Bakkt Shares Look Undervalued Despite 170% Rally, Says Benchmark

Bakkt (BKKT) has surged 170% in just two weeks, yet Wall Street analysts see further upside for the crypto infrastructure company.

Benchmark raised its price target on Bakkt to $40 from $13 and maintained a buy rating, with shares trading around $26, up 2% in early action.

According to Benchmark analyst Mark Palmer, Bakkt still trades at just 9.9x estimated 2026 EBITDA, far below peers such as Coinbase (24.1x), Robinhood (45.5x), and Circle (49.9x). The relative discount highlights the stock’s potential value given its growth prospects.

The recent rally validates the strategic reset under CEO Akshay Naheta, who assumed sole leadership in August. Benchmark identifies three core growth opportunities for the company: crypto infrastructure, stablecoin payments, and a newly unveiled bitcoin treasury strategy.

Bakkt has also divested non-core operations, including its custody division and legacy loyalty business, positioning the firm for a projected profitability in the first half of 2026.

Investors are closely watching the appointment of fintech veteran Mike Alfred to Bakkt’s board on September 22. Alfred, founder of BrightScope and Digital Assets Data, brings expertise in financial services and blockchain analytics, which Benchmark says will strengthen Bakkt’s strategic execution as it scales.