Share this article
Bakkt Reboots With Fresh Strategy; Initiate at Buy with $13 Price Target: Benchmark
Under the firm's new CEO Akshay Naheta, Bakkt has shed its custody arm and is selling off its legacy loyalty business, the report said.
Updated Sep 8, 2025, 5:10 p.m. Published Sep 8, 2025, 2:18 p.m.
Make us preferred on Google
What to know:
- Broker Benchmark initiated coverage of Bakkt with a buy rating and a $13 target.
- The company's strategy centers on a “brokerage-in-a-box” for institutions, a multinational bitcoin treasury program and a stablecoin payments network built with DTR.
- Bakkt’s nationwide money transmitter licenses and BitLicense position it as a turnkey compliance partner in a market with high barriers to entry, the report said.
Bakkt Holdings (BKKT) is trying to reboot after a turbulent few years, Wall Street broker Benchmark said in a Monday report initiating coverage of the stock.
Benchmark started coverage of the firm with a buy rating and a $13 price target.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The shares climbed 1.3%, trading around $8.63 at publication time.
Under new CEO Akshay Naheta, the firm has shed its custody arm and is selling off its legacy loyalty business, moves meant to streamline operations and reset investor confidence, the report noted.
The company’s strategy now hinges on three initiatives: a “brokerage-in-a-box” platform that lets banks and fintechs plug in crypto services; a multinational bitcoin treasury program anchored by a planned stake in Japan’s Marusho Hotta and expansion into India and South Korea; and a stablecoin payments network called Bakkt Agent, developed with Distributed Technologies Research (DTR), analyst Mark Palmer wrote.
A key advantage, Palmer noted, is Bakkt’s regulatory footprint. It has a BitLicense and money transmitter licenses across all 50 states, which gives it a compliance moat in a crowded field.
Benchmark values Bakkt at 5x EV/EBITDA on projected 2026 earnings, landing on its $13 target.
Read more: Bakkt Names Akshay Naheta as Co-CEO Amid Stablecoin Payments Push
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.
Más para ti
Bitcoin shrugs off Trump's new tariffs, nears $68,000 as altcoins lead modest bounce
Crypto prices edged higher on Friday despite a splash of tariff turbulence after the U.S. Supreme Court ruled Trump's levies illegal.
Lo que debes saber:
- Bitcoin climbed toward $68,000 on Friday despite a fresh 10% global levy from Trump after the Supreme Court's pushback.
- The CoinDesk 20 Index rose 2.5%, with BNB, DOGE, ADA and SOL leading gains.
- One trader said that prices will likely stuck rangebound barring any macro shocks.
Top Stories
