Bakkt Reboots With Streamlined Focus; Benchmark Initiates at Buy, $13 Target
Bakkt Holdings (BKKT) is repositioning itself after several challenging years, with Benchmark initiating coverage Monday at a buy rating and a $13 price target. The stock rose 1.3% to $8.63 following the report.
Under new CEO Akshay Naheta, Bakkt has divested its custody operations and is selling its legacy loyalty business, steps aimed at simplifying operations and rebuilding investor confidence.
The firm’s renewed strategy centers on three pillars:
- Brokerage-in-a-box – a turnkey platform allowing banks and fintechs to integrate crypto services.
- Global bitcoin treasury program – anchored by a planned stake in Japan’s Marusho Hotta and planned expansion into India and South Korea.
- Bakkt Agent – a stablecoin payments network developed in partnership with Distributed Technologies Research (DTR).
Analyst Mark Palmer highlighted Bakkt’s regulatory advantages, including a BitLicense and money transmitter licenses across all 50 U.S. states, which provide a strong compliance moat.
Benchmark values Bakkt at 5x EV/EBITDA on projected 2026 earnings, supporting its $13 price target and signaling confidence in the company’s strategic transformation.
