Bakkt Holdings Launches $300 Million ATM Equity Program
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 20 2026
0mins
Should l Buy BKKT?
Source: Globenewswire
Bakkt Holdings Inc's stock fell by 19.43% as it crossed below the 5-day SMA, reflecting investor concerns following the announcement of a $300 million ATM equity program aimed at enhancing financial flexibility. The program is intended to support Bakkt's long-term growth strategy, including expanding its Bakkt Agent initiative and Zaira's stablecoin payments platform, while also increasing investments in high-potential markets like Japan and India. However, the market reacted negatively, with fears of potential dilution and a challenging financial outlook, as Bakkt's cash holdings are projected to decline significantly, indicating financial strain.
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Analyst Views on BKKT
Wall Street analysts forecast BKKT stock price to rise
1 Analyst Rating
1 Buy
0 Hold
0 Sell
Moderate Buy
Current: 7.970
Low
39.00
Averages
39.00
High
39.00
Current: 7.970
Low
39.00
Averages
39.00
High
39.00
About BKKT
Bakkt, Inc. operates technology that connects the digital economy by offering a platform for crypto and redeeming loyalty points. The Company enables its clients to deliver new opportunities to their customers through interactive Web experience or application programming interface (API) solutions that unlock crypto and drive loyalty. Its crypto trading platform provides consumers, businesses and institutions with the ability to buy, sell and store crypto in a simple, intuitive digital experience accessed via APIs or embedded Web experience. The Company enables clients in various industries to provide their customers with the ability to transact in crypto directly in their trusted environments. It offers a full spectrum of content that clients can make available to their customers when redeeming loyalty currencies, thus driving consumer loyalty and engagement. Its redemption solutions span a variety of rewards categories including merchandise, gift cards and digital experiences.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Bakkt (BKKT) Q4 2025 Earnings Call Transcript
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Bakkt Delays Filing of 2025 Annual Report
- Annual Report Delay: Bakkt disclosed in an SEC filing that it was unable to timely file its Form 10-K for the year ended December 31, 2025, due to the need for additional time to finalize consolidated financial statements, which may impact investor confidence in the company's financial transparency.
- Audit Progress Lag: The company's independent registered public accounting firm still needs to complete its first-year independent audit of the consolidated financial statements and internal controls for the fiscal year ended December 31, 2025, which could place greater pressure on the company regarding compliance and financial reporting.
- Financial Performance Overview: Bakkt reported a GAAP loss per share of -$6.55 for 2025, an improvement from -$7.27 in 2024, but its revenue of $2.34 billion fell 32% year-over-year, indicating weak market demand.
- Stock Price Reaction: During pre-market trading, Bakkt's shares rose by 0.52% to $9.69, suggesting that despite the challenges posed by the delayed financial report, the market remains cautiously optimistic about the company's future potential.
See More
Bakkt Holdings Reports Increased Losses in FY Results
- Financial Performance: Bakkt Holdings reported a FY GAAP EPS of -$6.55 with revenue of $2.34 billion, reflecting a 32% year-over-year decline, indicating significant challenges and pressures in the market.
- Adjusted EBITDA Improvement: Despite the overall loss, the adjusted EBITDA (non-GAAP) was negative $32.7 million, improving by 42.9% year-over-year, primarily due to a $24.5 million increase in other income and a $11.7 million reduction in SG&A expenses.
- Financing Activity: Bakkt has priced a registered direct offering to raise $48.1 million, aimed at strengthening its capital structure and supporting future growth strategies.
- Market Outlook: While facing challenges, Bakkt is working towards a turnaround, seeking to re-enter the U.S. market through a partnership with Nexo, highlighting potential growth opportunities in the cryptocurrency sector.
See More
Bakkt Holdings to Announce Q4 Earnings on March 16
- Earnings Announcement: Bakkt Holdings is set to release its Q4 earnings on March 16 after market close, with a consensus EPS estimate of -$0.47, reflecting an 84.1% year-over-year decline, indicating ongoing challenges in profitability.
- Revenue Expectations: The anticipated revenue of $279.87 million represents an 84.5% year-over-year drop, highlighting significant pressures on Bakkt's market competitiveness and user growth, which could impact future investment appeal.
- Historical Performance Review: Over the past year, Bakkt has failed to beat EPS estimates 0% of the time but has exceeded revenue estimates 100% of the time, suggesting stability in revenue generation despite weak profitability.
- Market Reaction Analysis: As Bakkt's turnaround nears completion, its partnerships, including with Nexo, and the recent direct offering indicate proactive efforts to seek growth and market share, which may influence future stock price movements.
See More
NYSE Owner Expands Further into Cryptocurrency; Leading Fund Manager Optimistic About Its Shares.
Intercontinental Exchange's Strategy: The parent company of the New York Stock Exchange is expanding its focus to include cryptocurrencies as a significant asset class for investors.
Market Recognition: This move highlights the growing recognition that investors are interested in more than just traditional stocks.
See More
Bakkt Announces $48.125 Million Direct Offering
- Direct Offering Financing: Bakkt announced a registered direct offering of 3,024,799 shares and pre-funded warrants at $8.75 per share to a single institutional investor, totaling approximately $48.125 million, which is earmarked for working capital and strategic initiatives, although bearish market sentiment may impact stock performance.
- Declining Stock Trend: Over the past year, Bakkt's stock has declined by 10.34%, currently trading significantly below key moving averages, specifically 16.8% below the 20-day SMA and 50.4% below the 100-day SMA, indicating a pessimistic outlook from the market regarding its future performance.
- Upcoming Earnings Report: Bakkt is set to release its earnings report on March 18, 2026, with analysts estimating a loss of 47 cents per share and revenue of $279.87 million, a substantial drop from $1.80 billion year-over-year, reflecting the financial challenges the company faces.
- Increased Short Interest: Short interest in Bakkt rose from 4.19 million to 4.47 million shares, representing 27.78% of publicly available shares, and at an average daily volume of 1.18 million shares, it would take approximately 3.78 days for short sellers to cover their positions, indicating a cautious market sentiment towards its stock price.
See More
Bakkt (BKKT) Q4 2025 Earnings Call Transcript
See More
Bakkt Delays Filing of 2025 Annual Report
- Annual Report Delay: Bakkt disclosed in an SEC filing that it was unable to timely file its Form 10-K for the year ended December 31, 2025, due to the need for additional time to finalize consolidated financial statements, which may impact investor confidence in the company's financial transparency.
- Audit Progress Lag: The company's independent registered public accounting firm still needs to complete its first-year independent audit of the consolidated financial statements and internal controls for the fiscal year ended December 31, 2025, which could place greater pressure on the company regarding compliance and financial reporting.
- Financial Performance Overview: Bakkt reported a GAAP loss per share of -$6.55 for 2025, an improvement from -$7.27 in 2024, but its revenue of $2.34 billion fell 32% year-over-year, indicating weak market demand.
- Stock Price Reaction: During pre-market trading, Bakkt's shares rose by 0.52% to $9.69, suggesting that despite the challenges posed by the delayed financial report, the market remains cautiously optimistic about the company's future potential.
See More
Bakkt Holdings Reports Increased Losses in FY Results
- Financial Performance: Bakkt Holdings reported a FY GAAP EPS of -$6.55 with revenue of $2.34 billion, reflecting a 32% year-over-year decline, indicating significant challenges and pressures in the market.
- Adjusted EBITDA Improvement: Despite the overall loss, the adjusted EBITDA (non-GAAP) was negative $32.7 million, improving by 42.9% year-over-year, primarily due to a $24.5 million increase in other income and a $11.7 million reduction in SG&A expenses.
- Financing Activity: Bakkt has priced a registered direct offering to raise $48.1 million, aimed at strengthening its capital structure and supporting future growth strategies.
- Market Outlook: While facing challenges, Bakkt is working towards a turnaround, seeking to re-enter the U.S. market through a partnership with Nexo, highlighting potential growth opportunities in the cryptocurrency sector.
See More
Bakkt Holdings to Announce Q4 Earnings on March 16
- Earnings Announcement: Bakkt Holdings is set to release its Q4 earnings on March 16 after market close, with a consensus EPS estimate of -$0.47, reflecting an 84.1% year-over-year decline, indicating ongoing challenges in profitability.
- Revenue Expectations: The anticipated revenue of $279.87 million represents an 84.5% year-over-year drop, highlighting significant pressures on Bakkt's market competitiveness and user growth, which could impact future investment appeal.
- Historical Performance Review: Over the past year, Bakkt has failed to beat EPS estimates 0% of the time but has exceeded revenue estimates 100% of the time, suggesting stability in revenue generation despite weak profitability.
- Market Reaction Analysis: As Bakkt's turnaround nears completion, its partnerships, including with Nexo, and the recent direct offering indicate proactive efforts to seek growth and market share, which may influence future stock price movements.
See More
NYSE Owner Expands Further into Cryptocurrency; Leading Fund Manager Optimistic About Its Shares.
Intercontinental Exchange's Strategy: The parent company of the New York Stock Exchange is expanding its focus to include cryptocurrencies as a significant asset class for investors.
Market Recognition: This move highlights the growing recognition that investors are interested in more than just traditional stocks.
See More
Bakkt Announces $48.125 Million Direct Offering
- Direct Offering Financing: Bakkt announced a registered direct offering of 3,024,799 shares and pre-funded warrants at $8.75 per share to a single institutional investor, totaling approximately $48.125 million, which is earmarked for working capital and strategic initiatives, although bearish market sentiment may impact stock performance.
- Declining Stock Trend: Over the past year, Bakkt's stock has declined by 10.34%, currently trading significantly below key moving averages, specifically 16.8% below the 20-day SMA and 50.4% below the 100-day SMA, indicating a pessimistic outlook from the market regarding its future performance.
- Upcoming Earnings Report: Bakkt is set to release its earnings report on March 18, 2026, with analysts estimating a loss of 47 cents per share and revenue of $279.87 million, a substantial drop from $1.80 billion year-over-year, reflecting the financial challenges the company faces.
- Increased Short Interest: Short interest in Bakkt rose from 4.19 million to 4.47 million shares, representing 27.78% of publicly available shares, and at an average daily volume of 1.18 million shares, it would take approximately 3.78 days for short sellers to cover their positions, indicating a cautious market sentiment towards its stock price.
See More
