Bakkt Holdings Launches $300 Million ATM Equity Program
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 20 2026
0mins
Should l Buy BKKT?
Source: Globenewswire
Bakkt Holdings Inc's stock fell by 19.43% as it crossed below the 5-day SMA, reflecting investor concerns following the announcement of a $300 million ATM equity program aimed at enhancing financial flexibility. The program is intended to support Bakkt's long-term growth strategy, including expanding its Bakkt Agent initiative and Zaira's stablecoin payments platform, while also increasing investments in high-potential markets like Japan and India. However, the market reacted negatively, with fears of potential dilution and a challenging financial outlook, as Bakkt's cash holdings are projected to decline significantly, indicating financial strain.
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Analyst Views on BKKT
Wall Street analysts forecast BKKT stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for BKKT is 39.00 USD with a low forecast of 39.00 USD and a high forecast of 39.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
1 Analyst Rating
1 Buy
0 Hold
0 Sell
Moderate Buy
Current: 9.900
Low
39.00
Averages
39.00
High
39.00
Current: 9.900
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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- 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.
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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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- 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
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- 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
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- 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
Bakkt Holdings Inc Announces $300 Million ATM Equity Program, Shares Plummet
- Equity Offering Announcement: Bakkt has initiated a $300 million ATM equity program aimed at enhancing financial flexibility and capitalizing on growth opportunities, although no shares have been sold yet, raising concerns about potential dilution in the market.
- Negative Market Reaction: Following the announcement, Bakkt's shares fell by 18.92% to $17.36, reflecting a 39.91% decline over the past year, indicating investor caution regarding the company's future performance.
- Unfavorable Financial Forecast: The next earnings report is expected on March 18, with an estimated loss of 47 cents per share and revenue forecasted at $279.87 million, significantly down from $1.80 billion year-over-year, highlighting the challenges the company faces.
- Technical Indicators Show Weakness: Bakkt's stock is trading well below key moving averages, and the MACD indicates ongoing bearish pressure, suggesting that investors should remain cautious as further downward momentum may be likely.
See More
