Bakkt Holdings (BKKT) is seeking a fresh start following a challenging period in its business operations, as indicated by a recent report released by Wall Street broker Benchmark. In this report, Benchmark initiated coverage of the stock with an optimistic buy rating, setting a price target of $13. Following the news, Bakkt’s shares experienced a modest rise of 1.3%, reaching approximately $8.63 at the time of publication.
The company’s rejuvenation efforts are being spearheaded by new CEO Akshay Naheta, who has implemented strategic changes aimed at streamlining operations and restoring investor confidence. Notably, the firm has downsized its custody arm and is in the process of divesting its legacy loyalty business.
According to the report, Bakkt’s future strategy focuses on three primary initiatives. First, the company is developing a “brokerage-in-a-box” platform that would enable banks and fintech companies to integrate crypto services seamlessly. Second, Bakkt is pursuing a global bitcoin treasury program that includes plans to acquire a stake in Japan’s Marusho Hotta, alongside expansion efforts in India and South Korea. Lastly, the firm is working on a stablecoin payments network known as Bakkt Agent, in collaboration with Distributed Technologies Research (DTR).
Analyst Mark Palmer highlighted a significant competitive edge for Bakkt: its comprehensive regulatory framework. The firm holds a BitLicense and money transmitter licenses across all 50 states, which positions it strongly within a crowded marketplace. Benchmark’s assessment places Bakkt at a valuation of 5x EV/EBITDA based on projected earnings for 2026, supporting its optimistic price target of $13.
