Home / Going-concern warnings / Bakkt, Inc.
Filed 2025-08-11 路 Form 10-Q 路 Accession 0001628280-25-039625 micro
Price before filing: $10.81 (2025-08-08 close, split/dividend-adjusted)
Market cap at flag: $67.7M (2025-08-11) 路 Latest: $230.2M (2026-10-16)
| Window | BKKT | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | -13.0% | +2.4% | -15.3% | 2025-09-10 |
| 90 days | +93.9% | +7.2% | +86.7% | 2025-11-10 |
| 180 days | +5.5% | +9.5% | -4.1% | 2026-02-09 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: 4 insiders sold $675K (5 sales)
30 days after: 1 insider bought $1.5M (3 purchases)
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-05-14 | D'Annunzio Marc General Counsel & Secretary | Sale | 10,000 | $14.21 | $142K | no | Form 4 |
| 2025-05-14 | Dow De'Ana Director | Sale | 19,200 | $12.89 | $248K | no | Form 4 |
| 2025-07-15 | Alexander Karen Chief Financial Officer | Sale | 671 | $18.21 | $12K | no | Form 4 |
| 2025-07-15 | D'Annunzio Marc General Counsel & Secretary | Sale | 559 | $18.21 | $10K | no | Form 4 |
| 2025-07-15 | Main Andrew A Co-CEO & President, Director | Sale | 14,440 | $18.21 | $263K | no | Form 4 |
| 2025-08-11: red flag filed | |||||||
| 2025-08-21 | Naheta Akshay Sudhir CEO and President, Director | Purchase | 100,000 | $8.18 | $818K | no | Form 4 |
| 2025-08-21 | Naheta Akshay Sudhir CEO and President, Director | Purchase | 50,000 | $8.00 | $400K | no | Form 4 |
| 2025-08-22 | Naheta Akshay Sudhir CEO and President, Director | Purchase | 30,000 | $8.55 | $256K | no | Form 4 |
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-05-13 to 2025-09-10. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"We made substantial investments in our platforms in 2023 and 2024, which we expect will enable us to continue to simplify our organization and focus on the core capabilities critical to our strategy, and continue to pursue growth with new and existing clients . Please see " Item 1A. Risk Factors鈥擱isks Related to our Business, Finances and Operations鈥擨n the past, we have identified conditions and events that raised..."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Source: management disclosure in Form 10-Q (period 2025-06-30)
Why this score: quarterly (unaudited) disclosure; also within 90 days: Auditor change
Read the original filing on SEC.gov →
Not investment advice. Automated summary; verify against the filing.
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