Bakkt Holdings (BKKTF) Shares Plunge 11.96% On Wider-Than-Expected Q3 Loss From Restructuring Charges

Bakkt Holdings Inc. shares plummeted 11.96% in pre-market trading on November 11, 2025, following a wider-than-expected third-quarter loss driven by a non-cash restructuring charge. The decline came despite a 27% year-over-year revenue rise to $402.2 million, underscoring persistent operational challenges amid strategic overhauls.

The company reported a net loss of $21.6 million, primarily attributed to a $37.2 million non-cash charge linked to warrant liabilities. Operating expenses surged to $427.5 million, exacerbating earnings misses. Bakkt has completed key restructuring efforts, including the dissolution of its Up-C structure and the sale of its loyalty business, shifting focus to crypto services and institutional trading. CEO Akshay Naheta emphasized streamlined governance and debt elimination as milestones to enhance institutional investor access.

Backtest assumptions suggest a tactical approach to volatility, with a 10-day EMA crossover strategy showing potential for 12.3% annualized returns in 2023-2024 simulations. However, execution risks remain high due to the stock’s sensitivity to macroeconomic crypto sentiment and regulatory developments.

Despite the recent losses, Bakkt’s long-term strategy to solidify its position in the institutional crypto market continues to attract cautious optimism from analysts. The company is also exploring partnerships to integrate more crypto trading tools and expand its institutional client base, aligning with broader industry trends toward crypto adoption by professional investors.