Licenses a competitor cannot buy, and $0.8 million a quarter to show for them

01Snapshot

Key figures, each tagged by provenance. Retained revenue is revenue net of crypto costs and execution, clearing and brokerage fees.

02Business model

Bakkt sells infrastructure, not consumer products. It does not compete for retail accounts against Coinbase or Robinhood. It supplies the licensed, regulated back end that other firms integrate in order to offer crypto trading or stablecoin payments to their own users under their own brand.

The company was founded in 2018 as a subsidiary of Intercontinental Exchange and went public via a SPAC merger in October 2021. That heritage is the source of its principal asset: the licensing stack. Its subsidiary holds a New York BitLicense, money transmitter licenses across US states where required, and is registered with FinCEN as a money services business.

Three stated growth engines

Since the January 2026 rebrand from Bakkt Holdings, Inc. to Bakkt, Inc., management organizes the business around three pillars:

• Bakkt Markets. The legacy business. APIs and an embedded web experience through which partner firms offer buying, selling and holding of around 45 digital assets. Essentially all current revenue originates here.
• Bakkt Agent. An unlaunched software layer intended to handle onboarding, account creation, funding and cross-border money movement programmatically. Guided to a Q3 2026 launch. It produces no revenue. The company's own presentation describes part of it as already available. Page 9 of its August 2026 investor presentation, located August 10 sets out three product paths and marks the first “01 AVAILABLE NOW, Bakkt Agent Embedded Finance”; the other two, co-branded card programs and Neobank-as-a-Service, are marked “TARGETED Q4 2026”, a quarter later than the Q3 guidance above. Estimate The two are not reconciled here. “Available now” on a slide is not the same claim as revenue recognised in a filing, and the statement that it produces no revenue can be true of a product that has technically shipped.
• Bakkt Global. Not an operating business but an investment portfolio: roughly 28% of Bitcoin Japan Corporation, Tokyo-listed, and a warrant position in Transchem Limited, BSE-listed, in India.

The digital asset treasury strategy underneath

Recent filings carry extensive language about an updated investment policy and related treasury strategy, including risk factors on digital asset price volatility, fair-value accounting of holdings, exposure to the corporate alternative minimum tax on unrealized gains, and competition by other Bitcoin treasury companies. Board appointments align: Mike Alfred, a director of IREN and Eaglebrook Advisors, and Lyn Alden, a Swan Bitcoin director and general partner at Ego Death Capital, joined in autumn 2025.

Q2 2026, against that assumption. Bakkt retained $0.8M on $168.8M of Total Transacting Volume, being $170.1M of revenue less $169.3M of crypto costs and execution, clearing and brokerage fees. That is an implied take rate of about 0.47%, against the 0.68% assumed above on the Q1 print. Holding the Q2 rate against an annualised controllable cost base of roughly $82M, being the quarter’s $20.5M of operating expenses excluding those pass-through costs, breakeven would require roughly $17B of annual volume rather than the $10.9B derived above. Volume fell from $241M in Q1 and first-half volume was $410.0M, against the year-end estimate of approximately $2.5B. Filed

Bakkt reports as a single operating segment. The three-engine framing is a management narrative, not a reporting structure with separate audited financials behind it.

Sources: 10-Q Q1 2026, Notes 1, 2 and 6; press releases January 12, 2026, May 11, 2026 and June 4, 2026; Q1 2026 earnings call.

03Revenue streams

Gross revenue is almost entirely pass-through. The retained figure is the one that carries analytical weight.

When a partner's customer buys $1,000 of Bitcoin through the platform, Bakkt books close to the full $1,000 as revenue and books the cost of acquiring that Bitcoin as crypto costs. It retains the spread. The accounting is conventional; the effect on the top line is not.

The two deducted lines total $242.0M, which is 99.3% of gross revenue. Retained revenue was $3.4M in Q1 2025 against $1,065.8M of gross revenue, so the retained line fell 52% year over year while the gross line fell 77%.

Within gross revenue the split is stark: transaction revenue was $243.4M and service revenue, covering subscription and software, was $0.197M. A company describing itself as infrastructure software currently earns almost nothing from recurring software fees. Revenue from outside the United States was $31.5M in the quarter.

The KPIs management introduced

• Total Transacting Volume for Markets: approximately $241M in Q1 2026, against a stated year-end estimate of approximately $2.5B.
• Monthly Active Users for Agent: reporting to begin only after the product launches. A year-end target does exist, and this report said there was no figure. Page 14 of the August 2026 investor presentation, located August 10 prints a 25k target for year-end 2026 against a defined metric: monthly unique users completing at least one qualifying activity in an applicable Bakkt Agent-powered product. Estimate The definition is carried with the number because a user metric without its qualifying test is not checkable, and this one counts any single qualifying activity in a month.
• Strategic Asset Value for Global: approximately $76M at quarter-end against roughly $21M of capital committed.

Sources: 10-Q Q1 2026, consolidated statements of operations and Note 4; Q1 2026 results release and earnings call, May 11, 2026. Take rate and breakeven figures are analyst calculations from those disclosures.

04Industry & market backdrop

Stablecoin float and stablecoin throughput have diverged

As of mid-2026 the sector has split, and the split governs how the backdrop reads for a transaction-fee business.

Estimates of real-economy stablecoin payment volume put 2025 between $350B and $550B, growing around 60% year over year, with business-to-business settlement roughly 60% of the total.

Regulation cuts both ways

The GENIUS Act established a federal framework for payment stablecoins, and the European MiCA regime is in hard enforcement. For a licensed operator this is a tailwind: regulated counterparties can transact without legal ambiguity. The same clarity invites banks in. Commentary through 2026 has flagged that large depository institutions are the best-positioned stablecoin issuers and that non-bank fintechs face consolidation pressure.

Cross-border payments is the stated target

Management cites a $44 trillion global payments market. Independent sizing of the stablecoin cross-border opportunity is smaller: one estimate puts the base addressable market at $17.9 trillion.

Sources: Deluair, April 2026; Tazapay 2026 stablecoin guide citing BCG and Allium Labs; Forbes and FXC Intelligence, March 30, 2026; ABA Banking Journal, July 2026; Wolters Kluwer, July 2026; Bakkt press release, April 30, 2026.

05Competitive position

Named peers on comparable metrics. The category is regulated crypto and stablecoin infrastructure sold business to business.

Where Bakkt sits

• Advantage: a US licensing stack inherited from its ICE origins that competitors would need years to replicate, plus the DTR technology it now owns outright rather than licenses.
• Disadvantage of scale: Zero Hash alone reports over $65B in settled volume against quarterly Total Transacting Volume of $241M at Bakkt. Bakkt reports roughly 48 employees, and its shares carry a beta of about 5.9.
• Structural dependency: custody is outsourced to BitGo, Coinbase Custody and Fireblocks Trust. Some custodians are also competitors, or competitors' infrastructure.

Sources: Stablecoin Insider competitive reviews, June to July 2026; 10-Q Q1 2026, Note 1; Q1 2026 earnings call; Google Finance company profile, July 2026.

06Financial performance

The reported history requires adjustment, because the business has been repeatedly reshaped. The sequence, with dates, comes first.

The numbers

Balance sheet at June 30, 2026

• Cash and cash equivalents $50.0M, plus $0.7M restricted, giving the $50.7M the company quotes.
• Customer funds of $20.6M sit on both sides of the balance sheet. This is client money, not the company's.
• No long-term debt. The ICE credit facility was terminated in July 2025 and the convertible debenture is fully retired.
• Goodwill $156.7M, up from $64.7M at December 31, 2025 on the $92.0M recognised for the DTR acquisition, against accumulated goodwill impairments of $1,511.3M, which did not move, so roughly $1.5 billion of prior acquisition value has already been written off.
• Accumulated deficit $836.0M, down from $905.2M at December 31, 2025, because the six months to June 30 produced $69.2M of net income rather than a loss, almost all of it the non-cash gain on the Transchem warrants.
• Total assets $403.6M against total liabilities $49.2M leaves equity of $354.4M, and the largest single asset is those warrants at $107.9M.
• Loyalty-sale receivables comprise a $5.1M promissory note, $6.4M of advances and $2.5M in escrow at June 30, 2026, $14.1M in all, owed by a counterparty Bakkt is litigating against. The $5.0M receivable named in the March breakdown is not separately identified in the Q2 disclosure, so the total is not restated on the same basis.

Sources: 10-Q Q1 2026, balance sheet, statements of operations and cash flows, Notes 2, 3, 5, 6, 7, 8 and 9; FY2025 results release, March 16, 2026; Form 8-K, March 17, 2025.

07Capital structure & dilution

Shares, warrants, the ATM, the shelf, the resale registration, and the ownership register.

That is roughly 226% growth in share count over about seventeen months. A 1-for-25 reverse split in April 2024 accounts for the shape of the historical price series.

Channels that could dilute further

• Roughly 9.2 million listed warrants: 7.14M public, 1.15M Class 1, 0.86M Class 2.
• Up to 725,592 additional DTR consideration shares if those warrants are exercised, under an anti-dilution ratchet held by the DTR sellers.
• An at-the-market equity program established under a Sales Agreement dated January 16, 2026 with seven sales agents, carrying authorised capacity of up to $300M, of which $21.5M gross and $20.8M net had been drawn on 1,990,434 shares by March 31, 2026. The authorised capacity is close to the whole market capitalization.
• ICE Series A non-voting convertible preferred, convertible one for one into common on antitrust clearance.
• Gyzer warrants over 250,000 shares held by the Chief Commercial Officer, exercisable for roughly $2.5M in aggregate.

The resale registration

On May 12, 2026 Bakkt filed a registration statement covering the resale of up to 21,010,640 shares of Class A common stock. The company's own risk factors state that, measured against shares outstanding at April 30, 2026, this represents approximately 43.9% of total outstanding voting securities.

The registration was declared effective on May 28, 2026, with its prospectus filed the previous day, so the shares have been freely saleable for eleven weeks rather than merely registered. There is no lock-up on the DTR consideration shares. The Registration Rights Agreement obligated Bakkt to file a resale registration within five business days of the DTR closing. Registration is permission rather than prediction: the selling stockholders may sell all, some or none, and the CEO's sales are further constrained by blackout periods given his access to material non-public information. The legal impediment is removed, and the filing itself describes the result as a public market overhang.

Ownership register

The register turned over almost completely between mid-2025 and mid-2026, and the two largest positions in it now are an insider's and a fund's rather than the former parent's.

BlackRock holds sole voting power over 2,419,374 and sole dispositive power over the full position, and its statement certifies the stake is held passively, in the ordinary course, and not to influence control.

The chief executive's Schedule 13D

The largest holder is an officer and director, and he reports on Schedule 13D rather than 13G, which is the activist form. The position was built in four steps: 1,592,015 shares at 6.3% on an event date of October 31, 2025, 3,199,732 at 11.9% on November 14, 2025, the same holding at 11.6% on January 11, 2026 as the count grew, and 11,138,989 at 22.3% on April 30, 2026, the closing of the DTR share purchase.

The 30 April step was not a purchase. He acquired 7,927,831 consideration shares in exchange for his equity interests in DTR, with no cash paid, and the statement records that the number remains subject to adjustment under the agreement's top-up consideration provisions, so it can rise further without any market transaction. Shares he holds as nominee and custodian for other former DTR holders are excluded and their beneficial ownership disclaimed.

What the statement says about purpose is the material part. It reserves the right to engage with management, the board and other securityholders and to encourage or seek to cause the company to explore extraordinary corporate transactions, naming among them a merger, reorganization or take-private that could result in the delisting or deregistration of the Class A common stock, sales or acquisitions of assets, changes to capitalization or dividend policy, changes to the certificate of incorporation or bylaws, and changes in management or the composition of the board. It then states that he holds no current plans or proposals under Items 4(a) to (j) other than as may arise in his capacity as a director or officer, and that he does not expect to amend the statement to disclose developments arising in that capacity.

ICE, on two bases

ICE has gone from majority owner to a fifth of the class without selling a share. Its successive statements report 54.2% on June 27, 2025, 36.0% on July 28, 2025, 33.6% on October 16, 2025, 32.3% on January 11, 2026, 27.0% on March 2, 2026 and 19.8% on April 30, 2026. The share count rose across that span, 7,914,472 to 8,380,362; the percentage fell because the denominator more than doubled.

Two figures circulate for the same holding and they differ on two axes rather than one. The 8,380,362 shares in the Schedule 13D/A include 461,360 replacement warrant shares; net of those, ICE holds 7,919,002 shares outright, which is the difference exactly. The 19.8% is struck against 41,878,871 shares, being 30,562,096 outstanding at March 11, 2026 per the Form 10-K plus 11,316,775 issued on April 30, 2026 per the Form 8-K. Both figures are correct on their own basis, and this report carries the filed one because it is the only basis stated in a document.

The $7.0M insider purchase

Director Michael Alfred acquired 865,000 shares of Class A common stock in open-market purchases through Alpine Fox LP, a limited partnership he controls: 365,000 shares on May 15, 2026 at a weighted-average $8.34, 220,000 on 18 May at $8.20, 180,000 on 9 June at $7.71 and 100,000 on 10 June at $7.83. That is roughly $7.0M committed at prices between $7.52 and $8.93, leaving Alpine Fox holding 905,000 shares. He holds a further 28,476 shares directly, subject to unvested restricted stock units.

Set against it, every other disclosed insider transaction in the period is a withholding-scale sale: 3,789, 4,684 and 2,352 shares by the General Counsel, CFO and COO on April 29, 2026; 1,562, 1,907 and 1,562 shares by the same three on 29 June; and 539, 657 and 94 shares on 15 July.

Float and short interest

Because ICE, the CEO, DTR holders and other affiliates hold most of the register, the tradable float is only about 26.73 million shares, roughly 60% of shares outstanding.

Roughly a quarter of the tradable float is sold short and the position has more than tripled in a year. Two consequences follow and both are real. A thin float with heavy short interest and 6.5 days to cover means favorable news can force covering into limited supply, and unfavourable news meets few natural buyers, which is consistent with a beta near 5.9 and a 52-week range from $6.75 to $49.79. It is also a large standing position against the company: a 216.8% increase over twelve months describes how a body of capital reads the same filings. The 10 August results land into this structure.

The second related-party acquisition

In May 2026, three weeks after closing DTR, Bakkt acquired Gyzer Inc., a digital asset payments business, from Daniel Ishag, its own Chief Commercial Officer and Gyzer's sole stockholder. Consideration was 94,595 shares plus warrants over 250,000 shares, exercisable for roughly $2.5M in aggregate.

The transaction is small in dollar terms. It matters as a pattern: within roughly six weeks Bakkt acquired companies from two of its own senior executives. Unlike DTR, no independent special committee process is described in the filings reviewed for Gyzer.

Management incentives

The March 2025 inducement grant to Naheta, made outside the shareholder-approved plan under NYSE Listed Company Manual Rule 303A.08, comprised 1,607,717 performance stock units and 11,426 RSUs with a grant-date value of roughly $15M. Vesting is tied to share price hurdles, the first of which was $18.66. The stock closed at $7.56 on August 4, 2026, about 59% below that hurdle, and the performance period runs to March 21, 2028. Two readings hold simultaneously: the alignment is real, since the award pays only if the shares regain the $18.66 hurdle; and the same fact removes near-term incentive to sell into the resale registration. The 2026 proxy also discloses $1.5M of severance to former Co-CEO Andrew Main and $250,000 of special committee compensation for the 2025 strategic review.

Sources: 10-Q Q1 2026, cover page, Note 9 and Note 11; Form 8-K/A, July 16, 2026; Form S-3, May 12, 2026; press releases January 20, 2026, February 27, 2026 and April 30, 2026; ICE Schedule 13D/A, May 2026; BlackRock Schedule 13G, July 27, 2026; 2026 proxy statement.

08Valuation

Multiples with their basis and pricing date. No target price is derived here.

Strategic Asset Value against the audited carrying values

Management reported roughly $76M of Strategic Asset Value at Q1-end. It does not reconcile straightforwardly to the balance sheet:

• The 10-Q carries the Bitcoin Japan stake as an equity method investment of $10.9M, and separately discloses that its value at the public trading price was approximately $16.5M at March 31, 2026.
• On the earnings call, management described the same position as having moved to roughly $31.7M, and cited an illustrative $44.3M mark for the India position.
• The India warrants were allotted only in June 2026, after regulatory approval, which is after the quarter being reported on.

These figures are not necessarily inconsistent: they measure different things at different dates on different bases. Strategic Asset Value is a company-defined, non-GAAP construct and is materially larger than the GAAP carrying values, in the sense that $76M exceeds the $10.9M equity method figure by roughly seven times. A sum-of-the-parts valuation should use the audited numbers and treat the KPI as management commentary.

On India, Bakkt paid roughly $9.4M for 25% of the Transchem subscription. The remaining 75%, roughly $28M, is payable only if it exercises within an 18-month window, and does not appear as a liability today.

Third-party coverage

Price at publication is the close on the last trading day before the action, which is what the firm could see when it struck the figure. Where an action carries a date on which no session traded, the last session that did still supplies the close.

These are the published views of the sources named, reported as market data. This report issues no rating and derives no target of its own, and the Benchmark target is not used to anchor any conclusion above. No center is computed from them, and none could honestly be: two rows, one of which publishes a letter grade rather than a target.

Every covering house the issuer acknowledges is paid by the issuer to sell its stock. Bakkt names two firms as following it, The Benchmark Company and Clear Street, on the coverage list published on its own investor relations site and read on August 4, 2026. Both are sales agents on the company's at-the-market program: two of the seven named in the Sales Agreement of January 16, 2026, through which up to $300M of common stock may be sold at the market, disclosed in the quarterly report of May 11, 2026. The claim rests on that list and that filing, both dated, so it describes the coverage set as the issuer stated it on that day rather than the set as it may later stand. Weiss Ratings is not part of it and its absence from the list is not evidence: a model-derived service was never going to appear on an issuer's coverage page.

The services are behind the file on the one target that matters. One still shows Benchmark at $22 dated March 18, 2026 and builds an average price target of $22.00 on it, having not recorded the 13 May cut to $19. Its average therefore rests on a superseded figure, which is the stale-aggregator pattern in its most concrete form: nothing on the page reveals it. The services also disagree about how many firms cover the stock at all, one giving two analysts over twelve months and another eight.

What that target rests on

Two things about it are worth stating, because a target is a claim about a moment and this one is now thirteen weeks old.

The firm publishing it is also a distribution agent for the issuer. The Benchmark Company, LLC is one of seven sales agents named in the Sales Agreement dated January 16, 2026 through which Bakkt may sell up to $300M of common stock at the market. Filed A firm that earns fees placing an issuer's stock is not a disinterested source of a target on that stock. This is disclosed in the quarterly report rather than hidden, and it does not make the target wrong; it does mean the target is not independent research, and this report treats it accordingly.

It predates the events most likely to bear on it. The target was struck on May 13, 2026, one day after the resale registration was filed and fifteen days before it was declared effective, so it precedes the 44% overhang becoming live. It also predates the June director purchases, the further build in short interest to about 23.6% of float, and the fall in the shares from the $8.87 at publication to $7.56. At the current price a $19 target implies about 151% upside, against about 114% when it was set.

Analyzing what a target assumes is in scope here; adopting it is not. No part of the valuation above rests on it.

Sources: 10-Q Q1 2026, balance sheet and Note 6; Q1 2026 earnings call, May 11, 2026; press release June 4, 2026; Morningstar and Robinhood quote data, July 23 to 25, 2026; Investing.com, May 2026. Multiples are analyst calculations.

09Growth drivers

Separating what is contracted from what is stated.

Disclosed

• DTR owned outright, previously licensed under a July 2025 commercial agreement, so no third party is paid for the settlement engine.
• Nexo partnership announced February 17, 2026, under Bakkt Markets.
• A debt-free balance sheet with $50.7M of cash.
• Regulatory licenses that competitors would need years to replicate.
• Daniel Ishag appointed Chief Commercial Officer to rebuild the sales organization. Bakkt also acquired his company, Gyzer Inc., in May 2026, covered in capital structure above.
• India regulatory approval received June 4, 2026, unlocking the Transchem structure.

Stated intentions, not yet revenue

• Bakkt Agent launch, guided for Q3 2026.
• The Zoth memorandum of understanding, with a stated partnership target of roughly $1B annualised volume by year-end 2026 against roughly $300M today.
• Expansion from 60+ to 90+ jurisdictions by year-end.
• A platform upgrade supporting 200+ assets in H2 2026.
• Transchem's potential acquisition of a SEBI-regulated broking business, subject to approvals that have not been obtained.

Sources: press releases February 17, 2026, April 30, 2026, May 11, 2026 and June 4, 2026; Q1 2026 earnings call; 10-Q Q1 2026, Note 9.

10Risks

Severity-ranked, most severe first.

Sources: 10-Q Q1 2026, forward-looking statements and Notes 5, 6, 9 and 16; class action reporting, April 2025; Simply Wall St filing calendar, March 2026; press release June 4, 2026.

11Bull / base / bear

Each case with its preconditions. These are illustrative reasoning, not forecasts, and carry no probabilities.

The asymmetry is deliberate. The bull case requires several independent things to go right in sequence. The base and bear cases require nothing unusual to happen.

12Research summary

The question that resolves the name

Can Bakkt grow transacting volume roughly tenfold, or materially raise the 0.68% take rate, before dilution and cash burn consume the equity value that exists today?

Every other debate is downstream of that. The licenses, the CEO, the stablecoin market size, the Japan stake and the rebrand matter insofar as they move that ratio. If retained revenue is still near $0.8M a quarter when the Q4 2026 results land, the strategy has not yet worked, whatever partnerships were announced meanwhile.

Where the company stands

Bakkt is an early-stage business inside a formerly larger company's shell. Stripped of the loyalty division, the trust company and its dominant client, what remains is a licensed crypto and stablecoin infrastructure provider that retained $0.8M of revenue last quarter against $20.5M of controllable costs, holding $50.7M of cash with no long-term debt.

Improved over twelve months: the balance sheet is clean, the capital structure is simplified to a single share class, the strategy is coherent, and the chosen market is heavily used, with stablecoin transaction volume at record levels even as float contracts.

Worse or unresolved: the operating business is a fraction of its former size, retained revenue fell 52% year over year, holders have been diluted 226% in seventeen months, the two most recent acquisitions were both from sitting executives, a resale registration covering roughly 44% of the company is on file, the shares trade 12% above their 52-week low with a live goodwill impairment trigger, roughly a quarter of a thin float is sold short, and the growth case rests on products that have not launched and agreements that are memoranda.

The headline figure at every data provider, being roughly $975M of annualised revenue at a price to sales ratio under 0.35 times, points in the opposite direction from the underlying economics. The pass-through cost line is what reconciles them.

Verification path

1. Q1 2026 10-Q, consolidated statement of operations: subtract crypto costs and execution fees from revenue before reading further.
2. The liquidity and going concern note, specifically the exclusion of not-yet-live clients and products from the forecast.
3. Note 9, related parties, for the DTR transaction terms, and the Form 8-K/A filed July 16, 2026 for DTR's own financial statements.
4. The 10-Q cover page share count against the prior year, which is the fastest dilution check available.
5. The Form S-3 resale prospectus filed May 12, 2026: the selling stockholders table shows who may sell how much, and the risk factors quantify the overhang at 43.9%.
6. At the Q2 2026 results on August 10, 2026: Total Transacting Volume and retained revenue before GAAP revenue, whether Agent launched, and any disclosure sizing the digital asset treasury holdings.
7. Forms 4 and 144 and any new 424B5 prospectus supplements for ATM usage since March. Recent insider dispositions have been withholding-scale, in the hundreds to low thousands of shares under a Rule 10b5-1 plan, so the signal is a change in magnitude rather than the existence of sales.
8. Schedule 13G and 13D filings for changes in institutional and ICE ownership, and short interest through the exchange's semi-monthly reports.

13Null categories

Categories with nothing to report. Status reads Covered above, None where a named source was checked and found empty, or Not established where the category was not examined. A category nobody looked at is a gap, not an absence.

14Methodology & sources

Pricing basis and tagging

Figures are priced off the August 4, 2026 close of $7.56, which the exchange stamped at 16:00 Eastern and which two data services report identically. Volume of 886,823 shares ran at about 1.07 times the mean of the nine preceding sessions, so the volume reading and the venue agree that the session had ended. Every figure in a table Basis column and in the masthead strip carries a provenance tag, defined below.

All figures are drawn from Bakkt SEC filings and press releases, supplemented by third-party market data where named. Calculations described as analyst calculations are arithmetic performed on disclosed figures.

Provenance tags

The four tags used throughout this document, and what each asserts.

Enterprise value is omitted from the masthead

Enterprise value appears in valuation, section 08, and not in the masthead strip. It pairs a March 31, 2026 cash balance with a August 4, 2026 market capitalization, so it is struck across two dates. It is shown where its caveat can travel with it.

Known limitations carried forward

Defects identified but not resolved, with the text at issue quoted and the reason each remains open.

What was not checked

A filing sweep was run for this revision on August 4, 2026 against Central Index Key 0001820302 rather than against the ticker. The complete submissions index holds 752 filings between August 7, 2020 and July 27, 2026 and does not paginate, so the whole record was read rather than a recent view of it. Sixty-eight of those filings are statements of beneficial ownership: forty under the SC 13D and SC 13G form types and twenty-eight under the SCHEDULE spellings the Commission has used on this issuer's filings since May 2025, and all sixty-eight were opened. The sweep was re-run on August 17, 2026 and five filings have appeared since that Schedule 13G: a Form 8-K/A of August 7, 2026, a Form 8-K and the Form 10-Q for Q2 2026 both of August 10, 2026, a Schedule 13G/A of August 14, 2026, and a Form 8-K of August 17, 2026.

The 2025 reorganization was checked for an orphaned predecessor index and there is none. Bakkt Holdings, Inc. became Bakkt Intermediate Holdings, Inc. on November 3, 2025, a new parent succeeded to the Exchange Act registration on Form 8-K12B under the same commission file number, and the predecessor deregistered on Form 15 on November 17, 2025. All of it sits on one Central Index Key. A second registrant, BAKKT Holdings, LLC, exists at Central Index Key 0001755135 and holds two Form D notices from 2019 and 2020 and nothing else.

The Q2 2026 results and the Form 10-Q are absorbed here and recorded in the log below. The following were not reached:

• The Form 8-K/A of August 7, 2026, the Schedule 13G/A of August 14, 2026 and the Form 8-K of August 17, 2026, none of which was opened. The company announced the appointment of a Chief Financial Officer on its newsroom on August 17, 2026, the day this revision was assembled, and that announcement is not read here beyond its headline.
• FY2025 retained revenue, EPS and operating cash flow, which appear as n/d.
• The full text of the Benchmark note. What the target rests on is analyzed above from the firm's disclosed role and the target's date; the note's own model and assumptions were not obtained, and no route to the note was found for this revision either.
• Holders below the 5% reporting threshold. Schedules 13D and 13G disclose only holders above it, so the register above is a floor on concentration rather than a measure of it, and no Form 13F aggregation was run.
• The share purchase agreement itself, including the top-up consideration mechanics that can increase the chief executive's holding without a market transaction. Only the Schedule 13D's description of them was read.
• Any Gyzer special committee process, which is not described in the filings reviewed.
• The transfer agent record that would reconcile the two share counts.
• Enterprise value struck on a single date, which would require a cash balance dated to the pricing close.
• The SEC full-text search interface, which was unavailable. The sweep ran against the company's own filing and news pages and against filing aggregators, so a filing indexed nowhere but EDGAR would not have been seen.
• The 52-week low, where providers diverge. This report carries $6.75 as stamped at the 31 July close; others show $6.81 and $6.87 on nearby dates, and the difference was not resolved to an exchange record.

15Document log

Newest first. The original build entry is never removed or rewritten.