Bakkt, Inc. is classed by the SEC under Finance Services (industry code 6199), based in New York, NY. In its latest annual figures on file, for the fiscal year ended 2025-12-31, it reported revenue of $2.3 billion and a loss of $132 million (its filed statements).
Lending businessFinance ServicesNew York, NYfilings since 20208 of 9 filed, 1 estimated
Three tenses, nine metrics. Unseen metrics stay unseen; the grade never fakes a number. Proxy era: provisional values, marked. Weighed as a lending business: prior from its industry code (SEC 6199, Finance Services); the filing read can change it. All three tenses have at least two readings, so the archetype blend applies as printed.
The grade, in three tenses
Headline 4.1 out of ten, 8 of 9 metrics filed and 1 estimated: past 2.3 out of ten, present 5.1 out of ten, future 5.8 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.
The nine metrics
Surviving crises (past): 0.7 out of ten. 12 warning events since 2020; the latest 2026-03-17. 7th percentile among 130 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
Track record (past): 5.6 out of ten. +141.4% a year over 5 filed years; profitable in 0 of 5. 56th percentile among 104 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
Shareholder treatment (past): 2.1 out of ten. CrossAssetData estimate 2.1/10, confidence 35 of 100 (one part). 21st percentile among 115 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
Financial health (present): 3.7 out of ten. ROE -95%: lost 95¢ per shareholder dollar. Leverage 31%: owes 31¢ per asset dollar. 37th percentile among 117 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
Industry position (present): 8.4 out of ten. top 16% of 114 in its family; net margin -4.6%. 84th percentile among 114 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
Leadership (present): 3.0 out of ten. bottom 30% of 49 in its family for leadership; chief executive since 2025. 30th percentile among 49 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
Room to expand (future): 7.6 out of ten. top 24% of 108 in its family for room to expand. 76th percentile among 108 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
Growth drivers (future): 4.5 out of ten. bottom 45% of 100 in its family for growth drivers. 45th percentile among 100 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
Expectations vs reality (future): 5.3 out of ten. top 47% of 79 in its family for expectations against reality. 53rd percentile among 79 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
The filing record
Newest annual report: Form 10-K filed 2026-03-19 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-10 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-08-10 (on EDGAR). Newest filing: Form 4, 2026-10-02. Filings on record since 2020. Read from EDGAR 2026-10-12.
Where the revenue comes from
Product and service lines in fiscal 2025: Transaction Revenue Net 100%, Subscription and Service Revenue under 1%. As tagged in its annual report (Form 10-K, filed 2026-03-19).
Who runs it
Naheta, Akshay Sudhir (Chief Executive Officer); Main, Andrew A (Co-CEO & President); White, Matthew A (Chief Financial Officer); Alexander, Karen (Chief Financial Officer); Baes, Nicholas (Chief Operating Officer); Henderson, Joseph Sean-Walsh (Chief Accounting Officer); D'Annunzio, Marc (General Counsel & Secretary); Alfred, Michael (director); Galvin, Richard William (director); Schwartzer, Madelyn Alden (director). 10 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-10-02.
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