---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-015873"
form_type: "8-K"
ticker: "BKKT"
cik: "0001820302"
company_name: "Bakkt, Inc."
filed_at: "2026-01-20T23:59:59+00:00"
generated_at: "2026-05-16T09:36:13.652350+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Bakkt prelim Q4 rev $298-300M, cash $26-28M; sues for $5M; invests $10M in India warrants

## Summary
- Gross digital asset revenues $298M-$300M; total costs $297M-$299M; gross margin only ~$1M.
- Cash, equivalents & restricted cash $26M-$28M at Dec 31, 2025; net operating cash burn $19M-$21M in Q4.
- Opco filed suit in Delaware Superior Court for Buyer's failure to return ~$5M Wrong Pockets Cash; also default on ~$5M Notes.
- Subscribed to 47.5M warrants in Transchem Ltd. for ~$10M; target identified in Indian stock broking sector.

## SEC filing metadata
- accession: 0001193125-26-015873
- form_type: 8-K
- ticker: BKKT
- cik: 0001820302
- company_name: Bakkt, Inc.
- filed_at: 2026-01-20T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1820302/000119312526015873/0001193125-26-015873-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1820302/000119312526015873/d51133d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-015873
- JSON: https://secwatch.observer/filing/0001193125-26-015873.json
- Plain text: https://secwatch.observer/filing/0001193125-26-015873.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.