Bakkt Shifts Strategy Under New CEO; Benchmark Starts Coverage at Buy, $13 Target
Bakkt Holdings (BKKT) is repositioning itself after a turbulent period, with Benchmark initiating coverage Monday at 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 its legacy loyalty business, steps aimed at simplifying operations and boosting investor confidence.
The company’s renewed strategy focuses on three pillars:
- Brokerage-in-a-box platform – allowing banks and fintechs to integrate crypto services.
- 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 it a compliance edge over competitors.
Benchmark values Bakkt at 5x EV/EBITDA on projected 2026 earnings, supporting its $13 price target and signaling confidence in the firm’s strategic overhaul.
