-
Back to menu
Prices
-
Back to menu
-
Back to menu
Indices -
Back to menu
Research
-
Back to menu
Events -
Back to menu
Sponsored
-
Back to menu
Videos -
Back to menu
-
Back to menu
-
Back to menu
Webinars
Select Language
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.
By Will Canny, AI Boost|Edited by Nikhilesh De
Sep 8, 2025, 2:18 p.m.
- 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
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.
More For You
By Omkar Godbole, AI Boost|Edited by Sheldon Reback
3 minutes ago
October VIX futures are trading at an extreme premium to September futures, pointing to post-Fed turbulence.
What to know:
- October VIX futures point to heightened market uncertainty following next week’s expected Fed interest-rate cut .
- Bitcoin’s market behavior is closely aligned with Wall Street’s mood.
