Bakkt (BKKT) Stock Surges as Insider Loads Up With $4.85M in Two Days

TLDR

• Director Michael Alfred bought 585,000 BKKT shares for ~$4.85M across May 15 and May 18 via Alpine Fox LP
• BKKT jumped 14.2% pre-market Tuesday, trading at $9.96 after closing Monday at $8.72
• Q1 2026 revenue fell sharply to $243.6M from $1.07B a year ago; net loss was $11.7M
• Bakkt acquired stablecoin infrastructure firm DTR on April 30 in an all-stock deal
• Benchmark kept its Buy rating but cut its price target from $22 to $19

Bakkt (BKKT) stock jumped 14.2% in pre-market trading Tuesday, reaching $9.96, after a Form 4 SEC filing revealed director Michael Alfred purchased roughly $4.85 million worth of stock over two days.

Bakkt Holdings, Inc., BKKT

Alfred bought 365,000 shares on May 15 at a weighted average of $8.34 per share, then added 220,000 more on May 18 at $8.20 per share. All purchases were made through his investment vehicle, Alpine Fox LP.

After both transactions, Alfred’s indirect holdings through Alpine Fox LP stand at 625,000 shares. He also holds 28,476 shares directly, tied to restricted stock units subject to vesting.

The stock closed Monday at $8.72, up 5.3%. Its 52-week range sits between $6.87 and $49.79, meaning it remains well below its highs from a year ago.

A separate Form 4 showed CEO Akshay Naheta exercised options for 33,557 shares at $10 each on May 15. His total direct Class A holdings now sit at 9,093,522. This was an option exercise, not an open-market purchase.

Q1 Results Show a Company in Transition

The insider activity follows Bakkt’s first-quarter 2026 earnings, released a week earlier. Revenue came in at $243.6 million, down sharply from $1.07 billion in the same period last year.

Net loss attributable to Bakkt was $11.7 million, compared to net income of $7.7 million a year ago. Adjusted EBITDA showed a loss of $13.7 million.

As of March 31, the company held $82.6 million in cash, cash equivalents and restricted cash, with no long-term debt reported.

Stablecoin Pivot and the DTR Deal

Bakkt’s strategic shift picked up pace on April 30, when it completed the acquisition of Distributed Technologies Research, or DTR — a firm that builds stablecoin and agentic payments infrastructure.

The deal was all-stock. Bakkt issued 11.3 million Class A shares to close it, with up to 725,592 additional shares potentially going out if linked warrants are exercised.

The company has also divested its loyalty business as part of this realignment toward digital asset infrastructure.

Benchmark responded to the Q1 results by lowering its price target on BKKT from $22 to $19, but held its Buy rating, citing the ongoing digital asset pivot as a reason for continued optimism.

Bakkt also filed an S-3 registration statement allowing selling stockholders to resell up to 21 million Class A shares. The company noted it receives no proceeds from those resales and flagged that large sales — or even rumors of them — could weigh on the stock price.

The 52-week high of $49.79 is a distant memory. BKKT currently carries a beta of 5.86, reflecting how volatile it remains relative to the broader market.

Alfred’s latest purchases bring total insider-buying activity into focus at a moment when Bakkt is still burning cash and working to prove its stablecoin strategy can deliver consistent revenue.

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