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Bakkt Reboots Under New CEO With Streamlined Strategy; Benchmark Initiates at Buy
Bakkt Holdings (BKKT) is moving to reset after a turbulent few years, with Wall Street broker Benchmark initiating coverage of the stock on Monday with a buy rating and a $13 price target. Shares rose 1.3% to $8.63 at the time of publication.
Under new CEO Akshay Naheta, Bakkt has shed its custody arm and is divesting its legacy loyalty business, moves aimed at streamlining operations and restoring investor confidence.
Benchmark highlighted three core initiatives shaping the company’s renewed strategy:
- Brokerage-in-a-box platform – allowing banks and fintechs to integrate crypto services seamlessly.
- Multinational bitcoin treasury program – anchored by a planned stake in Japan’s Marusho Hotta and expansion into India and South Korea.
- Stablecoin payments network (Bakkt Agent) – developed in partnership with Distributed Technologies Research (DTR).
Analyst Mark Palmer noted that Bakkt’s regulatory footprint, including a BitLicense and money transmitter licenses across all 50 states, provides a key compliance advantage in a crowded market.
Benchmark values Bakkt at 5x EV/EBITDA on projected 2026 earnings, supporting its $13 target and signaling confidence in the firm’s strategic pivot.
