4 days ago
Bakkt Holdings (BKKT) is trying to reboot aft a turbulent fewer years, Wall Street broker Benchmark said successful a Monday study initiating sum of the stock.
Benchmark started sum of the steadfast with a bargain standing and a $13 terms target.
The shares climbed 1.3%, trading astir $8.63 astatine work time.
Under caller CEO Akshay Naheta, the steadfast has shed its custody limb and is selling disconnected its bequest loyalty business, moves meant to streamline operations and reset capitalist confidence, the study noted.
The company’s strategy present hinges connected 3 initiatives: a “brokerage-in-a-box” level that lets banks and fintechs plug successful crypto services; a multinational bitcoin treasury programme anchored by a planned stake successful Japan’s Marusho Hotta and enlargement into India and South Korea; and a stablecoin payments web called Bakkt Agent, developed with Distributed Technologies Research (DTR), expert Mark Palmer wrote.
A cardinal advantage, Palmer noted, is Bakkt’s regulatory footprint. It has a BitLicense and wealth transmitter licenses crossed each 50 states, which gives it a compliance moat successful a crowded field.
Benchmark values Bakkt astatine 5x EV/EBITDA connected projected 2026 earnings, landing connected its $13 target.
Read more: Bakkt Names Akshay Naheta arsenic Co-CEO Amid Stablecoin Payments Push
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