Markets
What to know:
- Broker Benchmark is like, “Hey, Bakkt, we think you might just make it-Buy rating, $13 price target!”
- So, Bakkt’s strategy? A “brokerage-in-a-box” for banks, a global bitcoin stash, and a stablecoin payments network that, honestly, we still have to google to understand.
- Also, Bakkt has BitLicense. Whatever that means. But apparently, it makes them the compliant superhero in a world of crypto villains.
Ah, Bakkt. The company that could have been-well, let’s be real, they’ve had a few hiccups, but now they’re giving it another shot. Wall Street broker Benchmark decided to bless us with a Monday morning report, and guess what? They’ve initiated coverage on the stock. And surprise, surprise: they’re saying, “Buy it, folks!” with a $13 price target. Because why not, right? 💸
At the time of writing this, Bakkt shares were up 1.3%. Not earth-shattering, but hey, better than a sharp decline. They were trading at around $8.63. Basically, the stock is like that person you used to have a crush on who’s now trying way too hard to get your attention, but in a cute, “I’m trying my best” way. 🫣
Now, under the shiny new CEO Akshay Naheta, Bakkt is doing some… *interesting* things. They’ve decided to say “bye-bye” to their custody arm and dump their legacy loyalty business. In theory, this should help them streamline things, but who knows-maybe they’ll just end up with fewer problems but still no solutions. 🤷♀️
What’s Bakkt’s big plan now? Glad you asked! Their strategy is built around three “game-changing” ideas that would make any crypto enthusiast’s head spin: First, the “brokerage-in-a-box” (yes, that’s a real thing) so banks and fintechs can plug in their crypto services like it’s an easy bake oven for finance. Second, they’re working on a multinational bitcoin treasury program. Spoiler: it includes a stake in some Japanese company no one’s ever heard of, plus expansion into India and South Korea. And last but certainly not least, the Bakkt Agent stablecoin payments network, developed with some research group (we assume they know what they’re doing). 💡
But wait, there’s more! Bakkt’s regulatory footprint is apparently its secret weapon. It has a BitLicense and money transmitter licenses in all 50 states. I mean, if you don’t have those, do you even crypto? 😜
In summary, Benchmark thinks Bakkt could be a winner in 2026-valuing the company at 5x EV/EBITDA on projected earnings, which leads us to their bold $13 target. Will it work? Stay tuned. 🤔
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2025-09-08 19:00