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BAKKT HOLDINGS INC (NYSE: BKKT), established in 2018, provides custody, trading, and fiat-to-crypto on-ramps through a software-as-a-service and API platform. Headquartered in Alpharetta, Georgia and New York City, the company serves businesses and institutions developing engagement in the crypto economy.
Corporate Structure
Bakkt operates with 201–500 employees. The company is 55 percent owned by Intercontinental Exchange (ICE), which also operates the New York Stock Exchange. Leadership includes co-chief executive officers appointed in March 2025, and a board comprising professionals with backgrounds in finance, technology, law, and corporate strategy.
Crypto Trading by Mariia Shalabaieva
Developments and News
On September 9, 2025, Bakkt filed a definitive proxy statement (DEF 14A) proposing a one-time grant of stock options for up to 7,450,000 shares of Class A Common Stock. A Special Meeting of stockholders is scheduled for October 7, 2025, to vote on the proposal and a possible adjournment resolution.
An 8-K filing dated September 22, 2025, reported the departure of a director or officer under Item 5.02. On July 28, 2025, the company announced a definitive agreement to sell its loyalty points business for $11 million.
Financial and Strategic Analysis
On September 23, 2025, BKKT closed at $17.6180, up 19.85 percent from the prior session, on a volume of 1,999,215 shares. Key metrics from Yahoo Finance as of September 22, 2025:
| Metric | Value |
|---|---|
| Previous Close | $10.44 |
| Day’s Range | $12.25 – $15.88 |
| 52-Week Range | $6.81 – $37.21 |
| Market Capitalization | $234.23 million |
| Price/Sales (TTM) | 0.03 |
| Price/Book (MRQ) | 6.64 |
| Revenue (TTM) | $3.78 billion |
| Net Income (TTM) | –$29.1 million |
| Diluted EPS (TTM) | –4.36 |
| Total Cash (MRQ) | $45.06 million |
| Total Debt/Equity (MRQ) | 68.01 percent |
Bakkt’s strategic focus remains on providing infrastructure for regulated crypto practices. The proposed management option grants are intended to align executive incentives with shareholder interests, while the divestiture of the loyalty business reflects a shift in business priorities. The departure of key personnel may influence operational execution.
Market Position and Industry Context
Bakkt competes in the digital-assets sector alongside custody and trading platforms focusing on both institutional and retail clients. Since launching bitcoin futures in September 2019 and going public via a SPAC merger in October 2021, the company has expanded its product suite through acquisitions of Digital Asset Custody Company (April 2019), Bridge2 Solutions (February 2020), and Apex Crypto (April 2023). Bakkt’s approach emphasizes regulation, which distinguishes it in a market characterized by evolving compliance requirements and growing institutional adoption of cryptocurrency.
tl;dr
On September 23, 2025, BKKT shares increased 19.85 percent to $17.6180 on significant trading volume. An 8-K filed September 22 reported changes in executive team members, and a DEF 14A on September 9 requests a shareholder vote on October 7 for a 7,450,000-share option grant. In July, the loyalty points business was sold for $11 million. The company appointed co-CEOs in March 2025 and continues to optimize its crypto infrastructure offerings under a regulated framework.
