Bakkt (NYSE:BKKT) Releases Quarterly Earnings Results, Misses Estimates By $0.31 EPS

Bakkt (NYSE:BKKT) posted its quarterly earnings data on Monday. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.31), FiscalAI reports. Bakkt had a negative return on equity of 84.50% and a negative net margin of 4.59%.The company had revenue of $243.59 million during the quarter, compared to the consensus estimate of $297.94 million.

Here are the key takeaways from Bakkt’s conference call:

• Regulatory tailwind: Management says the GENIUS Act and CLARITY Act materially raise the bar for operators, and Bakkt’s existing U.S. MTLs, New York BitLicense, FinCEN registration and EU VASP position it to benefit from higher regulatory requirements.
• DTR now in-house and product roadmap: The DTR acquisition is being integrated into Bakkt’s regulated compliance stack and management expects an expanded Markets product rollout in H2 2026 (200+ assets, advanced trading, social/copy trading) to broaden revenue surfaces.
• Balance sheet and cost discipline: Bakkt reports a debt-free balance sheet with $82.6 million of liquidity and reduced controllable OpEx (~$18.6M in Q1 2026), which management says funds execution of the three‑engine strategy.
• Execution risk remains highest around partners and distribution (CEO scores this area 30); the sales organization is being rebuilt and revenue depends on partner activations, regulatory closes and multi‑quarter B2B sales cycles.
• KPI targets are ambitious but conditional: Q1 TTV was ~$241M with a year‑end TTV target of ~$2.5B, MAU reporting starts only after Agent launch, and strategic asset value stands at ~$76M with an India investment still awaiting regulatory approval.

Bakkt Stock Performance

NYSE:BKKT opened at $9.88 on Tuesday. The firm has a market cap of $302.04 million, a PE ratio of -1.93 and a beta of 5.85. Bakkt has a fifty-two week low of $6.87 and a fifty-two week high of $49.79. The business has a 50 day moving average price of $8.77 and a 200-day moving average price of $13.10.

Analyst Ratings Changes

A number of brokerages have commented on BKKT. Wall Street Zen cut shares of Bakkt from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 2nd. Benchmark reduced their price target on shares of Bakkt from $40.00 to $22.00 and set a “buy” rating on the stock in a research report on Wednesday, March 18th. Finally, Weiss Ratings cut shares of Bakkt from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, April 29th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $22.00.

Insiders Place Their Bets

In related news, General Counsel Marc D’annunzio sold 7,780 shares of the firm’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $8.86, for a total value of $68,930.80. Following the completion of the sale, the general counsel owned 110,059 shares of the company’s stock, valued at $975,122.74. This trade represents a 6.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Karen Alexander sold 4,684 shares of the firm’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $9.13, for a total value of $42,764.92. Following the completion of the sale, the chief financial officer directly owned 55,771 shares of the company’s stock, valued at $509,189.23. The trade was a 7.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 13,249 shares of company stock valued at $119,616 in the last ninety days. 2.50% of the stock is currently owned by insiders.

Institutional Trading of Bakkt

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. lifted its stake in Bakkt by 45.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 40,234 shares of the company’s stock worth $404,000 after acquiring an additional 12,602 shares during the period. XTX Topco Ltd purchased a new stake in Bakkt in the fourth quarter worth $553,000. Sei Investments Co. purchased a new stake in Bakkt in the third quarter worth $577,000. Squarepoint Ops LLC purchased a new stake in Bakkt in the fourth quarter worth $549,000. Finally, Wells Fargo & Company MN lifted its stake in Bakkt by 385.1% in the fourth quarter. Wells Fargo & Company MN now owns 39,522 shares of the company’s stock worth $397,000 after acquiring an additional 31,375 shares during the period. Hedge funds and other institutional investors own 11.11% of the company’s stock.

About Bakkt

Bakkt Holdings, Inc is a digital asset platform that aims to bridge traditional finance and digital assets by offering institutional-grade custody, trading and settlement services. Established in 2018 by Intercontinental Exchange (ICE), the company initially made headlines with the launch of its physically settled Bitcoin futures contracts in 2019. Since then, Bakkt has expanded its product lineup to include spot trading of cryptocurrencies, a secure digital wallet for retail customers and a payment gateway that enables merchants to accept digital assets alongside fiat currencies.

The company’s core offering centers on its custody infrastructure, which is built to meet robust regulatory and security standards.