The delisting and conversion of warrants to cash payment rights eliminates any remaining equity upside from the warrants. Monitor for any subsequent filing regarding the cash payment amount or potential impact on the common stock listing.
Price Chart
Executive Summary
Bakkt, Inc. (BKKT) is being delisted from the NYSE. The NYSE filed a Form 25-NSE to remove the company's warrants from listing and registration, effective October 26, 2026, after the warrants were suspended from trading on October 14, 2026. The filing indicates the warrants now represent only the right to receive an immediate cash payment, effectively terminating their trading value.
Key Facts
- NYSE filed Form 25-NSE to delist Bakkt's warrants from the exchange.
- Delisting effective October 26, 2026, per Rule 12d2-2(a)(3).
- Warrants were suspended from trading on October 14, 2026.
- Warrants now represent only the right to receive an immediate cash payment, with no other rights.
- Warrants entitle holder to purchase 1/25th of a share of Class A common stock at $287.50 per share.
Financial Impact
Warrants are being removed from listing and converted to cash payment rights; no specific cash amount disclosed in the filing.
Risk Factors
- Warrant holders will receive only an immediate cash payment, likely at a fraction of any prior trading value.
- Delisting signals severe financial distress or restructuring at Bakkt.
- Common stock may face increased delisting risk if NYSE continues to review the company's listing standards.
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 25-NSE Filing (Primary) | 0000876661-26-000837 |
| Document: 0000876661-26-000837-index.html | 0000876661-26-000837 |
| Document: 0000876661-26-000837.txt | 0000876661-26-000837 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 12d ago | 25-NSE | $5.90 $5.24 | ▲ +11.19% | ▲ +10.17% | $5.09 (+13.73%) |
Aug 27, 2026 8w ago | 3 | $8.42 $8.38 | ▼ −0.48% | ▼ −0.74% | $5.09 (−39.55%) |
Aug 20, 2026 9w ago | Court Ruling | $7.50 $8.42 | ▲ +12.27% | ▲ +11.15% | $5.09 (−32.13%) |
Aug 19, 2026 9w ago | Insider Buy | $7.74 $8.23 | ▲ +6.33% | ▲ +6.72% | $5.09 (−34.24%) |
Aug 17, 2026 10w ago | 8-K | $7.12 $8.18 | ▲ +14.89% | ▲ +16.08% | $5.09 (−28.51%) |
Aug 10, 2026 11w ago | 8-K | $7.37 $6.93 | ▲ +5.97% | ▲ +5.57% | $5.09 (+30.94%) |
Aug 8, 2026 11w ago | Institutional Cluster | $7.65 $7.12 | ▼ −6.93% | ▼ −6.88% | $5.09 (−33.46%) |
Jul 27, 2026 13w ago | Press Release | $7.47 | awaiting T+5 | — | $5.09 (−31.86%) |
Jul 7, 2026 16w ago | Court Ruling | $8.36 $8.26 | ▼ −1.20% | ▼ −2.46% | $5.09 (−39.11%) |
Jun 29, 2026 17w ago | Insider Cluster | $7.81 $8.61 | ▲ +10.24% | ▲ +9.64% | $5.09 (−34.83%) |
US Market Status
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