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BAKKT Holdings, Inc. (NYSE: BKKT) is a publicly traded company founded in 2018 that provides regulated infrastructure for cryptocurrency trading, custody, and onramps. Headquartered in Alpharetta, Georgia, and New York City, the company is 55 percent owned by Intercontinental Exchange (ICE) and operates distinct entities serving both institutional and retail clients.
Corporate structure
Bakkt employs between 201 and 500 people across its operations, including teams dedicated to technology, security, compliance, and business development. In March 2025, Akshay Naheta was appointed co-chief executive officer. The company’s structure comprises Bakkt Crypto Solutions, LLC for retail APIs and a separate institutional trading platform, supported by partnerships with Plaid and banking partners for ACH and wire onramps.
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Recent developments and news
On September 9, 2025, Bakkt filed a definitive proxy statement (DEF 14A) proposing a one-time grant of options allowing management to purchase up to 7,450,000 shares of Class A common stock. A virtual stockholder meeting is scheduled for October 7, 2025, to vote on this proposal. An 8-K current report was filed on September 22, 2025, detailing corporate disclosures. On July 28, 2025, the company completed the sale of its loyalty points business for $11 million. Earlier, on March 20, 2025, the board elevated Akshay Naheta to co-chief executive officer. Trading activity on September 29, 2025, saw Bakkt shares reach $31.365, an increase of 22.76 percent with a volume of 2,956,685 shares traded.
Financial and strategic analysis
For the trailing twelve months through June 30, 2025, Bakkt reported revenue of $3.78 billion and a net loss of $29.1 million, resulting in an earnings per share (EPS) of –$4.36 and a profit margin of –0.77 percent. Return on assets was –6.45 percent, and return on equity was –75.53 percent. The company held $45.06 million in cash against a debt-to-equity ratio of 68 percent, while generating a negative levered free cash flow of $10.93 million. Its enterprise value is $281.85 million with a market capitalization of $286.02 million, exhibiting a price-to-sales ratio of 0.03 and price-to-book ratio of 8.10. A beta of 5.15 indicates higher volatility compared to the S&P 500. Strategically, Bakkt focuses on regulated, institutional-grade custody and trading solutions, leveraging API and SaaS models to support long-term engagement in the crypto economy. The proposed management option grant seeks to align executive incentives with shareholder interests, while the sale of non-core assets signifies a strategic emphasis on core infrastructure services.
Market position and industry context
Bakkt competes with traditional exchanges and crypto-native platforms such as Coinbase and Gemini. Its 55 percent ownership by ICE provides regulatory expertise and access to institutional networks. The company’s transaction infrastructure supports retail onramps and institutional custody, positioning it to serve clients as regulatory frameworks evolve in the U.S. and internationally. As of September 2025, the share price ranged from $6.81 to $37.21 over the past year, with analysts estimating a one-year target near $13.00. Recent trading volumes and the price increase indicate growing interest, while the low price-to-sales ratio suggests a potential valuation gap relative to revenue generation.
tl;dr
Bakkt shares rose 22.76 percent to $31.365 on September 29, 2025. On September 9, 2025, the company proposed a 7.45 million-share option grant for management ahead of a vote scheduled for October 7, 2025. The divestiture of its loyalty business for $11 million on July 28, 2025, along with the appointment of co-CEO Akshay Naheta on March 20, 2025, indicates a refocused strategy on regulated crypto infrastructure.
