Bakkt has about
six months of
cash at the current
burn.
Cash on hand vs annual burn is the whole question.
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✦ The bottom line
Bakkt holds about $82 million of cash and used $153 million in operations last year. At that rate, the runway is short — and every quarter that's true makes the next capital raise more likely.
↓ the brief below
✦ Teach me
How long the money lasts
For a money-losing company, the cleanest test is cash on hand divided by annual cash burn. The result, in years (or months), tells you how long the company can keep running before it has to raise more capital — through new stock (dilution), debt, or a buyer.
Wall Street calls this
Cash runway
Bakkt's runway is the gating risk: every other thesis depends on still being in business when it pays off.
The cushion · cash on hand
$82
M
About $82 million of cash, equivalents, and restricted cash at quarter-end — up sharply from $27M three months earlier after a financing round.
$82 million sounds like real money — until you set it next to how fast Bakkt spends. The cash flow statement is the source of truth: how much actual cash left the building over the last year. The number that comes out gives you the rate the war chest is being drained.
The drain · operating cash burn (FY2025)
-$153
M
Operations used about $153M of cash last year. Even after recent improvements, that's a rate that eats $82M of cash in roughly six months.
Source · 10-K · Statements of Cash Flows (net cash used in operating activities) · FY2025 · Filed Mar 19, 2026
There is a brighter note. Q1's actual operating cash burn was only $12 million — a far slower pace than the full-year run-rate above. If management can keep operating costs in this neighborhood while building the DTR-powered strategy, the runway extends. The brief comes back to this judgment in Chapter 6.
⚠
Watch
$82M cash, recent burn $12M/quarter — but trailing-year burn would empty the bank in months.