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Investing.com - Benchmark initiated coverage on Bakkt Holdings Inc (NYSE:BKKT) with a Buy rating and a $13.00 price target on Monday. The target aligns with InvestingPro analysis showing the stock as currently undervalued, trading at $8.52 with a market capitalization of $184 million.
The research firm cited Bakkt’s recent restructuring efforts that have streamlined the company’s focus and reset its growth trajectory. Benchmark noted that Bakkt has divested its custody business and is proceeding with the pending sale of its legacy loyalty business.
These moves represent a strategic exit from capital-intensive, non-core operations that previously impacted the company’s profitability and investor confidence, according to Benchmark’s analysis.
Under new CEO Akshay Naheta, Bakkt is refocusing its business around three key initiatives: a revamped brokerage-in-a-box solution, a new multinational bitcoin treasury strategy, and a stablecoin payments initiative.
The stablecoin payments initiative will be facilitated through Bakkt’s partnership with Distributed Technologies Research (DTR), completing the company’s refocused business model.
In other recent news, Bakkt Holdings Inc. reported its financial results for the second quarter of 2025, highlighting a year-over-year revenue increase despite facing a challenging crypto market. The company noted a significant sequential decline in revenue, reflecting the broader difficulties in the industry. In operational updates, Bakkt is advancing its strategic pivot towards crypto infrastructure, having previously acquired about 30% of Marusho Hotta Co., Ltd. (MHT) on the Tokyo Stock Exchange. Phillip Lord, President of Bakkt International, has taken on the role of Chief Executive Officer at MHT. Bakkt anticipates an extraordinary general meeting of MHT shareholders in October 2025 to discuss potential changes, including adjustments to MHT’s corporate purpose and the issuance of preferred stock and warrants. These developments demonstrate Bakkt’s ongoing efforts to adapt to the evolving crypto landscape.
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