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Bakkt Shares Still Look Cheap After 170% Rally: Benchmark
The firm has opportunities in three areas: crypto infrastructure, stablecoin payments and its bitcoin treasury strategy.
Sep 30, 2025, 12:55 p.m.
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What to know:
- Bakkt's valuation remains well below peers like Coinbase and Robinhood, even after a 170% rally, according to Benchmark's Mark Palmer.
- The appointment of fintech veteran Mike Alfred was a meaningful step in the company's rebound.
- Palmer raised his price target to $40 from $13, while reiterating a buy rating on the shares.
Bakkt (BKKT) may have surged 170% in just two weeks, but one Wall Street firm says the rally hasn’t erased the stock’s upside potential.
Broker Benchmark raised its price target on the crypto infrastructure company to $40 from $13, while reiterating its buy rating on the stock. The shares were 2% higher in early trade, around $26.
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Even after the run-up, Bakkt trades at just 9.9 times estimated 2026 earnings before interest, taxes, depreciation and amortization (EBITDA), according to Benchmark analyst Mark Palmer.
That’s far below peers including Coinbase (24.1x), Robinhood (45.5x) and Circle (49.9x). Benchmark argues the relative discount makes the stock look inexpensive given its growth profile.
The rally, Palmer said, validates the strategic reset under CEO Akshay Naheta, who took sole leadership in August. The firm has opportunities in three areas: crypto infrastructure, stablecoin payments and a newly unveiled bitcoin treasury strategy.
The company has sold off its custody division and is in the process of exiting its legacy loyalty business, both of which were costly and non-core. With those units gone, Benchmark expects Bakkt to achieve profitability in the first half of 2026.
Investors also took note of the appointment of fintech veteran Mike Alfred to Bakkt’s board on Sept. 22. Alfred, who founded retirement transparency platform BrightScope and blockchain analytics firm Digital Assets Data, brings experience in both financial services and digital infrastructure. Benchmark said his addition should enhance Bakkt’s decision-making as it scales.
Read more: Bakkt Rated Buy With 44% Upside on Stablecoin Growth Potential: Clear Street
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