Home / Going-concern warnings / Bakkt, Inc.
Filed 2026-03-19 路 Form 10-K 路 Accession 0001628280-26-019870 micro
Price before filing: $8.93 (2026-03-18 close, split/dividend-adjusted)
Market cap at flag: $120.5M (2026-03-19) 路 Latest: $230.2M (2026-10-16)
| Window | BKKT | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | +0.4% | +7.4% | -7.0% | 2026-04-20 |
| 90 days | +0.9% | +12.3% | -11.4% | 2026-06-17 |
| 180 days | -13.7% | +15.1% | -28.8% | 2026-09-15 |
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: 2 insiders sold $33K (2 sales)
30 days after: 2 insiders sold $98K (3 sales)
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-12-19 | Henderson Joseph Sean-Walsh Chief Accounting Officer | Sale | 2,461 | $10.01 | $25K | no | Form 4 |
| 2026-02-24 | D'Annunzio Marc General Counsel and Secretary | Sale | 785 | $10.09 | $8K | yes | Form 4 |
| 2026-03-19: red flag filed | |||||||
| 2026-03-27 | D'Annunzio Marc General Counsel and Secretary | Sale | 6,422 | $8.55 | $55K | yes | Form 4 |
| 2026-03-30 | D'Annunzio Marc General Counsel and Secretary | Sale | 5,342 | $7.08 | $38K | yes | Form 4 |
| 2026-04-06 | Baes Nicholas Chief Operating Officer | Sale | 711 | $7.56 | $5K | no | Form 4 |
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-12-19 to 2026-04-18. 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.
"In the past, we have identified conditions and events that raised substantial doubt about our ability to continue as a going concern and it is possible that we may identify conditions and events in the future that raise substantial doubt about our ability to continue as a going concern."
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-K (period 2025-12-31)
Read the original filing on SEC.gov →
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Not investment advice. Automated summary; verify against the filing.
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