Bakkt, Inc.

NYSE:BKKT Stock Report

Market Cap: US$411.3m

Bakkt Management

Management criteria checks 0/4

Bakkt's CEO is Akshay Naheta, appointed in Aug 2025, has a tenure of less than a year. total yearly compensation is $35.22M, comprised of 0.2% salary and 99.8% bonuses, including company stock and options. directly owns 18.58% of the company’s shares, worth $76.43M. The average tenure of the management team and the board of directors is 1.7 years and 1 years respectively.

Key information

Akshay Naheta

Chief executive officer

US$35.2m

Total compensation

CEO salary percentage0.22%
CEO tenureless than a year
CEO ownership18.6%
Management average tenure1.7yrs
Board average tenure1yr

Recent management updates

Recent updates

Seeking Alpha • May 29

Bakkt: The 3 Engines That Overhaul The Business Stack (Upgrade)

Summary Bakkt is undergoing a strategic overhaul, focusing on three operational engines: Bakkt Markets, Bakkt Agent, and Bakkt Global. BKKT’s Q1 FY26 results show $243.6M in crypto services revenue, reduced OpEx, and a strong $82.6M cash position with no long-term debt. The upcoming launch of Bakkt Agent is the key near-term catalyst, potentially boosting high-margin, SaaS-like revenue and driving BKKT toward breakeven EBITDA. I upgrade to a buy rating, contingent on timely Bakkt Agent launch and successful partner onboarding, but I also note fierce competition and execution risks. Read the full article on Seeking Alpha
Analysis Article • Oct 09

Bakkt Holdings, Inc. (NYSE:BKKT) Stock Catapults 344% Though Its Price And Business Still Lag The Industry

Bakkt Holdings, Inc. ( NYSE:BKKT ) shares have had a really impressive month, gaining 344% after a shaky period...
Seeking Alpha • Mar 18

Bakkt Holdings: Abandon Ship?

Summary I downgraded Bakkt Holdings to 'sell' due to ongoing massive losses and declining transacting accounts, which have very likely worsened since November. Bakkt faces a 73% top line revenue loss after contract terminations from both Bank of America and Webull, severely impacting its business. With significant operational expenses and the failure of the rumored TMTG buyout, Bakkt's future looks bleak and challenging. BKKT shareholders should not wait for earnings; sell now and move on due to red flags and limited recovery options. Read the full article on Seeking Alpha
Seeking Alpha • Feb 06

Bakkt Needs A Trump Media Salvo As Liquidity Collapses

Summary Bakkt stock price surged on speculation of a buyout by Trump's DJT, but dire financials and limited growth potential have shifted my rating to sell. Bakkt Holdings faces severe liquidity issues with cash and short-term investments at $36 million, a 58% decline year-over-year, and high cash burn. Despite a 60.4% revenue increase in the company's fiscal 2024 third quarter, BKKT's thin margins and high operational costs led to a net loss of $2.89 million. DJT's launch of Truth.Fi reduces the likelihood of acquiring BKKT, which is struggling with negative cash flow and an unsustainable financial position. Read the full article on Seeking Alpha
Seeking Alpha • Nov 19

Bakkt: Q3 Earnings And TMTG Buyout Rumors

Summary Bakkt's stock surged due to buyout rumors involving Trump Media and Technology Group, despite ongoing financial challenges. Bakkt's Q3 earnings showed a 60% YoY top-line revenue increase, but the company continues to burn capital with a $27.4 million operating loss. Bakkt's long-term transacting account metrics are declining, with a 42% drop over the last year. Given the potential all-stock transaction, selling the buyout rumor is likely a more favorable outcome than the buyout itself for BKKT shareholders. For TMTG, the company has plenty of cash to do the deal without diluting DJT shareholders. An all-stock deal would be a savvy way to capitalize on a grossly overvalued stock. Read the full article on Seeking Alpha
Analysis Article • Nov 19

Bakkt Holdings, Inc.'s (NYSE:BKKT) Share Price Boosted 163% But Its Business Prospects Need A Lift Too

Bakkt Holdings, Inc. ( NYSE:BKKT ) shareholders would be excited to see that the share price has had a great month...
Seeking Alpha • Sep 24

Bakkt Holdings: High Cash Burn Ramps With Sale Unlikely To Be Positive

Summary Bakkt Holdings stock has plummeted 83% year-to-date due to net losses and significant cash burn. To comply with Nasdaq's $1 minimum listing requirement, BKKT executed a 1-for-25 reverse stock split in April. Dilution over the last 1 year at just under 70% and free cash burn of $66 million in the recent quarter highlight the liquidity headwind facing the company. Read the full article on Seeking Alpha
Seeking Alpha • Sep 15

Bakkt Holdings: A Tough Spot To Be In

Summary Bakkt Holdings' poor public track record and uncertain regulations make it a risky investment. Despite some fundamental KPI improvements, Bakkt's reputation issues and lack of profitability deter stakeholders from trusting the platform. Recent KPIs show growth in crypto-enabled accounts and assets under custody. Avoid investing in Bakkt Holdings stock for now. Read the full article on Seeking Alpha
Analysis Article • Mar 09

Lacklustre Performance Is Driving Bakkt Holdings, Inc.'s (NYSE:BKKT) 31% Price Drop

Unfortunately for some shareholders, the Bakkt Holdings, Inc. ( NYSE:BKKT ) share price has dived 31% in the last...
Seeking Alpha • Feb 01

Bakkt: Undervalued Opportunity With Bottom Line Expansion

Summary Bakkt has underperformed since going public, with a price return of -84%. Potential rebound could be in sight as plan to reach positive adjusted EBITDA to instill confidence seems within reach. At $1.54 today, Bakkt appears undervalued, in my opinion. Possibility of a crypto bull run at the end of the year due to two major Bitcoin events would also drive significant boost to transaction volume and top-line growth. Read the full article on Seeking Alpha

CEO Compensation Analysis

How has Akshay Naheta's remuneration changed compared to Bakkt's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2026n/an/a

-US$95m

Dec 31 2025US$35mUS$78k

-US$73m

Compensation vs Market: Akshay's total compensation ($USD35.22M) is above average for companies of similar size in the US market ($USD2.45M).

Compensation vs Earnings: Insufficient data to compare Akshay's compensation with company performance.

CEO

Akshay Naheta (44 yo)

less than a year
Tenure
US$35,217,068
Compensation

Mr. Akshay Naheta is Chairman of the Board of Bitcoin Japan Corporation from 2025. He is Chief Executive Officer of BAKKT, LLC from October 2025 and serves as Co-Chief Executive Officer since 2025 until Oc...

Leadership Team

NamePositionTenureCompensationOwnership
Akshay Naheta
CEO & Directorless than a yearUS$35.22m18.58%
$ 76.4m
Karen Alexander
CFO & Principal Financial Officer4.1yrsUS$1.33m0.084%
$ 343.5k
Marc D'Annunzio
General Counsel & Corporate Secretary7.1yrsUS$3.54m0.22%
$ 893.2k
Nicholas Baes
Chief Operating Officer1.7yrsUS$1.27m0.083%
$ 340.7k
Joe Henderson
VP, Chief Accounting Officer & Principal Accounting Officer1.9yrsno data0.0092%
$ 37.7k
Ankit Khemka
Chief Product Officer1.1yrsno datano data
Daniel Ishag
Chief Commercial Officerless than a yearno datano data
Remi Tuyaerts
CTO of DTRno datano datano data
1.7yrs
Average Tenure
54yo
Average Age

Experienced Management: BKKT's management team is not considered experienced ( 1.7 years average tenure), which suggests a new team.

Board Members

NamePositionTenureCompensationOwnership
Akshay Naheta
CEO & Director1.3yrsUS$35.22m18.58%
$ 76.4m
Colleen Brown
Independent Director1.9yrsUS$336.53k0.034%
$ 137.9k
Michael Alfred
Independent Directorless than a yearUS$404.89k1.4%
$ 5.8m
Sean Collins
Independent Chairman7.5yrsUS$515.00k0.075%
$ 306.5k
Lyn Alden
Independent Directorless than a yearUS$180.34kno data
Richard Galvin
Independent Directorless than a yearUS$157.43kno data
1.0yrs
Average Tenure
45yo
Average Age

Experienced Board: BKKT's board of directors are not considered experienced ( 1 years average tenure), which suggests a new board.

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/22 08:03
End of Day Share Price 2026/06/22 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Bakkt, Inc. is covered by 3 analysts. 1 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Mark PalmerBenchmark Company
Peter ChristiansenCitigroup Inc
Jeffrey CantwellWells Fargo Securities, LLC