BKKT · CIK 1820302
What Bakkt Holdings, Inc. told the SEC could break it.
Bakkt's disclosures center on how concentrated and volatile its crypto-trading revenue is. Its three largest customers made up about 89% of trade accounts receivable at year-end 2025 (nearly 100% in 2024), so losing a top trading client would materially hit revenue — and substantially all of each quarter's net revenue comes from that quarter's transactions, which is why crypto-services revenue swung down 32% to $2.34 billion in 2025. The supply side is similarly thin: some vendors are its sole or one of few sources, notably the limited set of credit providers needed for high-volume institutional trading on ECNs like its planned BakktX. All of it operates under evolving digital-asset regulation, including a New York BitLicense, state money-transmitter licenses, and AML/sanctions rules.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Three largest customers ~89% of trade accounts receivablehigh
Bakkt's customer base is highly concentrated — its three largest customer balances were ~89.30% of total trade accounts receivable at year-end 2025 (99.95% in 2024) — so loss of a top crypto-trading client would materially affect revenue and collections.
“As of December 31, 2025 and December 31, 2024, the three largest customer balances represented approximately 89.30 % and 99.95 %, respectively, of total trade accounts receivable.”
SEC filing →As of 2026
Other disclosures
- Volatile, transaction-dependent crypto revenue (down 32% YoY)medium
Substantially all of Bakkt's net revenue each quarter comes from in-quarter crypto transactions (crypto services revenue fell 32% to $2.34B in 2025 from $3.44B), causing significant operating-result fluctuations tied to volatile digital-asset trading volumes.
“Substantially all of our net revenues each quarter come from transactions that occur during that quarter, which has resulted in, and may continue to result in, significant fluctuations in our operating results.”
SEC filing →As of 2026
Sole-source dependency
- Sole/limited-source vendors, including credit providers for institutional tradingmedium
Some of Bakkt's vendors are sole or one of a limited number of sources for their services — for example, only a limited number of providers can supply the credit needed for high-volume institutional trading on ECNs such as the planned BakktX ECN.
“In some cases, vendors are the sole source, or one of a limited number of sources, of the services they provide to us. For example, there are a limited number of service providers that can provide the credit needed to facilitate high-volume institutional trading on ECNs, such as the BakktX ECN we plan to launch.”
SEC filing →As of 2026
Regulatory & policy
- Crypto/digital-asset licensing and AML/sanctions regulation (BitLicense, money transmitter)low
Bakkt's BFS subsidiary operates under a New York BitLicense and state money-transmitter licenses subject to evolving digital-asset regulation, AML, and OFAC sanctions requirements; non-compliance could bring enforcement actions, penalties, or loss of licenses.
“BFS holds a New York State virtual currency license (commonly referred to as a “BitLicense”) and money transmitter licenses from all states throughout the U.S. where su”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“In New York, cryptocurrency trading is conducted under a fully disclosed arrangement with Bakkt Crypto, which holds the requisite regulatory approvals to provide digital asset services to New York residents.”
Cited →Intercontinental Exchange, Inc.
“Bakkt As of December 31, 2025, and December 31, 2024, we held an approximate 31 % and 54 %[ interest]”
Cited →
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