The company's balance sheet has undergone a significant contraction, with total assets plummeting from $1.6B in 2024Q1 to $213.4M by 2026Q1, while retained earnings have deteriorated to -$916.8M.
| Total Current Assets | 124.99M | 72.2M | 183.84M | 882.64M | 326.46M | 463.55M | 132.06M | 100.08M |
| Cash & Short-Term Investments | 97.38M | 27.77M | 39.05M | 70.28M | 239.39M | 407.86M | 77.18M | 78.62M |
| Cash Only | 79.98M | 27.54M | 39.05M | 52.88M | 98.33M | 407.86M | 75.36M | 76.63M |
| Short-Term Investments | 17.39M | 235K | 0 | 17.4M | 141.06M | 0 | 1.82M | 1.99M |
| Accounts Receivable | 9.53M | 12.07M | 24.65M | 29.66M | 25.31M | 18.14M | 8.1M | 0 |
| Days Sales Outstanding | 3.22 | 1.89 | 2.58 | 13.88 | 164.28 | 177.75 | 103.7 | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 18.09M | 29.61M | 113.61M | 766.34M | 32.88M | 551K | 41.42M | 19.48M |
| Total Non-Current Assets | 88.39M | 90.59M | 85.53M | 84.22M | 129.04M | 1.95B | 336.31M | 77.6M |
| Property, Plant & Equipment | 2.32M | 1.66M | 11.8M | 11.52M | 39.38M | 17.36M | 22.22M | 11.11M |
| Fixed Asset Turnover | 308.66x | 1406.77x | 295.81x | 67.74x | 1.43x | 2.15x | 1.28x | -0.08x |
| Goodwill | 64.66M | 64.66M | 68M | 68M | 15.85M | 1.53B | 233.43M | 16.85M |
| Intangible Assets | 5.55M | 5.55M | 2.9M | 2.9M | 55.83M | 388.47M | 62.2M | 2.09M |
| Long-Term Investments | 11.47M | 14.5M | 0 | 0 | 0 | 0 | 2.71M | 1.19M |
| Other Non-Current Assets | 15.86M | 4.22M | 2.83M | 1.81M | 17.98M | 17.79M | 15.75M | 46.36M |
| Total Assets | 213.38M | 162.79M | 269.38M | 966.87M | 455.5M | 2.42B | 468.38M | 177.68M |
| Asset Turnover | 7.39x | 14.35x | 12.96x | 0.81x | 0.12x | 0.02x | 0.06x | -0.00x |
| Asset Growth % | -181.43% | -39.57% | -72.14% | 112.26% | -81.15% | 415.93% | 163.6% | - |
| Total Current Liabilities | 30.27M | 33.03M | 137.72M | 802.07M | 92.13M | 73.6M | 51.08M | 15.39M |
| Accounts Payable | 17.39M | 29.54M | 12.78M | 14.93M | 25.98M | 10.65M | 7.17M | 1.61M |
| Days Payables Outstanding | 6.28 | 4.67 | 1.37 | 7.58 | 5.72K | - | 44.6 | 18.61 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 18.31M | 0 | 0 |
| Deferred Revenue (Current) | 3.21M | 789K | 1.6M | 4.28M | 3.97M | 4.63M | 0 | 0 |
| Other Current Liabilities | 12.88M | 2.7M | 998K | 702.62M | 16.6M | 26.67M | 20.15M | 35K |
| Current Ratio | 4.13x | 2.19x | 1.33x | 1.10x | 3.54x | 6.30x | 2.59x | 6.50x |
| Quick Ratio | 4.13x | 2.19x | 1.33x | 1.10x | 3.54x | 6.30x | 2.59x | 6.50x |
| Cash Conversion Cycle | -3.06 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 12.23M | 16.98M | 68.81M | 29.08M | 27.3M | 48.71M | 28.97M | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 23.99M | 0 | 19.26M | 23.52M | 23.4M | 10.65M | 1.22M | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 13.79M | 0 | 0 |
| Other Non-Current Liabilities | 12.23M | 16.98M | 46.92M | 2.36M | 785K | 19.45M | 27.75M | 0 |
| Total Liabilities | 42.5M | 50.01M | 206.52M | 831.15M | 119.43M | 122.31M | 80.05M | 15.39M |
| Total Debt | 0 | 0 | 23.54M | 27.16M | 26.42M | 28.96M | 2.3M | 0 |
| Net Debt | -79.98M | -27.54M | -15.51M | -25.72M | -71.92M | -378.9M | -73.06M | -76.63M |
| Debt / Equity | 0.00x | - | 0.37x | 0.20x | 0.08x | 0.01x | 0.01x | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.64x | - | - | - | - | - | - | - |
| Interest Coverage | -2461.77x | - | - | - | - | -604.33x | - | - |
| Total Equity | 170.88M | 112.78M | 62.85M | 135.71M | 336.07M | 2.29B | 388.33M | 151.52M |
| Equity Growth % | 171.38% | 79.44% | -53.69% | -59.62% | -85.35% | 490.78% | 156.29% | - |
| Book Value per Share | 12.77 | 16.52 | 10.73 | 38.09 | 118.06 | 40.13 | 14.98 | 0.26 |
| Total Shareholders' Equity | 170.88M | 112.78M | 33.89M | 48.28M | 96.26M | 468.4M | 388.33M | 151.52M |
| Common Stock | 3K | 3K | 2K | 28K | 27K | 27K | 495.22M | 184.42M |
| Retained Earnings | -916.82M | -905.17M | -797.96M | -751.3M | -676.45M | -98.34M | -112.5M | -32.9M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 1.04M | 947K | -841K | -101K | -290K | -55K | 5.62M | 0 |
| Minority Interest | 0 | 0 | 28.96M | 87.43M | 239.81M | 1.83B | 0 | 0 |
Liquidity and solvency constraints
As reported in recent financial filings, Bakkt's total assets have plummeted from $1.6B in 2024Q1 to $213.4M by 2026Q1, reflecting a significant reduction in the firm's balance sheet footprint that suggests a pivot away from its previous scale-heavy, crypto-custodial business model toward a more constrained operational state.
The dramatic reduction in total assets appears to be driven by the shedding of large-scale crypto-custodial positions, which previously inflated the balance sheet. This trajectory suggests that the company is attempting to de-risk its balance sheet, though the persistent accumulation of retained losses indicates that this downsizing has yet to stabilize the firm's underlying financial health.
Based on the most recent quarterly data, Bakkt's cash and equivalents have fluctuated significantly, reaching a low of $27.0M in 2025Q4 before recovering to $80.0M in 2026Q1, a volatility that underscores the company's ongoing struggle to maintain a consistent liquidity buffer against its persistent operating cash burn.
While the current ratio of 4.13 in 2026Q1 appears superficially healthy, it is heavily influenced by the rapid contraction of liabilities rather than a robust increase in liquid assets. Investors should monitor whether this liquidity improvement is sustainable or merely a temporary artifact of balance sheet restructuring, as the company remains highly sensitive to operational shocks.
According to the company's balance sheet, retained earnings have deteriorated to a staggering -$916.8M as of 2026Q1, illustrating a long-term trend of value destruction that has consistently pressured the firm's equity base and necessitated periodic capital adjustments to maintain a positive book value.
The persistent growth of the accumulated deficit suggests that the company's core business model has failed to achieve the necessary scale to cover its fixed cost base. This ongoing erosion of equity warrants further investigation into the potential for future dilutive financing, as the current capital structure appears increasingly reliant on external support to remain solvent.
As indicated in the provided financial statements, Bakkt carries $64.7M in goodwill, a figure that has remained largely static despite the company's significant revenue contraction and operational volatility, raising concerns about the potential for future impairment charges that could further weaken the firm's already fragile equity position.
The presence of substantial intangible assets relative to the company's total equity suggests that the balance sheet may be overstating the firm's tangible net worth. If the integration of acquired assets fails to generate the anticipated synergies, the company may be forced to recognize significant write-downs, which would likely exacerbate the existing pressure on its capital structure.
Quick answers to the most common questions about buying BKKT stock.
As of 2025, Bakkt Holdings, Inc. (BKKT) had total assets of $162.8M including $72.2M in current assets.
Bakkt Holdings, Inc. (BKKT) carries total debt of $0.0M, offset by $27.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Bakkt Holdings, Inc. (BKKT) has total shareholders' equity (book value) of $112.8M ($16.52 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Bakkt Holdings, Inc. (BKKT) reported a current ratio of 2.19x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.