Bakkt Rockets 28.61% on $510M Volume Spike, Climbs to 232nd in Market Activity Amid Blockchain Adoption Hopes

On October 2, 2025, Bakkt Holdings (BKKT) surged 28.61% with a trading volume of $0.51 billion, marking a 172.23% increase from the previous day’s volume. The stock ranked 232nd in overall market activity. Recent developments highlight renewed institutional interest in Bakkt’s digital asset infrastructure solutions, driven by evolving regulatory clarity in the U.S. market. Analysts noted that the surge aligns with broader market speculation about increased adoption of blockchain-based trading platforms ahead of the 2025 Q4 earnings season.

Market participants observed that Bakkt’s volatility reflects its position as a bellwether for crypto-related equities. While the company has not released earnings data recently, its partnerships with major financial institutions have been cited as a potential catalyst for sustained momentum. However, sector-wide concerns about macroeconomic headwinds remain, with investors balancing optimism about Bakkt’s strategic direction against broader market uncertainty.

To set up this back-test rigorously I need to confirm a few practical details: 1. Market universe • Are we looking at all U.S. common stocks (NYSE + NASDAQ), a specific index constituent list, or another market? 2. Trade implementation • Entry price: next-day open, previous-day close, or another convention? • Exit price after holding 1 day: same-day close or next-day open? • Do we fully rebalance every trading day (i.e., sell yesterday’s basket and buy today’s top-volume basket)? 3. Portfolio construction • Equal-weight across the 500 names, or volume-weighted / market-cap-weighted? • Any position size caps (e.g., 10 bps of ADV per name)? 4. Costs & constraints • Commission / slippage assumptions? • Short-sale restrictions (if any), although this is a long-only strategy. Once these are set I can generate the daily signals and run the back-test from 2022-01-03 to the latest available date.