Bakkt increases by 17% as Benchmark raises its target, extending a 170% rise over two weeks.

Bakkt Holdings stock (BKKT) rose 17% on Tuesday, extending a gain of over 170% in two weeks after Benchmark raised its price target to 40 USD. This is the first time Bakkt has surpassed 30 USD since January, reversing after a long period below 10 USD. Investors are optimistic that the new leadership, expanded funding, and streamlined operations will help the platform regain its reputation.

Benchmark expert Mark Palmer assesses that Bakkt remains attractive due to its potential for cryptocurrency custody, stablecoin payments, and treasury management, with a valuation lower than Coinbase and Robinhood. The appointment of veteran investor Mike Alfred to the board also reinforces confidence in the new strategy under CEO Akshay Naheta.

Bakkt is restructuring, selling its loyalty segment and filing to raise USD 1 billion, while allowing Bitcoin investment into its treasury, demonstrating a long-term focus on digital assets.