BofA update shows where active managers are putting money
Bakkt Holdings, Inc. (NYSE:BKKT), currently valued at $187.81 million in market capitalization, provided several operational updates Friday in a statement based on a recent SEC filing. The company’s stock has experienced significant volatility, declining 64.59% year-to-date, though InvestingPro analysis suggests the stock may be slightly undervalued at current levels.
The company reported progress on its strategic shift to focus on crypto infrastructure. As part of this transition, Bakkt previously acquired about 30% of Marusho Hotta Co., Ltd. (MHT), a company listed on the Tokyo Stock Exchange. Phillip Lord, President of Bakkt International, has assumed the role of Chief Executive Officer at MHT. Bakkt expects that an extraordinary general meeting of MHT shareholders will be held in October 2025 to consider changes including MHT’s corporate purpose and the issuance of preferred stock and warrants.
On August 26, Bakkt received notice from Public Platform LLC that Public is exercising its rights to begin offboarding customers from Bakkt’s platform. Public is targeting an offboarding date of October 31, 2025. According to the company, Public accounted for approximately 9.4% of Bakkt’s crypto services revenue for the year ended December 31, 2024, and 14.5% for the six months ended June 30, 2025.
Bakkt also stated that it has finalized a commercial agreement with Distributed Technologies Research Global Ltd. (DTR) and continues to work toward closing the sale of its loyalty and travel redemption business in the third quarter of 2025.
On Friday, Bakkt signed a nonbinding letter of intent with ICE Digital Trust, LLC (IDT), a New York limited purpose trust company owned by Intercontinental Exchange, Inc. The letter indicates the parties’ intent for IDT to provide custody services for digital assets held in Bakkt’s corporate treasury. It also outlines plans, subject to regulatory approval, for Bakkt to resell IDT’s custody services to third parties.
All information is based on a press release statement and the company’s SEC filing.
In other recent news, Bakkt Holdings Inc. announced its financial results for the second quarter of 2025, highlighting a year-over-year increase in revenue despite facing industry challenges. The company is dealing with a tough crypto market environment, which has impacted its overall performance. Analysts noted a significant sequential decline in revenue, indicating potential hurdles in maintaining consistent growth. These developments come amid a broader context of volatility within the cryptocurrency sector. The company’s stock experienced fluctuations, although specific price movements are not detailed here. Investors and analysts are closely watching how Bakkt Holdings navigates these market conditions. The company’s ability to sustain revenue growth amidst these challenges remains a key focus for stakeholders.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.