BKKT - Bakkt Joins Market Mania But Remains In Cash Burn Reality
2025-09-24 11:01:42 ET
I've been bearish on Bakkt Holdings, Inc. ( BKKT ) on the back of what's been consistent quarters of net losses, negative free cash flow ("FCF'), and a declining liquidity balance against its crypto operations that have not had a healthy stock market fit. However, in a new market zeitgeist where fundamentals seem to be simply suggestions to be replaced by vibes, BKKT has seen its common equity rally heavily in response to a deluge of positive news. The ticker is set to expand its board with the addition of Mike Alfred, an IREN Limited ( IREN ) board member and founder of Alpine Fox, a bitcoin-focused private investment fund. IREN owns and operates data centers for AI and mines Bitcoin ("BTC"). The stock rallied heavily on the news, moving to a more than 3-year high, perhaps with the view being that the addition of a new board member will be able to help reverse years of operational decline and compounding losses....
Bakkt Joins Market Mania But Remains In Cash Burn Reality