Is BKKT or BLSH more undervalued in 2026?

CirclFi compares Bakkt, Inc. (BKKT) and Bullish (BLSH) using 13 institutional-grade valuation models. BKKT has a Quality of Company score of 6.0/10 while BLSH scores 5.0/10.

Which is a better buy — BKKT or BLSH?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do BKKT and BLSH valuations compare?

BKKT at $10.87 and BLSH at $34.91 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

BKKT vs BLSH Valuation Comparison 2026 — Intrinsic Value Analysis

BKKT

Finance Services

Bakkt, Inc.

Quality

6.0

out of 10

Value Trap

SAFE

Price

$10.87

Last close

Models

8/13

Active

BLSH

Finance Services

Bullish

Quality

5.0

out of 10

Value Trap

—

Price

$34.91

Last close

Models

10/13

Active

Model-by-Model Comparison

Model	Type	BKKT Fair Value	BKKT Upside	BLSH Fair Value	BLSH Upside
Bayesian DCF	Intrinsic	$1.86	-82.9%	$1.70	-95.1%
Earnings Power Value	Intrinsic	$1.45	-83.0%	$1.73	-95.6%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Dynamic NAV	Asset-Based	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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BKKT vs BLSH — Which Stock Is More Undervalued?

BKKT scores higher with a 6.0/10 quality rating vs BLSH's 5.0/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Bakkt, Inc. (BKKT) and Bullish (BLSH) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

BKKT currently trades at $10.87 with a QOC of 6.0/10, while BLSH trades at $34.91 with a QOC of 5.0/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).