Share this article
Bakkt Rated Buy With 44% Upside on Stablecoin Growth Potential: Clear Street
The company has sold non-core units to streamline into a blockchain-native payments platform, said Clear Street.
Sep 10, 2025, 12:54 p.m.
Make us preferred on Google
What to know:
- Clear Street started coverage on Bakkt with a buy rating and a $14 target, implying more than 40% upside.
- The company has pivoted to blockchain-native payments platform, betting on high-margin stablecoin remittances, the report said.
Clear Street initiated coverage of Bakkt (BKKT) with a buy rating and a $14 price target, implying 44% upside after a steep year-to-date decline, the broker said in a research report Tuesday.
The shares have fallen over 60% this year versus an 11% gain for the S&P 500 stock index. The stock was 0.7% higher, around $9.83, in early trading Wednesday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Bakkt has shed non-core units like Loyalty and Custody to streamline into a blockchain-native payments platform, trading at just 2.9x projected 2027 EV/EBITDA, the report noted.
Its business now rests on two pillars: Crypto Services for institutions and its Digital Transfer and Remittance (DTR) platform, which builds stablecoin payment infrastructure. With strong regulatory footing, a lean cost structure, and higher-margin stablecoin rails, Bakkt is positioned to capture share in the $190 trillion cross-border payments market, analysts led by Brian Dobson wrote.
Clear Street projects 14% annual revenue growth through 2027, with DTR driving both scale and profitability.
The broker noted that stablecoin transactions offer nearly double the margin of crypto services, pushing gross profit growth at 66% annually. Adjusted EBITDA is expected to turn positive by early 2026 and hit $49 million in 2027, supported by a $60 million cost reset.
DTR is slated to launch in 36 countries by late 2025 and expand to 90-plus in 2026, with transaction volume forecast to reach $2.6 billion by 2027, the analysts wrote.
Bakkt’s institutional-first model avoids reliance on retail crypto adoption, targeting regulated partners like remittance firms and neobanks, the broker said, and Its BitLicense and 50-plus state money transmitter licenses provide one of the strongest compliance frameworks in the U.S., enabling rapid scaling.
With high-margin stablecoin flows, operating leverage, and a re-rating to peer multiples, Clear Street sees Bakkt as an underappreciated stablecoin infrastructure play with material upside.
Rival broker Benchmark initiated coverage of Bakkt with a buy rating and a $13 target on Monday.
Read more: Bakkt Reboots With Fresh Strategy; Initiate at Buy with $13 Price Target: Benchmark
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Here's what bitcoin bulls are saying as price remains stuck during global rally
It's about a lot more than "zooming out." Supply overhangs and investor "muscle memory" regarding gold help explain bitcoin's poor absolute and relative performance.
What to know:
- Bitcoin has failed so far to act as an inflation hedge or safe-haven asset, lagging badly behind gold, which has surged amid high inflation, wars, and interest rate uncertainty.
- Crypto advocates argue that bitcoin’s weakness reflects a temporary supply overhang, investor “muscle memory” favoring familiar precious metals and its correlation with risk assets, rather than a collapse in long-term demand.
- Many bitcoin proponents still see BTC as a superior long-term store of value and “digital gold,” predicting that, once traditional hard assets are overbought, capital will rotate into bitcoin, allowing it to “catch up” to gold.
Top Stories
