Bakkt Shares Look Undervalued Despite 170% Rally, Benchmark Says
Bakkt (BKKT) has jumped 170% in two weeks, yet analysts at Benchmark see additional upside for the crypto infrastructure company.
Benchmark raised its price target to $40 from $13 and reaffirmed its buy rating, with shares trading around $26, up 2% in early trading.
Analyst Mark Palmer notes that even after the recent surge, Bakkt trades at just 9.9x projected 2026 EBITDA, far below peers such as Coinbase (24.1x), Robinhood (45.5x), and Circle (49.9x). Benchmark views this relative discount as an opportunity, given Bakkt’s growth potential.
The rally reflects investor confidence in CEO Akshay Naheta’s strategic reset, which focuses on three growth pillars: crypto infrastructure, stablecoin payments, and a newly launched bitcoin treasury strategy.
Bakkt has also exited non-core operations, including its custody division and legacy loyalty business, streamlining the firm toward profitability, which Benchmark expects in H1 2026.
The recent board addition of fintech veteran Mike Alfred, founder of BrightScope and Digital Assets Data, is expected to strengthen Bakkt’s strategic execution as it scales operations in digital assets and financial services.
About The Author
More Stories
XRP Posts an 89% Surge Over the Past Year While Bitcoin, Ether, and the CD20 Index Lag With Mild Performance
Singapore Exchange Unveils BTC and ETH Perpetual Futures Linked to iEdge CoinDesk Benchmarks
$6M Gone: Cardano Whale Hit by Illiquid USDA Pool in Suspected Fat-Finger Mishap