Bakkt Relaunches With New Direction; Benchmark Initiates at Buy, $13 PT

Bakkt Undergoes Strategic Overhaul; Benchmark Initiates Coverage at Buy

Bakkt Holdings (BKKT) is repositioning itself after a challenging period, with Benchmark initiating coverage on Monday, assigning a buy rating and a $13 price target. Shares rose 1.3% to $8.63 following the announcement.

Under CEO Akshay Naheta, Bakkt has divested its custody arm and is selling off its legacy loyalty business, part of a broader effort to streamline operations and regain investor confidence.

The company’s refreshed strategy focuses on three key areas:

A “brokerage-in-a-box” platform, enabling banks and fintechs to integrate crypto services.
A global bitcoin treasury program, anchored by a planned stake in Japan’s Marusho Hotta and expansion into India and South Korea.
Bakkt Agent, a stablecoin payments network developed with Distributed Technologies Research (DTR).

Benchmark analyst Mark Palmer highlighted Bakkt’s regulatory advantages, including a BitLicense and money transmitter licenses in all 50 states, giving the company a compliance edge.

Valued at 5x EV/EBITDA on projected 2026 earnings, Benchmark’s $13 target underscores confidence in Bakkt’s strategic pivot.