The director's $2.11M open-market purchase is a strong standalone bullish signal per insider-buy literature, but Bakkt's deteriorating core operations (70% revenue decline, -$11.8M Adjusted EBITDA loss, $26.9M H1 operating cash burn) create a fundamental headwind. Monitor for additional insider buying or a strategic update that could validate the director's conviction.
Price Chart
Executive Summary
Director Alfred Michael made a $2.11M open-market purchase of 296,567 BKKT shares at $7.12, representing 0.68% of the company's $312M market cap. This conviction buy follows Bakkt's Q2 2026 earnings release 9 days prior, which showed a 70% YoY revenue collapse to $170.1M and a core operating loss despite a non-cash GAAP net income of $80.8M.
Key Financial Metrics
Key Facts
- Director Alfred Michael purchased 296,567 shares at $7.12 for a total of $2,111,557 in an open-market transaction on 2026-08-18.
- The purchase represents 0.68% of Bakkt's $312M market cap, exceeding the 0.5% threshold for a significant insider buy.
- This insider buy occurred 9 days after Bakkt reported Q2 2026 earnings showing a 70% YoY revenue decline to $170.1M and a -$11.8M Adjusted EBITDA loss, with the reported $80.8M GAAP net income driven entirely by a non-cash $98.5M warrant gain.
- The company has 88% analyst bullishness (7 Buy/Strong Buy out of 8 ratings), contrasting with deteriorating core operating fundamentals.
Financial Impact
Director invested $2.11M at $7.12/share, representing 0.68% of market cap — a significant conviction signal relative to company size.
Risk Factors
- Core revenue collapsed 70% YoY to $170.1M with no sign of stabilization.
- Adjusted EBITDA loss of -$11.8M and $26.9M H1 operating cash burn indicate ongoing cash consumption.
- The $80.8M GAAP net income is entirely non-cash and masks operating deterioration.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| INSIDER-BUY Data (Synthetic) | 0001628280-26-057900 |
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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