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Bakkt
(BKKT ↗)
bakkt.com ↗
Bakkt is being rebuilt — out of consumer crypto and loyalty programs, into a B2B platform for crypto custody, stablecoin payments, and AI-driven 'agentic' commerce. The question: can it grow into the strategy before the cash runs out?
Updated · Q1 2026 · May 2026
6
Chapters
~16
Min read
~$1.5B / yr (gross) revenue · ~200 employees · public since 2021
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Spice: Ghost (5/5)
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0 of 6
1
Growth
~3 min
A Company Being Rebuilt
Bakkt's revenue dropped 77%. That sounds bad — but it was on purpose.
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2
Financial Health
~3 min
Six Months on the Clock
Bakkt's cash pile is meaningful — but so is the burn that's eating it.
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3
Moat
~3 min
Licenses, Rails, and Partnerships
The boring infrastructure of regulated crypto — that's what Bakkt is trying to own.
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4
Management
~2 min
A New Team for a New Bet
Bakkt's leadership has been reshuffled. The DTR acquisition is the first big move from the new lineup.
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5
Behind the Numbers
~2 min
The Story Behind the Numbers
Most of Bakkt's revenue is pass-through. The *real* story is in the strategy notes.
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6
Risk
~3 min
The Clock and the Capital Need
Bakkt is racing to grow the new business before the old one runs out of fuel.
↻ Next update · Aug 11
est. Aug 11, 2026 · Q2 2026 · Bakkt IR ↗
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↻ The read keeps updating
You're reading the 6 opening chapters. After that, every time Bakkt files a new report, the chapters get updated here.