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MARKETS / NYSE / BKKT
NYSE · FINANCE SERVICES · MID CAP

Bakkt, Inc. BKKT

5 fiscal years on record · USD · FY2025 reported · SEC filings only
$2.3B
▼ 32.1% YoY
$-107.2M
In brief

What this company does

Bakkt, Inc. primarily generates transaction revenue from digital asset buy/sell transactions, charging a fee on both legs of the transaction. As of December 31, 2025, it had a total of 48 employees, all of whom were full-time employees located in the United States. It organizes its platform into three solutions: Bakkt Markets, Bakkt Agent and Bakkt Global. Bakkt Markets enables institutions to launch digital asset brokerage, trading and payment capabilities, providing access to digital asset trading, stablecoin on- and off-ramps, custody integration, liquidity and payment infrastructure. BFS operates in the United States as a licensed money transmitter and maintains 46 active state Money Transmitter Licenses. Bakkt, Inc. was founded in 2018.

Written from the business description in Bakkt, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 19 March 2026. Every sentence was checked against that document before publication.

Growth
USD 2.3B
Revenue, FY2025 · full 5-year series below
Revenue $B Net income $B
FY2025 · Revenue 2.3 · Net income -0.1
2.0B-0.2B-0.4B20202022202320242025
Compound annual growth
+246.3%
+141.4%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +141.4% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−6 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -6.3% · Net -5.7%
-1000%-2000%-3000%20202022202320242025
ROE
FY2025 · ROE -146.2%
-100%-200%20202022202320242025

Each USD of equity lost 146 cents this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2024 · FCF -24.3
-50M-100M20202022202320242025
Net buybacks $M Dividends $M
FY2024 · Dividends — · Net buybacks 2.7
1M2M202220232024

Total assetsUSD 162.8M
EquityUSD 112.8M
CashUSD 27.0M
Current ratio2.19×

Equity funds 69% of total assets.

The 5-year record
5 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 20252024202320222020
Revenue $B2.33.40.70.10.0
Operating income $B−0.1−0.1−0.2−2.0−0.1
EBITDA $B−0.1−0.1−0.1−2.0−0.1
Income tax $B−0.00.00.0−0.00.0
Net income $B−0.1−0.0−0.1−0.6−0.1
Free cash flow $B·−0.0−0.1−0.1−0.1
EPS, diluted $−8.87−7.97−21.01−203.08·
Dividend / sh $·····
Payout %·····
ROE %−146.2−113.6−103.6−204.8·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 22 reconciliationsAUDITED

Reconciled in 6 of 19 fiscal years. 54 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityFinance Services
Listed onNYSE
Incorporated innot stated in the filings
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2020

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