Bakkt has destroyed shareholder value through dilution, falling from $40 to under $8. A reply the author answers adds that despite NYSE backing and $3.5 billion in revenue, management diluted retail with ATMs and burned $40 million a quarter. The same accounts that once promoted Bakkt now defend IREN's $6 billion dilution. x.com 

Bakkt's history of pivots, reverse splits and dilution makes it far likelier to go to zero than to become a legendary multibagger. Through each iteration, investors are assured this time is different and it is a whole new company. Occasionally such companies pull it off, but usually they do not. x.com 

Bakkt looks to be bottoming, with higher lows since earnings and a volume-shelf launch area at $10. It aims for $2.5 billion of business by end-2026 versus $410 million so far this year, with break-even targeted for Q4 2026. Six products are live, new agent finance tools are ready for partners, and credit cards plus full bank-like services arrive in Q4. It holds $50.7 million in cash and no debt. x.com 

Kodiak AI is one of the money-losing SPAC mergers that should have stayed private longer, lacking a clear near-term path to profitability or enough cash to get there. Coming public via SPAC is not itself the problem: Vertiv is up 2,000% since its merger closed, but for every such success there are about 20 money-losers. x.com