Benchmark: Bakkt Stock Offers Value Even After 170% Gain

Bakkt Shares Look Undervalued Despite 170% Rally, Benchmark Says

Bakkt (BKKT) has soared 170% in just two weeks, yet Wall Street analysts believe the stock still has upside potential.

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

Analyst Mark Palmer noted that even after the surge, Bakkt trades at only 9.9x projected 2026 EBITDA, significantly below peers including Coinbase (24.1x), Robinhood (45.5x), and Circle (49.9x). This relative discount highlights the stock’s value given its growth opportunities.

The rally reflects investor confidence in CEO Akshay Naheta’s strategic reset, focusing on three core areas: 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, paving the way for expected profitability in the first half of 2026.

Adding to its leadership, fintech veteran Mike Alfred, founder of BrightScope and Digital Assets Data, joined Bakkt’s board on September 22. Benchmark said Alfred’s expertise in financial services and blockchain analytics will strengthen Bakkt’s strategic execution as it scales.