Why Bakkt (BKKT) Stock Is Skyrocketing Today

Bakkt Holdings Inc BKKT shares are trading higher by 25% to $11.64 during Thursday’s session after the company announced a strategic partnership with Distributed Technologies.

What Happened: Bakkt formed a strategic partnership with Distributed Technologies Research (DTR) to integrate its regulated crypto trading and brokerage platform with DTR's stablecoin payments technology, pending regulatory approval.

This collaboration aims to enable stablecoin transactions for Bakkt's customers, potentially opening new revenue opportunities and expanding its reach into the cross-border payments sector.

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What Else: Bakkt appointed Akshay Naheta as co-CEO alongside Andy Main. The company has also signed an agreement to sell Bakkt Trust to ICE for $1.5 million, reducing costs by $3.8 million annually.

Bakkt said the company is also exploring strategic alternatives for its Loyalty segment after Bank of America decided not to renew its contract. Webull, Bakkt's top crypto revenue client, will end its contract in mid-2025.

Despite these shifts, Bakkt saw a record fourth-quarter 2024 trading volume of $1.78 billion, aided by BakktX integration, improving scalability and market reach.

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How To Buy BKKT Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Bakkt’s case, it is in the Financials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

According to data from Benzinga Pro, BKKT has a 52-week high of $37.21 and a 52-week low of $5.57.