Benchmark Gives Bakkt a $13 Target Amid Strategic Overhaul

* Benchmark assigns Bakkt (BKKT) a "buy" rating with a $13 price target. * Bakkt undergoes a strategic overhaul under its new CEO, focusing on three growth areas while divesting assets. On September 8, 2025, The Block reported that crypto infrastructure company Bakkt (BKKT) is undergoing a strategic reorganization under its new CEO, Akshay Naheta. In response, financial services firm Benchmark gave the firm a "buy" rating and a $13 price target. The company will restructure by divesting non-core operations to focus on three primary growth areas: a bitcoin treasury strategy, a "brokerage-in-a-box" solution for businesses, and a stablecoin payments platform, which it is developing in partnership with Distributed Technologies Research. Bakkt plans to streamline operations by selling its loyalty points division and exiting non-essential units, such as its custody business. To fund these initiatives, the company aims to raise $1 billion. Benchmark views this capital raise as pivotal for strengthening Bakkt's operations and scaling its efforts. In addition, Bakkt has secured key regulatory licenses, including money transmitter licenses in all 50 U.S. states and the elite New York BitLicense, which enable the firm to facilitate crypto trading and transfers nationally. Its stablecoin settlement platform, Bakkt Agent, is currently in private beta testing and is projected to roll out in approximately 90 countries. Despite this positive outlook, Benchmark flagged several risks tied to Bakkt’s evolving strategy. Regulatory uncertainties in the volatile crypto market and challenges in selling the loyalty points division could complicate the company’s plans. Furthermore, Bakkt faces vulnerabilities from its dependence on key clients, as its largest customer, Webull, contributes nearly 75% of its revenue and recently opted not to renew its contract beyond June 2025. Heightened competition in the crypto infrastructure space also adds to the hurdles Bakkt confronts. As of 02:09 UTC on September 9, Bitcoin (BTC) is trading at $111,219.618, according to CoinMarketCap. Its 24-hour trading volume shows a change of 0.361%.