MSTR Takes a Backseat: Attention Shifts to 3 BTC-Related Stocks Experiencing Declining Momentum Amid Significant Bitcoin Drop
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 24 2025
0mins
Should l Buy BKKT?
Source: Benzinga
Bitcoin Price Pressure: Bitcoin is currently facing downward pressure below the $90,000 mark, with its price down over 30% from its all-time high in October.
Declining Momentum in Bitcoin-Linked Stocks: Key Bitcoin-related stocks, including Bitcoin Depot, Bakkt Holdings, and Bitdeer Technologies, have experienced significant declines in their momentum scores, reflecting investor concerns amid Bitcoin's price correction.
Bitcoin Depot Performance: Bitcoin Depot's momentum score plummeted from 75.33 to 8.88, with the stock down nearly 48% over the last month and 25% year-over-year.
Bakkt and Bitdeer Trends: Bakkt Holdings saw its momentum score drop from 91.42 to 22.56, while Bitdeer Technologies' score fell from 64.77 to 17.50, indicating a broader impact of Bitcoin's volatility on these companies.
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Analyst Views on BKKT
Wall Street analysts forecast BKKT stock price to rise
1 Analyst Rating
1 Buy
0 Hold
0 Sell
Moderate Buy
Current: 10.060
Low
39.00
Averages
39.00
High
39.00
Current: 10.060
Low
39.00
Averages
39.00
High
39.00
About BKKT
Bakkt Intermediate Holdings, Inc., formerly Bakkt Holdings, Inc., provides solutions that enable institutional participation in the digital asset economy - spanning Bitcoin, tokenization, stablecoin payments, and artificial intelligence (AI)-driven finance. The Company operates primarily through Bakkt Crypto Solutions, LLC (Bakkt Crypto). Through Bakkt Crypto’s platform, customers can purchase approved crypto assets, store crypto assets in custodial wallets, liquidate their holdings, and transfer supported crypto assets between a custodial wallet maintained by Bakkt Crypto and external wallets in certain jurisdictions, if enabled by the client. Bakkt Crypto’s proprietary trading platform and relationships with liquidity providers provide access to a wide range of crypto assets and competitive pricing to its customers. Bakkt Crypto holds a New York State virtual currency license (BitLicense), and money transmitter licenses from all states throughout the United States.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Penalty Context: In January 2023, Nexo agreed to pay a $45 million fine to the SEC for failing to register its retail crypto asset lending product, highlighting the compliance challenges and regulatory pressures the company has faced.
- Product Adjustments: Nexo has discontinued its Earn Interest Product (EIP) for U.S. investors and introduced flexible and fixed-term yield programs, an integrated exchange, crypto-backed credit lines, and a loyalty program, aiming to attract customers through a diversified product offering.
- Role of Bakkt: In this partnership, Bakkt will provide the digital asset trading infrastructure, enhancing Nexo's competitive position in the market while also offering Bakkt new growth opportunities, showcasing strategic synergy between the two companies.
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- Strong Stock Performance: On its first trading day, BitGo's stock opened at $22.43 per share, reflecting strong market demand for its crypto custody services and enhancing the company's influence in the digital asset space.
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- New Equity Program: The company has filed to establish a new at-the-market equity program aimed at raising up to $300M through common stock sales, intended to enhance financial flexibility and accelerate its long-term growth strategy.
- Revenue and Costs Nearly Equal: Bakkt forecasts its Q4 digital asset revenue to be between $298M and $300M, while total costs related to digital assets, execution, clearing, and brokerage fees are projected at $297M to $299M, highlighting challenges in profitability as costs nearly match revenues.
- Market Expansion Plans: Bakkt aims to expand its Bakkt Agent initiative and Zaira's stablecoin payment platform while increasing investments in Japan and India, reflecting a strategic focus on capturing growth opportunities in high-potential markets.
See More
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- U.S. Market Reentry: Nexo announced its relaunch in the U.S. in partnership with digital asset solutions provider Bakkt, marking a significant return to the U.S. market three years after regulatory clashes, demonstrating the company's renewed confidence in this key market.
- Penalty Context: In January 2023, Nexo agreed to pay a $45 million fine to the SEC for failing to register its retail crypto asset lending product, highlighting the compliance challenges and regulatory pressures the company has faced.
- Product Adjustments: Nexo has discontinued its Earn Interest Product (EIP) for U.S. investors and introduced flexible and fixed-term yield programs, an integrated exchange, crypto-backed credit lines, and a loyalty program, aiming to attract customers through a diversified product offering.
- Role of Bakkt: In this partnership, Bakkt will provide the digital asset trading infrastructure, enhancing Nexo's competitive position in the market while also offering Bakkt new growth opportunities, showcasing strategic synergy between the two companies.
See More
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- Shareholder Rights Investigation: Halper Sadeh LLC is investigating Stellar Bancorp, Inc.'s sale involving 0.3803 shares of Prosperity common stock and $11.36 in cash per share, potentially indicating breaches of fiduciary duties to shareholders.
- Merger Scrutiny: The merger of Bakkt Holdings, Inc. with Distributed Technologies Research Ltd. is under review, with Halper Sadeh LLC potentially seeking increased compensation and additional disclosures for shareholders.
- Executive Transaction Investigation: The sale of FONAR Corporation to CEO Timothy Damadian and other executives, involving $19.00 per share for Class B common stock and $6.34 per share for Class C common stock, raises concerns about potential conflicts of interest.
- Cash Acquisition Review: Clearwater Analytics Holdings, Inc.'s sale to Permira and Warburg Pincus for $24.55 per share in cash is being evaluated by Halper Sadeh LLC for potential violations of shareholder rights.
See More
Bitcoin Nears $88,700, Boosting Related Stocks
- Bitcoin Price Recovery: Bitcoin's price nearing $88,700 has boosted the performance of crypto-linked stocks, although some stocks remain under pressure, indicating a divergence in market sentiment.
- Strong GameStop Performance: GameStop (GME) closed up 4.44% and continued to rise in after-hours trading as investor Michael Burry increased his stake, reflecting optimistic market sentiment about its future prospects.
- Strategy Stock Decline: Strategy (MSTR) fell 1.55% due to the announcement of additional equity sales related to its Bitcoin accumulation strategy, although it slightly rebounded after hours, highlighting investor concerns over dilution risks.
- Other Stocks Struggling: Stocks like CleanSpark (CLSK), ALT5 Sigma (ALTS), Bakkt (BKKT), and KULR remained in negative territory despite an overall market recovery, indicating a lack of confidence in these equities.
See More
BitGo (BTGO) Goes Public, Raises $212.8M with $2.59B Valuation
- Successful IPO: BitGo listed on the New York Stock Exchange, pricing its IPO at $18 per share, exceeding the expected range of $15-$17, successfully raising $212.8M, marking the first stock market debut by a digital asset company in 2026.
- Strong Stock Performance: On its first trading day, BitGo's stock opened at $22.43 per share, reflecting strong market demand for its crypto custody services and enhancing the company's influence in the digital asset space.
- NYSE Tokenized Securities Platform: The New York Stock Exchange announced the development of a tokenized securities trading platform aimed at enabling 24/7 trading and instant settlement, intending to modernize market infrastructure by integrating blockchain technology with traditional securities trading.
- Strategic Bitcoin Acquisition: Strategy reported acquiring 22,305 bitcoins for approximately $2.125B between January 12 and January 19, demonstrating its proactive positioning in the cryptocurrency market, now holding 709,715 bitcoins with a total investment of about $53.92B.
See More
D.R. Horton Reports Q1 Net Income of $594.8M Exceeding Estimates
- Earnings Highlight: D.R. Horton reported a net income of $594.8 million for Q1 2026, translating to $2.03 per diluted share, surpassing the analyst estimate of $1.95, despite a revenue decline to $6.887 billion, showcasing the company's resilience amid market fluctuations.
- Sales Performance: While total revenue decreased from $7.613 billion year-over-year, sales exceeded expectations at $6.603 billion, indicating the company's strong sales capability in a competitive real estate market.
- Market Reaction: Amidst a broader market downturn, D.R. Horton's stock price remained relatively stable, reflecting investor confidence in its financial health, which may lay the groundwork for future growth.
- Industry Trends: Given the volatility in the real estate market, D.R. Horton's robust earnings report could attract more investor attention, particularly as economic uncertainties rise, positioning the company as a potential bellwether in the industry.
See More
Bakkt Holdings (BKKT) Cash Holdings Decline 18%, New $300M At-the-Market Equity Program Announced
- Cash Holdings Decline: Bakkt Holdings estimates its cash and cash equivalents will drop to between $26M and $28M by December 31, 2025, down significantly from $64.4M as of September 30, 2025, indicating financial strain.
- New Equity Program: The company has filed to establish a new at-the-market equity program aimed at raising up to $300M through common stock sales, intended to enhance financial flexibility and accelerate its long-term growth strategy.
- Revenue and Costs Nearly Equal: Bakkt forecasts its Q4 digital asset revenue to be between $298M and $300M, while total costs related to digital assets, execution, clearing, and brokerage fees are projected at $297M to $299M, highlighting challenges in profitability as costs nearly match revenues.
- Market Expansion Plans: Bakkt aims to expand its Bakkt Agent initiative and Zaira's stablecoin payment platform while increasing investments in Japan and India, reflecting a strategic focus on capturing growth opportunities in high-potential markets.
See More
