Bakkt, Inc.

BKKT

Bakkt, Inc.

BKKT

Insider Sentiment (TTM):

Last Purchase:2026-06-10Last Sale:2026-06-26Shares Purchased (TTM):350,000Shares Sold (TTM):34,381

Institutional Sentiment:

As of:2026-03-31Institutional Shares Owned:9,083,930Shares Outstanding:113,519,764Institutional Ownership Pct.:8.00%

Earnings Market Reaction:

Filing Date:2026-05-11Price on Filing Date:N/APrevious Close:N/A% Change:N/A

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Bakkt, Inc. (BKKT) — SEC Financial Statements & Analysis

Bakkt, Inc. (BKKT) files its annual 10-K and quarterly 10-Q reports directly with the SEC. The financial data below is sourced as-filed from EDGAR — balance sheet, income statement, and cash flow as reported, without normalization or third-party adjustments.

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Financial Statements

10‑Q10‑K

Values in Millions ($)	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30
Common Class A	-	0	10	8	7	0	0	0	6	0	88	0
Common Class V	-	0	-7	-0	7	0	0	-0	7	0	176	0
Related Party	-	0	0	-3	3	2	0	0	3	3	1	1
Nonrelated Party	-	3	-2	0	5	4	0	0	4	5	1	4
Assets
Cash And Cash Equivalents At Carrying Value	80	27	58	43	23	39	29	47	57	53	68	85
Restricted Cash Current	3	1	6	18	20	25	35	34	44	32	28	25
Funds Held For Clients	17	15	11	21	12	89	52	53	88	33	28	1
Assets Current
Assets Current	125	72	120	110	93	184	1,098	1,157	1,490	181	694	829
Short Term Investments	-	0	-	-	-	0	-	-	-	-	-	-
Debt Securities Available For Sale Excluding Accru…	0	-	5	-	-	0	7	13	18	17	23	15
Accounts Receivable Net Current	10	12	13	23	29	8	27	24	37	30	22	21
Prepaid Insurance	2	3	4	2	3	4	6	6	9	13	12	16
Safeguarding Asset Platform Operator Crypto Asset	-	-	-	-	-	-	939	974	1,233	702	506	660
Assets Held For Sale Not Part Of Disposal Group Cu…	-	0	21	-	4	18	-	-	-	-	-	-
Other Assets Current	14	15	2	2	3	2	4	5	4	3	7	8
Property Plant And Equipment Net	2	2	2	2	2	2	2	2	2	0	21	20
Goodwill	65	65	65	65	68	68	68	68	68	68	67	67
Intangible Assets Net Excluding Goodwill	6	6	6	3	3	3	3	3	3	3	42	68
Equity Method Investments	11	11	11	-	-	0	-	-	-	-	-	-
Derivative Assets Noncurrent	-	3	-	-	-	0	-	-	-	-	-	-
Assets Held For Sale Not Part Of Disposal Group	-	0	4	-	-	2	-	-	-	-	-	-
Derivative Assets	0	-	43	-	-	-	-	-	-	-	-	-
Other Assets Noncurrent	5	4	8	10	11	10	12	13	13	13	24	24
Deposits Assets Noncurrent	-	-	-	-	-	-	-	-	-	0	0	15
Assets	213	163	258	190	176	269	1,183	1,243	1,576	265	847	1,024
Liabilities And Stockhold…
Liabilities Current
Accounts Payable And Accrued Liabilities Current	13	15	18	43	38	14	42	39	63	55	49	52
Liabilities Current	30	33	54	93	58	138	1,042	1,077	1,398	101	594	721
Contract With Customer Liability Current	0	1	1	2	2	0	2	2	3	4	4	4
Safeguarding Liability Platform Operator Crypto As…	-	-	-	-	-	-	939	974	1,233	702	506	660
Convertible Debt Current	-	-	-	25	-	-	-	-	-	-	-	-
Other Liabilities Current	0	-	-	-	-	-	-	-	-	-	-	-
Contract With Customer Liability Noncurrent	-	-	-	2	2	3	3	3	3	3	3	3
Deferred Income Tax Liabilities Net	-	-	-	-	-	-	-	-	-	-	-	0
Liabilities Of Disposal Group Including Discontinu…	-	0	5	-	-	6	-	-	-	-	-	-
Other Liabilities Noncurrent	0	0	10	14	19	16	20	21	22	24	38	39
Liabilities	43	50	130	132	95	207	1,081	1,140	1,445	130	636	764
Limited Liability Company…
Common Stock Value Outstanding	0	-	-	-	-	-	-	-	-	-	-	-
Additional Paid In Capital	1,087	1,017	935	841	835	833	829	824	817	800	794	791
Stockholders Equity	171	113	114	58	82	34	102	103	131	48	69	84
Accumulated Other Comprehensive Income Loss Net Of…	1	1	-1	-0	-1	-1	-0	-0	-0	-0	-0	-0
Retained Earnings Accumulated Deficit	-917	-905	-820	-805	-790	-798	-779	-776	-759	-751	-725	-707
Minority Interest	0	0	14	23	38	29	52	55	74	87	142	176
Liabilities And Stockholders Equity	213	163	258	190	176	269	1,183	1,243	1,576	265	847	1,024
Common Stock Par Or Stated Value Per Share	0	-	-	-	-	-	-	-	-	-	-	-
Common Stock Shares Authorized	560	-	-	-	-	-	-	-	-	-	-	-
Common Stock Shares Issued	31	-	-	-	-	-	-	-	-	-	-	-
Shares Outstanding	31	-	-	-	-	-	-	-	-	-	-	-

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Earnings Market Reaction

10‑Q10‑K

Fiscal Year	Q1 1 Month	Q1 2 Month	Q1 3 Month	Q2 1 Month	Q2 2 Month	Q2 3 Month	Q3 1 Month	Q3 2 Month	Q3 3 Month	Q4 1 Month	Q4 2 Month	Q4 3 Month
2026	-21.07%	-15.73%	-	-	-	-	-	-	-	-	-	-
2025	38.96%	80.92%	-6.79%	-14.11%	307.06%	178.93%	-35.22%	-47.94%	-38.04%	-9.67%	9.44%	-13.00%
2024	56.32%	45.81%	26.35%	-5.85%	-18.71%	-22.51%	111.97%	123.86%	45.00%	-16.25%	-4.47%	32.22%
2023	-	-	-	3.65%	-14.60%	-31.39%	79.70%	86.80%	39.09%	-29.18%	-18.43%	32.81%
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Performance and Valuation Metrics

Metrics	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30
Liquidity Ratios
Current Ratio	4.13	2.19	2.24	1.19	1.58	1.33	1.05	1.07	1.07	1.80	1.17	1.15
Quick Ratio	4.13	2.19	2.24	1.19	1.58	1.33	1.05	1.07	1.07	1.80	1.17	1.15
Working Capital	94.72M	39.17M	66.70M	17.27M	34.08M	46.13M	55.85M	80.02M	92.05M	80.57M	100.60M	108.24M
Leverage & Debt
Debt to Equity	0.25	0.44	1.01	2.29	1.16	3.29	10.60	11.12	11.04	0.95	3.01	2.94
Interest Coverage TTM	-266.65	-148.28	-34.35	-22.44	-16.61	-19.13	-38.88	-43.95	-58.39	-52.53	-105.98	-507.38
Debt Ratio	0.20	0.31	0.50	0.70	0.54	0.77	0.91	0.92	0.92	0.49	0.75	0.75
Efficiency & Turnover
Asset Turnover TTM	7.76	10.81	5.28	5.19	4.17	12.87	1.87	1.57	1.63	2.16	0.67	0.22
Days Sales Outstanding TTM	4.61	1.54	1.89	2.34	3.29	1.98	4.67	4.65	7.04	12.86	13.73	20.03
Receivables Turnover TTM	79.17	236.44	193.48	155.84	110.93	184.27	78.18	78.49	51.85	28.38	26.58	18.22
Per Share Metrics
Diluted EPS TTM	-4.46	-4.43	-4.22	-3.79	-3.05	-2.94	-4.65	-5.10	-5.38	-6.34	-3.88	-16.49
Free Cash Flow Per Share TTM	-0.59	-1.29	-0.88	-0.66	-1.24	-0.21	-0.50	-0.12	0.13	-0.49	-0.64	-1.10
Dividend Per Share TTM	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Margin Metrics
Gross Profit Margin TTM	94.97%	96.69%	99.60%	99.54%	99.47%	98.95%	96.15%	95.08%	94.30%	86.92%	79.77%	66.47%
Operating Profit Margin TTM	-9.87%	-6.33%	-1.65%	-1.68%	-1.81%	-2.40%	-8.31%	-10.38%	-13.21%	-29.21%	-82.70%	-518.15%
Net Profit Margin TTM	-8.37%	-4.59%	-2.89%	-2.72%	-2.40%	-3.01%	-9.37%	-10.58%	-11.66%	-28.95%	-24.36%	-151.75%
Growth Metrics
Net Revenue Growth (1Y)	-58.57%	-32.14%	100.81%	108.56%	125.24%	341.08%	225.62%	356.78%	2,749.18%	1,287.55%	2,183.69%	1,723.34%
Net Income Growth (1Y)	44.53%	3.64%	-38.12%	-46.32%	-53.69%	-54.19%	25.29%	-68.16%	-67.37%	-60.94%	-77.09%	291.58%
EPS Growth (1Y)	66.33%	0.38%	-39.51%	-51.54%	-53.25%	-44.24%	43.94%	-62.86%	-67.59%	-60.99%	-75.99%	288.07%
Valuation Metrics
P/E TTM	-6.60	-11.32	-39.84	-18.80	-12.93	-28.04	-6.85	-12.36	-8.02	-35.19	-30.15	-7.46
P/B	4.89	10.76	34.07	32.93	13.89	46.15	11.94	22.73	11.59	58.55	20.26	17.01
P/S TTM	0.55	0.52	1.15	0.51	0.31	0.84	0.64	1.31	0.94	10.19	7.35	11.32
Market Cap	835.51M	1.21B	4.38B	1.90B	1.13B	2.90B	1.22B	2.33B	1.52B	7.95B	4.28B	4.42B
Enterprise Value	755.52M	1.17B	4.30B	1.84B	1.08B	2.86B	1.10B	2.20B	1.33B	7.83B	4.15B	4.31B
Calculated Values
Free Cash Flow TTM	-66.88M	-156.20M	-114.29M	-90.59M	-162.28M	-24.29M	-63.72M	-15.37M	17.41M	-70.13M	-93.50M	-157.48M
Net Debt	-79.98M	-44.90M	-77.71M	-59.37M	-56.46M	-39.05M	-117.49M	-136.52M	-190.83M	-118.50M	-124.70M	-109.91M
Per-Share and Margin
EPS TTM
Adjusted EPS TTM
Cash Flow Per Share TTM
Pretax Margin TTM
Stock Comp to Revenue TTM
Turnover Ratios and Averages
Average Assets
Average Equity
Average Inventory
Average Receivables
Average Accounts Payables
Inventory Turnover TTM
Payables Turnover TTM
Days Inventory Outstanding TTM
Days Payables Outstanding TTM
Cash Conversion Cycle TTM
Working Capital to Revenue
Deferred Revenue to Revenue
Growth Rates
Total Assets Growth (1Y)
Total Assets Growth (3Y)
Total Assets Growth (5Y)
Dividends Paid Growth (1Y)
Dividends Paid Growth (3Y)
Dividends Paid Growth (5Y)
EPS Growth (3Y)
EPS Growth (5Y)
Net Income Growth (3Y)
Net Income Growth (5Y)
Net Profit Margin Growth (1Y)
Net Profit Margin Growth (3Y)
Net Profit Margin Growth (5Y)
Net Revenue Growth (3Y)
Net Revenue Growth (5Y)
Deferred Revenue Growth (1Y)
Retained Earnings Growth (1Y)
Credit, Liquidity, Returns, Payout
Cash Ratio
Net Working Capital
Debt to EBITDA TTM
Net Debt to EBITDA TTM
Net Debt to Equity
Altman A
Altman B
Altman C
Altman D
Altman E
Altman Z-Score
ROA TTM
ROE TTM
NOPAT TTM
ROIC TTM
Effective Tax Rate TTM
Payout Ratio TTM
Dilution Ratio
Retained Earnings to Equity
Treasury Stock to Equity
Treasury Stock Change (1Y)
Accrued to Current Liabilities
Valuation Ratios
P/CF TTM
Dividend Yield TTM
Free Cash Flow Yield TTM
EV EBITDA TTM
EV EBIT TTM
Stock Compensation TTM
Adjusted Net Income TTM
Billings TTM
Total Debt
Invested Capital

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Insider Transactions

2026-06-26Sale

Owner: D'Annunzio, Marc

Title: General Counsel & Secretary

Shares: 1,357

Price/Share: $7.71

Value: $10,462.47

Shares Owned: 108,817

Relationship: Officer

Ownership: Direct

2026-06-25Sale

Owner: Baes, Nicholas

Title: Chief Operating Officer

Shares: 1,562

Price/Share: $7.93

Value: $12,386.66

Shares Owned: 105,375

Relationship: Officer

Ownership: Direct

2026-06-25Sale

Owner: Henderson, Joseph Sean-Wa…

Title: Chief Accounting Officer

Shares: 349

Price/Share: $7.93

Value: $2,767.57

Shares Owned: 13,048

Relationship: Officer

Ownership: Direct

2026-06-25Sale

Owner: Alexander, Karen

Title: Chief Financial Officer

Shares: 1,907

Price/Share: $7.93

Value: $15,122.51

Shares Owned: 54,199

Relationship: Officer

Ownership: Direct

2026-06-10Purchase

Owner: Alfred, Michael

Title: -

Shares: 100,000

Price/Share: $7.83

Value: $783,000.00

Shares Owned: 905,000

Relationship: Director

Ownership: Indirect

Filed Date	Owner	Relationship	Title	Ownership	Purchase/Sale	No. Shares	Price Per Share	Value	Shares Owned	Document Type
2026-06-26	D'Annunzio, Marc	Officer	General Counsel & Secretary	Direct	Sale	1,357	7.71	$10,462.47	108,817	4
2026-06-25	Baes, Nicholas	Officer	Chief Operating Officer	Direct	Sale	1,562	7.93	$12,386.66	105,375	4
2026-06-25	Henderson, Joseph Sean-Wa…	Officer	Chief Accounting Officer	Direct	Sale	349	7.93	$2,767.57	13,048	4
2026-06-25	Alexander, Karen	Officer	Chief Financial Officer	Direct	Sale	1,907	7.93	$15,122.51	54,199	4
2026-06-10	Alfred, Michael	Director	-	Indirect	Purchase	100,000	7.83	$783,000.00	905,000	4
2026-05-18	Alfred, Michael	Director	-	Indirect	Purchase	220,000	8.20	$1,804,000.00	625,000	4
2026-04-28	Baes, Nicholas	Officer	Chief Operating Officer	Direct	Sale	2,352	9.13	$21,473.76	106,266	4
2026-04-28	Alexander, Karen	Officer	Chief Financial Officer	Direct	Sale	4,684	9.13	$42,764.92	55,771	4
2026-04-28	D'Annunzio, Marc	Officer	General Counsel & Secretary	Direct	Sale	7,780	8.86	$68,930.80	110,059	4
2026-04-06	Baes, Nicholas	Officer	Chief Operating Officer	Direct	Sale	711	7.56	$5,375.16	101,312	4
2026-03-30	D'Annunzio, Marc	Officer	General Counsel and Secretary	Direct	Sale	5,342	7.08	$37,821.36	106,069	4
2026-02-24	D'Annunzio, Marc	Officer	General Counsel and Secretary	Direct	Sale	785	10.09	$7,920.65	117,833	4
2025-12-19	Henderson, Joseph Sean-Wa…	Officer	Chief Accounting Officer	Direct	Sale	2,461	10.01	$24,634.61	10,936	4
2025-11-12	Henderson, Joseph Sean-Wa…	Officer	Chief Accounting Officer	Direct	Sale	169	21.50	$3,633.50	13,397	4
2025-10-09	Baes, Nicholas	Officer	Chief Operating Officer	Direct	Sale	4,922	39.59	$194,861.98	101,023	5
2025-08-22	Naheta, Akshay Sudhir	Director,Officer	CEO and President	Direct	Purchase	30,000	8.55	$256,500.00	191,426	4
2025-07-15	Alexander, Karen	Officer	Chief Financial Officer	Direct	Sale	671	18.21	$12,218.91	69,768	4
2025-07-15	Main, Andrew A	Director,Officer	Co-CEO & President	Direct	Sale	14,440	18.21	$262,952.40	431,963	4
2025-07-15	D'Annunzio, Marc	Officer	General Counsel & Secretary	Direct	Sale	559	18.21	$10,179.39	69,248	4
2025-05-14	Dow, De'Ana	Director	-	Direct	Sale	19,200	12.89	$247,488.00	22,728	4
2025-05-14	D'Annunzio, Marc	Officer	General Counsel & Secretary	Direct	Sale	10,000	14.21	$142,100.00	69,807	4
2024-04-25	Intercontinental, Exchang…	TenPercentOwner	-	Indirect	Purchase	350,880	0.87	$305,265.60	649,934	4
2024-04-22	D'Annunzio, Marc	Officer	General Counsel & Secretary	Direct	Sale	20,504	0.40	$8,201.60	606,201	4
2024-03-04	Intercontinental, Exchang…	TenPercentOwner	-	Indirect	Purchase	2,762,009	0.87	$2,402,947.83	7,476,345	4
2024-02-23	D'Annunzio, Marc	Officer	General Counsel & Secretary	Direct	Sale	50,247	0.88	$44,217.36	566,630	4
2024-02-08	D'Annunzio, Marc	Officer	General Counsel & Secretary	Direct	Sale	19,329	0.98	$18,942.42	638,157	4
2024-01-25	D'Annunzio, Marc	Officer	General Counsel & Secretary	Direct	Sale	42,807	1.27	$54,364.89	667,320	4
2023-12-29	Levy, Richard N, Vpc Impa…	Director,Other	-	Direct	Sale	393,125	2.56	$1,006,400.00	2,195,441	4
2023-12-28	Vpc, Impact Acquisition H…	Director,Other	-	Direct	Sale	360,544	2.31	$832,856.64	2,588,566	4
2023-12-27	Levy, Richard N, Vpc Impa…	Director,Other	-	Direct	Sale	753,001	2.25	$1,694,252.25	2,949,110	4
2023-12-20	Levy, Richard N, Vpc Impa…	Director,Other	-	Direct	Sale	237,711	2.01	$477,799.11	3,702,111	4
2023-12-19	Levy, Richard N, Vpc Impa…	Director,Other	-	Direct	Sale	144,484	2.01	$290,412.84	3,939,822	4
2023-12-08	Collins, Sean Roberts	Director	-	Direct	Sale	46,501	1.71	$79,516.71	275,960	4
2023-12-06	Levy, Richard N, Vpc Impa…	Director,Other	-	Direct	Sale	40,283	2.05	$82,580.15	4,103,069	4
2023-12-06	Vpc, Impact Acquisition H…	Director,Other	-	Direct	Sale	18,763	2.05	$38,464.15	4,084,306	4
2023-12-05	Vpc, Impact Acquisition H…	Director,Other	-	Direct	Sale	276,898	2.05	$567,640.90	4,143,352	4
2023-12-04	Vpc, Impact Acquisition H…	Director,Other	-	Direct	Sale	182,819	2.10	$383,919.90	4,420,250	4
2023-07-19	Levy, Richard N, Vpc Impa…	Director,Other	-	Direct	Sale	600	1.85	$1,110.00	4,603,069	4
2023-07-17	Levy, Richard N, Vpc Impa…	Director,Other	-	Direct	Sale	40,585	1.87	$75,893.95	4,603,669	4
2023-07-14	Levy, Richard N, Vpc Impa…	Director,Other	-	Direct	Sale	400,000	2.07	$828,000.00	4,644,254	4
2023-07-13	Levy, Richard N, Vpc Impa…	Director,Other	-	Direct	Sale	400,000	1.65	$660,000.00	5,044,254	4
2023-07-12	Vpc, Impact Acquisition H…	Director,Other	-	Direct	Sale	400,000	1.57	$628,000.00	5,444,254	4
2023-07-11	Vpc, Impact Acquisition H…	Director,Other	-	Direct	Sale	200,000	1.58	$316,000.00	5,844,254	4
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Institutional Ownership

No data available for chart

2026-03-31

8.00%

Inst. Shares: 9,083,930

Shares Outstanding: 113,519,764

2025-12-31

5.54%

Inst. Shares: 6,696,446

Shares Outstanding: 120,900,130

2025-09-30

4.17%

Inst. Shares: 5,427,815

Shares Outstanding: 130,150,110

2025-06-30

1.28%

Inst. Shares: 1,742,051

Shares Outstanding: 136,512,680

2025-03-31

1.03%

Inst. Shares: 1,345,044

Shares Outstanding: 130,636,800

Date	Institutional Shares Owned	Shares Outstanding	Institutional Ownership %
2026-03-31	9,083,930	113,519,764	8.00%
2025-12-31	6,696,446	120,900,130	5.54%
2025-09-30	5,427,815	130,150,110	4.17%
2025-06-30	1,742,051	136,512,680	1.28%
2025-03-31	1,345,044	130,636,800	1.03%
2024-12-31	1,324,603	117,101,660	1.13%
2024-09-30	1,407,001	127,235,860	1.11%
2024-06-30	1,418,340	123,234,080	1.15%
2024-03-31	26,948,552	131,894,850	20.43%
2023-12-31	25,325,933	142,533,320	17.77%
2023-09-30	26,899,695	146,172,560	18.40%
2023-06-30	19,896,227	143,739,640	13.84%
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Bakkt, Inc. (BKKT) — SEC Financial Statements & Analysis

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