investor read |
|---|---|---|
| Crypto Services | Custody fees, trading commissions, and platform integration fees for crypto assets. | Bakkt charges fees to businesses that use its technology to offer crypto to their own customers. |
| Loyalty Services | Management and redemption processing fees for corporate loyalty programs. | Bakkt earns revenue by helping companies manage their reward points programs. |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Earnings Date
Report Date 2026-11-09 | When After Market | Estimate 0.5 | Actual - |
Profitability
Profit Margin -2.78% | Operating Margin (TTM) -10.8% |
Management Effectiveness
Return on Assets (TTM) -25.01% | Return on Equity (TTM) -10.17% |
Valuation
Trailing PE - | Forward PE - | Enterprise Value 164.75M | Price to Sales(TTM) 0.19 |
Enterprise Value 164.75M | Price to Sales(TTM) 0.19 | ||
Enterprise Value to Revenue 0.14 | Enterprise Value to EBITDA 0.79 | Shares Outstanding 45.07M | Shares Floating 35.92M |
Shares Outstanding 45.07M | Shares Floating 35.92M | ||
Percent Insiders 40.22 | Percent Institutions 29.16 |
Financial Metrics
🧭 Investment Snapshot
Total Revenue (Scale)
Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.
Net Income (Profit)
Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.
Free Cash Flow (Cash Strength)
Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.
📈 Growth & Strength
Operating Income (Core Profit)
Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.
EBITDA (Cash Earnings)
Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.
Gross Profit (Unit Profitability)
Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.
🛡️ Financial Safety
Cash (Liquidity Buffer)
Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.
Total Debt (Leverage Risk)
Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.
Net Working Capital (Short-Term Health)
Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.
🧱 Balance Sheet Strength
Stockholder Equity (Net Worth)
Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.
Total Assets (Asset Base)
The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.
Income Before Tax (Pre-Tax Earnings)
Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.
⚙️ Cost & Drag Factors
Cost of Revenue (Production Cost)
Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.
Total Operating Expenses (Operating Cost)
Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.
Income Tax Expense (Tax Drag)
Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.
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