Filing Flows › Bakkt (BKKT) › Takeover & LBO
Is Bakkt (BKKT) a takeover target?
A leveraged buyout does not work for Bakkt on its latest figures: it has no positive EBITDA to borrow against (−$151M over the last 12 months, on revenue of $2.3B). Historically 6.8% of companies with its figures were bought within a year (1.35× the average). Latest signal (2026-02-13): Merger proxy (DEFM14A).
Why a leveraged buyout does not fit
A leveraged buyout is paid for mostly with debt that the company's own cash flow repays. Bakkt's EBITDA over the last 12 months was −$151M on revenue of $2.3B, so there is nothing to lend against and nothing to repay a loan with: a buyer would have to pay almost entirely with its own money. That is the kind of deal another company — a strategic buyer that wants the products, the pipeline or the technology — makes, not a private-equity fund. The model therefore gives no buyout price.
What a takeover could cost
Takeovers in its sector paid a median premium of 14.9% over the share price before the deal (the middle half 9.5% to 33.6%), according to the 17 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Bakkt would cost about $5.33 a share, $222M for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 9.5% | $5.08 | $212M |
| Median | 14.9% | $5.33 | $222M |
| High end (a quarter paid more) | 33.6% | $6.20 | $258M |
The odds, from history
Historically 6.8% of companies with its figures were bought within a year (1.35× the average). Its figures put it in decile 9 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
Rumors and deal signals
- 2026-02-13 · DEFM14A · Merger proxy (DEFM14A)
Bakkt's latest quarter
Bakkt, Q2 2025: revenue $578M (+13% year over year), operating margin -3.2%, net loss $30.2M, operating cash flow $5.4M. The chart follows the revenue to costs, profit and cash.
Questions
Is Bakkt being acquired?
The latest signal on file is from 2026-02-13: Merger proxy (DEFM14A). A headline is not a deal; Filing Flows lists the news, 8-K filings and 13D filings about a sale.
Could private equity buy Bakkt?
A leveraged buyout does not work for Bakkt on its latest figures: it has no positive EBITDA to borrow against (−$151M over the last 12 months, on revenue of $2.3B). With no cash flow to repay a loan, a buyer would pay almost entirely with its own money: a deal for another company (a strategic buyer), not for a private-equity fund.
What would a takeover of Bakkt cost?
Takeovers in its sector paid a median premium of 14.9% over the share price before the deal (the middle half 9.5% to 33.6%), according to the 17 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Bakkt would cost about $5.33 a share, $222M for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.