Bakkt Launches New Strategy; Benchmark Initiates Buy Rating with $13 Target
Bakkt Holdings (BKKT) is undergoing a strategic transformation under new CEO Akshay Naheta, according to a report from Benchmark. Key points include:
- Benchmark initiated coverage with a buy rating and a $13 price target.
- Shares rose 1.3%, reaching approximately $8.63.
- The company is divesting its custody arm and legacy loyalty business to streamline operations.
- Future strategy focuses on:
- A “brokerage-in-a-box” platform for banks and fintechs to offer crypto services.
- A multinational bitcoin treasury program with a stake in Japan’s Marusho Hotta and expansion into India and South Korea.
- A stablecoin payments network called Bakkt Agent, developed with Distributed Technologies Research (DTR).
- Bakkt holds a BitLicense and money transmitter licenses across all 50 states, enhancing its compliance position.
- Valuation set at 5x EV/EBITDA based on projected 2026 earnings.