Benchmark initiated coverage of Bakkt Holdings with a buy rating and a $13 price target, saying the crypto firm is attempting a reboot after a turbulent period. Shares rose about 1.3% to roughly $8.63 at publication.
Under new CEO Akshay Naheta, Bakkt has trimmed legacy operations: it has shed its custody arm and is selling its legacy loyalty unit to streamline the company and refocus on crypto-native services.
Benchmark says Bakkt’s turnaround centers on three pillars. First, an “brokerage-in-a-box” platform that lets banks and fintechs plug in crypto services. Second, a multinational bitcoin treasury program anchored by a planned stake in Japan’s Marusho Hotta and geographic expansion into India and South Korea. Third, a stablecoin payments network called Bakkt Agent, developed in partnership with Distributed Technologies Research (DTR).
A notable strength, according to the report, is Bakkt’s regulatory footprint. The company holds a BitLicense and money-transmitter licenses in all 50 US states, giving it a compliance advantage in a crowded market.
Benchmark’s valuation applies a multiple of 5x EV/EBITDA on projected 2026 earnings to justify the $13 target.
Why this matters: Bakkt’s pivot shows how regulated, B2B crypto products — custody, payments rails and infrastructure for institutions — are being packaged to attract banks and large corporates. If Bakkt can execute, the company could accelerate institutional adoption and make it easier for traditional financial firms to offer crypto services.
Risks: The plan depends on successful product rollouts, competitive responses from established exchanges and fintechs, and continued regulatory stability. Execution and market risks remain material and should be considered before any investment decisions.
Source: CoinDesk. Read the original coverage for full details.
