Bakkt Shares Remain Undervalued After 170% Rally, Says Benchmark
Bakkt (BKKT) has surged 170% in just two weeks, yet Wall Street analysts see room for further gains.
Benchmark raised its price target on Bakkt to $40 from $13 and maintained a buy rating, with shares trading near $26, up 2% in early trading.
Analyst Mark Palmer highlighted that even after the rally, Bakkt trades at just 9.9x projected 2026 EBITDA, well below peers like Coinbase (24.1x), Robinhood (45.5x), and Circle (49.9x). This discount underscores potential upside given the company’s growth trajectory.
The rally reflects confidence in CEO Akshay Naheta’s strategic reset, which focuses on three areas: crypto infrastructure, stablecoin payments, and a newly unveiled bitcoin treasury strategy.
Bakkt has also exited non-core operations, including its custody division and legacy loyalty business, streamlining toward projected profitability in H1 2026.
Additionally, fintech veteran Mike Alfred, founder of BrightScope and Digital Assets Data, joined Bakkt’s board on September 22, bringing experience in financial services and digital infrastructure. Benchmark said Alfred’s appointment should enhance strategic decision-making as the company scales.
