New Lofty Price Target Sends Bakkt Stock Soaring
Wall Street analyst triples outlook on crypto platform as debt cleanup and new leadership spark investor optimism.
Bakkt Holdings (NYSE: BKKT) delivered another jolt to Wall Street this week, with its stock price surging after Benchmark more than tripled its one-year price target. Shares jumped 32% on Tuesday, closing at $33.65, after the firm raised its target from $13 to $40.
The move marks a dramatic turnaround for a company that spent much of 2025 fighting to regain market credibility. The rally follows a string of strategic pivots under CEO Akshay Naheta, who stepped into the top role in August, and underscores Bakkt’s aggressive bid to establish itself as a leader in crypto infrastructure and digital payments.
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Analyst Confidence Sparks Momentum
Benchmark analyst Mark Palmer attributed his bullish stance to Bakkt’s sharpened focus on three high-growth themes: crypto infrastructure, stablecoin payments, and a newly minted Bitcoin (BTCUSD) treasury strategy. He pointed to the company’s relative discount compared with other players in the fintech and crypto ecosystem.
Palmer wrote:
“BKKT remains an attractive buy even after its sharp run-up as it continues to screen as inexpensive relative to both its growth potential and peers in the Fintech/digital asset ecosystem. While the stock’s surge reflected newfound attention on the company… we do not believe it has come close to fully reflecting the breadth of its optionality across three high-growth themes.”
At just under 10 times the estimated 2026 EBITDA, Bakkt trades at a steep discount to Coinbase (NASDAQ: COIN), Circle (NYSE: CRCL), and Robinhood (NASDAQ: HOOD), which command multiples as high as 45–50 times. That valuation gap has fueled speculation that institutional investors may continue to pile in.
A Strategic Reset
The rally comes on the heels of several decisive moves. In July, Bakkt sold its loyalty rewards unit for $11 million, clearing the decks to concentrate on digital asset custody, tokenized payments, and stablecoin initiatives. A month later, the company notified regulators of plans to sell up to $1 billion in securities, a step designed to help fund its Bitcoin treasury.
The company also redeemed a convertible debenture in September, eliminating all long-term debt and giving it fresh balance sheet flexibility. That same month, Bakkt purchased the domain www.bitcoin.co.jp, signaling ambitions to expand into Asia-Pacific markets.
Taken together, these actions illustrate Naheta’s focus on creating a leaner, blockchain-native payments platform with global reach. Investors rewarded the reset with a 170% rally over a two-week stretch earlier this month.
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New Leadership and Governance
Another catalyst for the stock has been the appointment of fintech veteran Mike Alfred to Bakkt’s board of directors. Alfred, known for co-founding BrightScope and Digital Assets Data, brings years of capital allocation and scaling experience from across the digital infrastructure sector.
“Mr. Alfred’s current role running private investment partnership Alpine Fox LP, alongside his board positions with digital infrastructure companies such as [Bitcoin miner] IREN, means he brings experience with capital allocation and scaling companies that should add rigor to BKKT’s decision-making process,” said Palmer.
The move followed the resignation of De’Ana Dow, which Bakkt clarified was not due to disagreements with company operations or strategy. Alfred’s arrival has been widely interpreted as a vote of confidence in Bakkt’s roadmap.
Market Volatility Meets Investor Appetite
Bakkt’s rally has unfolded amid a period of heightened volatility in both crypto markets and equities tied to digital assets. Bitcoin has recently traded with sharp swings, while firms like Coinbase, Circle, and Robinhood remain highly sensitive to shifts in digital asset flows.
Adding complexity, Goldman Sachs (NYSE: GS) cut its stake in Bakkt earlier this year, trimming its holdings by nearly 44%. Yet insider activity points in the opposite direction: CEO Naheta himself purchased 150,000 shares in August for about $1.22 million, underscoring management’s conviction.
With volume spiking nearly 400% above average on Tuesday, traders clearly took notice of Benchmark’s bold new target. Whether Bakkt can sustain this momentum will depend on its ability to convert strategic plans into profitable operations. Benchmark expects the company to reach profitability in the first half of 2026.
For now, Bakkt has reemerged as one of Wall Street’s most closely watched crypto infrastructure bets, an outcome few would have predicted just months ago.
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