Bakkt Holdings: Backed Into A Corner

Summary

• It is remarkable that BAKKT is listed on the NYSE, but there it is at about $1.40 per share.
• BAKKT was formed by Intercontinental Exchange as a digital asset (crypto) marketplace, but evolved to include platforms for crypto-based loyalty redemptions and alternate payments.
• On a GAAP basis the company reported YTD 3Q 2022 revenue of $38.9 million - and an incredible net loss of $1.7 billion.
• Unless you’re an inveterate gambler or have legal and actionable knowledge of BKKT and its future prospects and the arcane world of crypto, I recommend investors pass.

24K-Production

It is remarkable that Bakkt Holdings, Inc. (NYSE:BKKT) is listed on the NYSE, but there it is at about $1.40 per share. It was not always so. BKKT provided its shareholders a wild ride up to more than $40.00 per share, albeit briefly. Take a look

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.