BKKT, HSHP, and MRLN: Filing-Based Analysis (May 2026)
Three stories, one framework: filings first, narrative second — BKKT, HSHP, and MRLN in focus.
Market Tide Weekly – Tuesday Edition - May 26, 2026
The week is still in motion, but the board is visible now. This Tuesday draft sets the field in place—names, filings, and the early logic behind each position. It is not a finished view. It is a working sheet for Thursday, built to hold the slate, define the initial theses, and mark where conviction is solid and where it still needs to be earned. The job here is simple: see the setup clearly, separate signal from noise, and leave the next move ready.
Public Picks
BKKT (Bakkt, Inc.) - Bakkt is in the public slate because the story is simple, even if the numbers are not yet strong. The company has pulled back from non-core lines and is trying to build around institutional crypto infrastructure. That gives it a live angle in a market that can move fast when sentiment turns. The weakness is plain: Q1 2026 revenue was $243.6 million, net loss was $11.7 million, and adjusted EBITDA was negative $13.7 million. The economics still look too pass-through to inspire much trust. But Bakkt has about $82.6 million in cash and restricted cash and no debt, which gives it time to attempt the turn (Bakkt, 10-Q, May 2026; Bakkt, 10-K, 2026). If the business can improve revenue quality and show better margin discipline, the stock may lift from a low base. If not, it stays what it is now: a conditional turnaround in a volatile market.
HSHP (Himalaya Shipping) - Himalaya Shipping is the clean cyclical trade in the group. The case starts with the March 12, 2026 20-F, which lays out a dry-bulk business tied to freight rates, charter demand, and a levered balance sheet. Then the near-term catalyst arrived. The May 18, 2026 6-K marked the earnings date, and the May 21, 2026 earnings release showed revenue of $33.6 million, net income of $5.0 million, EBITDA of $24.5 million, and time charter equivalent rates of about $32.3K per day. The May 22, 2026 interim filing showed cash of $24.5 million, long-term debt of about $659.5 million, and equity of about $155.8 million (Himalaya Shipping, 20-F, Mar. 2026; Himalaya Shipping, 6-K, May 2026). The idea is clear. If freight stays firm, the earnings power can carry the stock. If rates soften, the leverage will become a primary risk factor.
MRLN (Merlin, Inc.) - Merlin is the hardest name in the public slate to hold with comfort, but it is also one of the most interesting. The filing trail shows a company moving from shell to operating story. The March 12, 2026 10-K sets the pre-operating base. The April 29, 2026 8-K brought an $80 million PIPE that gave the balance sheet more room. The May 15, 2026 10-Q gave the first real operating look. The numbers are still weak: about $1.0 million of revenue, about $90.4 million of net loss, and a business that will need time and money before it can prove itself (Merlin, 10-K, Mar. 2026; Merlin, 8-K, Apr. 2026; Merlin, 10-Q, May 2026). The bull case is not in current earnings. It is in milestones, certification, and the chance that customer traction starts to catch up with the story. If that does not happen, dilution and execution risk stay in command.
Where Structure Bends
The filings are not saying the same thing in every corner of the field, and that is the point. We noticed that this week’s names do not line up around one clean market story. One leans on balance-sheet patience, one leans on freight and timing, and one leans on milestones that have not yet turned into operating proof. What caught our eye is not just the spread in sectors. It is the spread in how structure shows up when pressure is still present.
We are watching that difference closely. Some companies are trying to survive long enough for the thesis to work. Others are trying to prove that the turn has already begun. In a market that still rewards speed and punishes doubt, the filings slow the picture down. That is usually where the useful things begin.
What We’re Watching Next
· Whether BKKT can show better revenue quality and margin discipline in the next reporting cycle.
· Whether HSHP can hold earnings strength if freight conditions remain firm or begin to soften.
· Whether MRLN can turn milestone progress into operating proof without letting dilution and execution risk take over the story.
The tide satisfies our curiosity — not our greed.
If this kind of structural transparency is what you've been looking for, subscribe to Market Tide Weekly and get the full picture every week.
Follow us on social for real-time structural observations between editions.
Market Tide Weekly publishes every Tuesday at 11 AM. Deep Dives drop Thursdays at 2 PM. We'll be here.
Sources and References
Sources — HSHP
Himalaya Shipping Ltd. Form 20-F for the Fiscal Year Ended December 31, 2025. U.S. Securities and Exchange Commission, 12 Mar. 2026,
https://www.sec.gov.
Himalaya Shipping Ltd. “Himalaya Shipping Ltd. (HSHP) Files 2025 Annual Report on Form 20-F.” Himalaya Shipping, 12 Mar. 2026,
https://himalaya-shipping.com/news/himalaya-shipping-ltd-hshp-files-2025-annual-report-on-form-20-f/.
Himalaya Shipping Ltd. Form 4 — Statement of Changes in Beneficial Ownership (Director Transaction, Bjorn Andreas Freng Isaksen). U.S. Securities and Exchange Commission, 10 Apr. 2026,
https://www.sec.gov.
“Himalaya Shipping Ltd. Mandatory Notification of Trade.” Euronext, 9 Apr. 2026,
https://live.euronext.com/en/products/equities/company-news/2026-04-09-himalaya-shipping-ltd-hshp-mandatory-notification-trade.
“Himalaya Shipping Director Sold Shares Worth $4,020,000.” TradingView, 10 Apr. 2026,
https://www.tradingview.com/news/tradingview:33dcf7687dddf:0-himalaya-shipping-director-sold-shares-worth-over-4m/.
“Himalaya Shipping Ltd. Insider Trading Activity.” SEC Form 4 Tracker, 2026,
https://www.secform4.com/insider-trading/1959455.htm.
Himalaya Shipping Ltd. “Q1 2026 Earnings Call Transcript.” Insider Monkey, 23 May 2026,
https://www.insidermonkey.com/blog/himalaya-shipping-ltd-nysehshp-q1-2026-earnings-call-transcript-1767979/.
“Himalaya Shipping Ltd. Q1 2026 Earnings Report.” Quarter Results, 2026,
https://www.quarter-results.com/financial-reports/OSL/HSHP.OL/.
“Himalaya Shipping Ltd. Financial Statements.” Stock Analysis, 2026,
https://stockanalysis.com/stocks/hshp/financials/.
Himalaya Shipping Ltd. “Investor Relations Filings and Updates.” Himalaya Shipping, 2026,
https://himalaya-shipping.com/investor-relations/.
Sources — BKKT
Bakkt, Inc. Form 10-K for the Fiscal Year Ended December 31, 2025. U.S. Securities and Exchange Commission, 2026,
https://www.sec.gov/Archives/edgar/data/1820302/000162828026019870/bakkt-20251231.htm.
Bakkt, Inc. Form 10-Q for the Quarterly Period Ended March 31, 2026. U.S. Securities and Exchange Commission, 11 May 2026,
https://last10k.com/sec-filings/bkkt/0001628280-26-033576.htm.
Bakkt, Inc. “Bakkt Reports First Quarter 2026 Results.” Bakkt Insights, 19 May 2026,
https://bakkt.com/insights/bakkt-reports-first-quarter-2026-results/.
“Bakkt Q1 2026 Results: $243.6M Revenue, $11.7M Loss.” StockTitan, May 2026,
https://www.stocktitan.net/news/BKKT/bakkt-reports-first-quarter-2026-huitk5hibb3a.html.
“Bakkt 2025 10-K: Revenue $2.335B, Net Loss $97.3M.” TradingView, 19 Mar. 2026,
https://www.tradingview.com/news/tradingview:0d9574013a9e1:0-bakkt-2025-10-k-revenue-2-335b-net-loss-97-3m/.
“Bakkt Releases Shareholder Letter and Reports Full Year 2025 Financial Results.” StockTitan, Mar. 2026,
https://www.stocktitan.net/news/BKKT/bakkt-releases-shareholder-letter-and-reports-full-year-2025-x2ifwlcj96lc.html.
“Bakkt, Inc. Files Annual Report (Form 10-K).” StockTitan, 2026,
https://www.stocktitan.net/sec-filings/BKKT/10-k-bakkt-inc-files-annual-report-af59a9fa9a6c.html.
“Bakkt 10-K FY2025 Annual Report Summary.” Moomoo, 2026,
https://www.moomoo.com/news/notice/306701769/bakkt-10-k-fy2025-annual-report.
“BKKT Insider Trading Screener.” OpenInsider, 2026,
http://openinsider.com/BKKT.
“Bakkt, Inc. Insider Trading Activity.” InsiderAct, 2026,
https://insideract.com/company/0001820302.
U.S. Securities and Exchange Commission. Form 4 – Statement of Changes in Beneficial Ownership (Accession No. 0002043681-26-000007), 19 May 2026,
https://www.sec.gov/Archives/edgar/data/1820302/000204368126000007/0002043681-26-000007-index.htm.
U.S. Securities and Exchange Commission. Various Form 4 Filings (May 2026 Insider Activity Cluster for Bakkt, Inc.), 2026.
Sources — MRLN
Merlin, Inc. Form 10-K for the Fiscal Year Ended December 31, 2025. U.S. Securities and Exchange Commission, 12 Mar. 2026,
https://www.sec.gov/ix?doc=/Archives/edgar/data/0002028707/000121390026027011/ea0279932-10k_inflection4.htm
Merlin, Inc. Form 8-K (Current Report). U.S. Securities and Exchange Commission, 29 Apr. 2026,
https://www.sec.gov/ix?doc=/Archives/edgar/data/0002028707/000121390026048884/ea0288180-8k_merlin.htm
Merlin, Inc. Form 8-K (Current Report). U.S. Securities and Exchange Commission, 14 May 2026,
https://www.sec.gov/ix?doc=/Archives/edgar/data/0002028707/000121390026056230/ea0290556-8k_merlin.htm
Merlin, Inc. Form 10-Q for the Quarterly Period Ended March 31, 2026. U.S. Securities and Exchange Commission, 15 May 2026,
https://www.sec.gov/ix?doc=/Archives/edgar/data/0002028707/000121390026057138/ea0289176-10q_merlin.htm
Merlin, Inc. Registration Statements, Prospectuses, and Insider Filings (Forms S-1, 424B3, S-8, 13D/13G, Form 4). U.S. Securities and Exchange Commission, 2026.
Disclaimer
Market Tide Weekly is for informational and educational purposes only. Nothing in this newsletter constitutes investment advice, a solicitation to buy or sell any security, or a guarantee of any outcome. Past performance of featured picks is not indicative of future results. All investing involves risk, including the possible loss of principal. Readers should conduct their own due diligence and consult a qualified financial advisor before making investment decisions. Market Tide Weekly and its operators may hold positions in securities discussed.
