BKKTBakkt

Crypto · Financial Services · NYSE

Headquarters: Atlanta, GA
CEO: Akshay Sudhir Naheta
Next results: around Jan 19, 2027

BKKT and 9 peers, year by year

The 9 Crypto companies closest to BKKT in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
BKKT Bakkt	FY2025	$2.3B	−32.1%	-	−6.3%	−4.6%	-	−95.1%	-
CRCL Circle Internet Group	FY2025	$2.7B	+624%	-	−3.5%	−2.5%	19.3%	−2.1%	-
GME GameStop	FY2025	$3.6B	−5.1%	33.0%	6.4%	11.5%	16.5%	7.7%	0.76
MARA MARA Holdings	FY2025	$907.1M	−39.2%	-	−135.0%	−144.6%	−133.4%	−37.8%	1.04
FIGR Figure Technology Solutions	FY2025	$506.9M	+48.7%	-	23.2%	26.4%	-	10.9%	0.45
CLSK CleanSpark	FY2025	$766.3M	+102%	-	41.6%	47.6%	−79.0%	16.8%	0.30
RIOT Riot Platforms	FY2025	$647.4M	+71.9%	-	−96.1%	−102.4%	−119.6%	−23.2%	0.29
CORZ Core Scientific	FY2025	$319.0M	−37.5%	11.9%	−77.0%	−90.5%	−141.3%	n/m	n/m
MSTR Strategy	FY2025	$477.2M	+3.0%	68.7%	n/m	−806.3%	−15.8%	−8.7%	0.19
HUT Hut 8	FY2025	$235.1M	+44.8%	-	−136.9%	−96.2%	-	−15.9%	-

Revenuepeer median $647.4M

Sales growthpeer median +44.8%

Gross marginpeer median 33.0%

MSTR 68.7%
GME 33.0%
CORZ 11.9%
BKKT -
CRCL -
MARA -
FIGR -
CLSK -
RIOT -
HUT -

Operating marginpeer median −40.2%

Net marginpeer median −90.5%

FCF marginpeer median −79.0%

Return on equitypeer median −5.4%

Debt / equitypeer median 0.37

MARA 1.04
GME 0.76
FIGR 0.45
CLSK 0.30
RIOT 0.29
MSTR 0.19
BKKT -
CRCL -
CORZ n/m
HUT -

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2020 to FY2025

Revenue as reported in the 10-K.

Company	FY2020	FY2022	FY2023	FY2024	FY2025
BKKT Dec	$28.5M	$56.2M	$727.0M	$3.4B	$2.3B
CRCL Dec	-	-	$1.5B	$1.7B	$2.7B
GME Jan	$5.1B	$5.9B	$5.3B	$3.8B	$3.6B
MARA Dec	$4.4M	$117.8M	$387.5M	$656.4M	$907.1M
FIGR Dec	-	-	$209.5M	$340.9M	$506.9M
CLSK Sep	$10.0M	$131.5M	$168.4M	$379.0M	$766.3M
RIOT Dec	$12.1M	$259.2M	$280.7M	$376.7M	$647.4M
CORZ Dec	$60.3M	$640.3M	$502.4M	$510.7M	$319.0M
MSTR Dec	$480.7M	$499.3M	$496.3M	$463.5M	$477.2M
HUT Dec	-	$73.7M	$96.0M	$162.4M	$235.1M
Peer median	$36.2M	$259.2M	$387.5M	$463.5M	$647.4M

Sales growth, FY2020 to FY2025

Revenue against the fiscal year before.

Company	FY2020	FY2022	FY2023	FY2024	FY2025
BKKT Dec	-	-	n/m	+373%	−32.1%
CRCL Dec	-	-	-	−23.6%	+624%
GME Jan	−21.3%	−1.4%	−11.0%	−27.5%	−5.1%
MARA Dec	+268%	−59.2%	+484%	+67.3%	−39.2%
FIGR Dec	-	-	-	+62.7%	+48.7%
CLSK Sep	+121%	+235%	+28.0%	+125%	+102%
RIOT Dec	+76.7%	+21.5%	+8.3%	+34.2%	+71.9%
CORZ Dec	-	+17.6%	−21.5%	+1.6%	−37.5%
MSTR Dec	−1.1%	−2.3%	−0.6%	−6.6%	+3.0%
HUT Dec	-	-	-	+69.1%	+44.8%
Peer median	+76.7%	+8.1%	+3.8%	+34.2%	+44.8%

Gross margin, FY2020 to FY2025

Gross profit / revenue.

Company	FY2020	FY2022	FY2023	FY2024	FY2025
BKKT Dec	-	-	-	-	-
CRCL Dec	-	-	-	-	-
GME Jan	24.7%	23.1%	24.5%	29.1%	33.0%
MARA Dec	-	−28.6%	-	-	-
FIGR Dec	-	-	-	-	-
CLSK Sep	21.1%	-	-	-	-
RIOT Dec	-	-	-	-	-
CORZ Dec	15.6%	1.3%	24.6%	23.7%	11.9%
MSTR Dec	81.1%	79.4%	77.8%	72.1%	68.7%
HUT Dec	-	-	-	-	-
Peer median	22.9%	12.2%	24.6%	29.1%	33.0%

Operating margin, FY2020 to FY2025

Operating income / revenue.

Company	FY2020	FY2022	FY2023	FY2024	FY2025
BKKT Dec	−277.7%	n/m	−21.5%	−2.4%	−6.3%
CRCL Dec	-	-	18.6%	10.0%	−3.5%
GME Jan	−4.7%	−5.3%	−0.7%	−0.7%	6.4%
MARA Dec	−225.3%	−572.0%	57.0%	46.6%	−135.0%
FIGR Dec	-	-	−23.6%	2.7%	23.2%
CLSK Sep	−151.0%	−28.8%	−77.8%	−39.3%	41.6%
RIOT Dec	−128.7%	−197.8%	−22.5%	40.8%	−96.1%
CORZ Dec	−10.5%	−329.5%	1.8%	−27.8%	−77.0%
MSTR Dec	−2.8%	−255.5%	−23.2%	−399.8%	n/m
HUT Dec	-	−26.9%	9.8%	283.6%	−136.9%
Peer median	−69.6%	−197.8%	−0.7%	2.7%	−40.2%

Net margin, FY2020 to FY2025

Net income / revenue.

Company	FY2020	FY2022	FY2023	FY2024	FY2025
BKKT Dec	−279.4%	n/m	−10.3%	−1.4%	−4.6%
CRCL Dec	-	-	18.4%	9.3%	−2.5%
GME Jan	−4.2%	−5.3%	0.1%	3.4%	11.5%
MARA Dec	−239.8%	−589.4%	67.4%	82.5%	−144.6%
FIGR Dec	-	-	−22.9%	5.0%	26.4%
CLSK Sep	−232.8%	−43.6%	−82.0%	−38.5%	47.6%
RIOT Dec	−116.8%	−196.6%	−17.6%	29.0%	−102.4%
CORZ Dec	−20.2%	−335.2%	−49.1%	−281.6%	−90.5%
MSTR Dec	−1.6%	−294.4%	86.5%	−251.7%	−806.3%
HUT Dec	-	−43.1%	22.7%	204.4%	−96.2%
Peer median	−68.5%	−196.6%	0.1%	5.0%	−90.5%

Free cash flow, FY2020 to FY2025

Cash from operations minus capital spending.

Company	FY2020	FY2022	FY2023	FY2024	FY2025
BKKT Dec	−$51.5M	−$148.1M	−$70.1M	−$24.3M	-
CRCL Dec	-	-	$138.9M	$326.4M	$529.7M
GME Jan	$63.7M	$52.3M	−$238.6M	$129.6M	$597.3M
MARA Dec	−$25.5M	−$217.6M	−$343.3M	−$927.8M	−$1.2B
FIGR Dec	-	-	-	-	-
CLSK Sep	−$6.7M	$54.2M	−$78.7M	−$299.8M	−$605.7M
RIOT Dec	−$11.0M	−$147.9M	−$160.6M	−$495.4M	−$774.3M
CORZ Dec	−$23.8M	−$178.8M	$49.0M	−$52.1M	−$450.8M
MSTR Dec	$50.0M	$725K	$9.8M	−$56.0M	−$75.5M
HUT Dec	-	-	-	-	-
Peer median	−$8.8M	−$73.6M	−$78.7M	−$56.0M	−$450.8M

FCF margin, FY2020 to FY2025

Free cash flow / revenue.

Company	FY2020	FY2022	FY2023	FY2024	FY2025
BKKT Dec	−180.8%	−263.5%	−9.6%	−0.7%	-
CRCL Dec	-	-	9.6%	19.5%	19.3%
GME Jan	1.3%	0.9%	−4.5%	3.4%	16.5%
MARA Dec	−585.6%	−184.8%	−88.6%	−141.4%	−133.4%
FIGR Dec	-	-	-	-	-
CLSK Sep	−66.6%	41.2%	−46.7%	−79.1%	−79.0%
RIOT Dec	−91.0%	−57.1%	−57.2%	−131.5%	−119.6%
CORZ Dec	−39.4%	−27.9%	9.7%	−10.2%	−141.3%
MSTR Dec	10.4%	0.1%	2.0%	−12.1%	−15.8%
HUT Dec	-	-	-	-	-
Peer median	−53.0%	−13.9%	−4.5%	−12.1%	−79.0%

Return on equity, FY2020 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2020	FY2022	FY2023	FY2024	FY2025
BKKT Dec	n/m	n/m	−155.0%	−137.7%	−95.1%
CRCL Dec	-	-	78.8%	27.3%	−2.1%
GME Jan	−49.3%	−23.7%	0.5%	2.7%	7.7%
MARA Dec	−3.4%	−179.8%	16.2%	13.1%	−37.8%
FIGR Dec	-	-	−21.6%	4.8%	10.9%
CLSK Sep	−142.1%	−14.2%	−20.4%	−8.3%	16.8%
RIOT Dec	−5.1%	−44.3%	−2.6%	3.5%	−23.2%
CORZ Dec	n/m	n/m	n/m	n/m	n/m
MSTR Dec	−1.7%	n/m	19.8%	−3.8%	−8.7%
HUT Dec	-	−36.3%	4.5%	34.0%	−15.9%
Peer median	−5.1%	−36.3%	2.5%	4.2%	−5.4%

Debt / equity, FY2020 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2020	FY2022	FY2023	FY2024	FY2025
BKKT Dec	n/m	-	-	-	-
CRCL Dec	-	-	-	-	-
GME Jan	0.89	0.03	0.02	0.00	0.76
MARA Dec	-	2.03	0.20	0.59	1.04
FIGR Dec	-	-	-	1.33	0.45
CLSK Sep	0.06	0.03	0.01	0.00	0.30
RIOT Dec	-	-	0.00	0.19	0.29
CORZ Dec	-	n/m	n/m	n/m	n/m
MSTR Dec	1.09	n/m	1.01	0.23	0.19
HUT Dec	-	1.46	0.38	0.31	-
Peer median	0.89	0.75	0.11	0.23	0.37

EPS (diluted), FY2020 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2020	FY2022	FY2023	FY2024	FY2025
BKKT Dec	-	−$203.08	−$21.01	−$7.97	−$8.87
CRCL Dec	-	-	$0.78	$0.30	−$0.44
GME Jan	−$0.83	−$1.03	$0.02	$0.33	$0.77
MARA Dec	−$0.13	−$6.12	$1.06	$1.72	−$3.69
FIGR Dec	-	-	−$0.93	$0.00	$0.44
CLSK Sep	−$2.44	-	−$1.30	-	-
RIOT Dec	−$0.33	−$3.65	−$0.28	$0.34	−$1.95
CORZ Dec	−$0.14	−$6.30	−$0.65	−$4.87	−$0.88
MSTR Dec	−$0.08	−$12.98	$2.64	−$6.06	−$15.23
HUT Dec	-	−$0.94	$0.44	$3.40	−$2.14
Peer median	−$0.24	−$4.88	$0.02	$0.32	−$1.42

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out BKKT and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

Work on BKKT in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/BKKT/export.csv") into a cell.