Bakkt Holdings, Inc. Class A (BKKT)

Over the past six months, Bakkt's stock has experienced significant fluctuations. Bakkt reported a 27% year-over-year jump in GAAP revenue and a 241% surge in Adjusted EBITDA in Q3 2025. Bakkt completed a major structural simplification, transitioning to a single class of common stock. The company sold its loyalty points business for $11 million in July 2025. Akshay Naheta was appointed co-chief executive officer in March 2025. Bakkt conducted registered direct offerings, raising approximately $46.5 million in net proceeds in February 2024. Technical indicators in late November 2025 showed a persistent bearish trend.

Demand for Bakkt's products and services is linked to the cryptocurrency market, which exhibits seasonality. The cryptocurrency market often follows a four-year cycle influenced by "halving" events. Bitcoin and other major cryptocurrencies have often performed well during the fourth quarter. Some analyses suggest a strong seasonal trend favoring long positions from October to April. The crypto market is known for its volatility, and Bakkt's transaction-based revenue is highly driven by this market activity.

Bakkt Holdings, Inc. operates in the Technology sector, focusing on Software - Infrastructure and Fintech. The company has shifted from its loyalty business to concentrate on being a digital asset infrastructure provider. Bakkt Markets offers regulated crypto trading and Bitcoin lending. Bakkt Agent provides AI-powered programmable finance solutions. Bakkt Global focuses on international expansion. Bakkt Crypto is a platform for trading crypto assets. BakktX provides order matching technology. The company also offers institutional-grade custody solutions and previously provided loyalty redemption solutions.

Bakkt Holdings, Inc. is headquartered in Alpharetta, Georgia, and New York City, with offices in Scottsdale, Arizona, and Belfast, UK. The company offers crypto services across all 50 U.S. states. Bakkt has expanded its crypto capabilities internationally into Latin America, Europe, and Asia.

Bakkt's brand reputation is influenced by its transformation into a regulated digital asset infrastructure company. The company emphasizes secure, compliant, and institutional-grade solutions. Strong Q3 2025 financial results and international expansion contribute positively to its standing. The cryptocurrency market's volatility and stock price decline could present challenges.

Intercontinental Exchange, Inc. is the largest strategic shareholder, owning an estimated 31% of the company's Class A shares and approximately 96% of the Class V shares. Major institutional owners include BlackRock, Inc., Weiss Asset Management LP, and Vanguard Group Inc. Individual insiders hold about 3.52% of the company's shares.