Bakkt’s Fresh Strategy Spurs Buy Rating From Benchmark, Price Target at $13

Bakkt Repositions Under CEO Naheta; Benchmark Initiates at Buy with $13 Target

Bakkt Holdings (BKKT) is charting a new path after several challenging years. Benchmark initiated coverage Monday with a buy rating and a $13 price target, sending shares up 1.3% to $8.63.

Under CEO Akshay Naheta, Bakkt has divested its custody business and is selling its legacy loyalty operations to streamline the company and restore investor confidence.

The firm’s refocused strategy revolves around three key initiatives:

• Brokerage-in-a-box platform – enabling banks and fintechs to integrate crypto services easily.
• 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 in collaboration with Distributed Technologies Research (DTR).

Analyst Mark Palmer noted that Bakkt’s regulatory footprint, including a BitLicense and money transmitter licenses in all 50 states, gives it a competitive compliance advantage.

Benchmark values Bakkt at 5x EV/EBITDA on projected 2026 earnings, reinforcing confidence in the company’s strategic reset and supporting the $13 price target.