Bakkt Q3 Loss Deepens on Warrant Liability Shares Plunge 16%
Bakkt reported a third-quarter net loss deepened significantly, driven by a large non-cash charge on warrants that swelled liability as its share price rose. The Alpharetta-based digital asset platform slashed debt, sold non-core assets, unified its share structure and appointed veteran Richard Galvin to its board as part of streamlining efforts. Despite improved operational metrics, the warrant-related accounting boost drove losses and sparked a 13–16% stock slump in early trading. Traders will monitor whether these measures translate into sustainable revenue streams from trading spreads, custody fees and stablecoin services.
Bearish
Bakkt’s wider Q3 loss, driven by a substantial non-cash warrant liability charge and followed by a double-digit stock slump, signals financial strain and weakens market confidence. In the short term, the unexpected accounting hit and share sell-off create downward pressure. Longer term, traders will remain cautious until operational improvements and strategic measures prove effective in stabilizing revenue and reducing warrant-related costs.