Bakkt Soars Like a Rocket 🚀-Analysts Gobsmacked!

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Bakkt Holdings (BKKT) shares shot up like a firework on a sugar-high Tuesday, leaping 17% and continuing a two-week rampage that’s left the stock up a whopping 170%. The madness began when Benchmark Company, in a fit of wild optimism, tripled its price target to $40-because why not?

For the first time since January, Bakkt sneezed past the $30 mark, which is quite the turnaround for a company that had been sulking below $10 like a grounded teenager. Investors, suddenly convinced that new bosses, shiny treasury plans, and fewer distractions might actually work, are now throwing money at it like confetti at a parade.

Analyst Upgrade? More Like a Sugar Rush 🍭

Benchmark’s Mark Palmer, possibly after one too many espressos, declared Bakkt “an attractive buy” even after its ludicrous sprint upwards. He mumbled something about crypto custody, stablecoins, and treasury management-yawn-but insisted Bakkt is still cheaper than Coinbase and Robinhood, which is like saying a rollercoaster is cheaper than Disneyland. Founded in 2018 by Intercontinental Exchange, Bakkt does… well, crypto stuff for big-money folks.

“BKKT remains an attractive buy even after its sharp run-up, as it continues to trade at valuations far below its growth potential and peers,” Palmer said, possibly while adjusting his rose-tinted glasses.

Palmer also got all giddy about Mike Alfred joining Bakkt’s board, claiming his fintech wizardry will sprinkle some much-needed sense into the company. Markets, ever the drama queens, took this as a standing ovation for CEO Akshay Naheta, who took the reins in August and has been steering this ship like a caffeine-fueled captain.

According to Yahoo Finance, Bakkt is still down a soul-crushing 97% from its 2021 peak of over $1,060-because nothing says “challenge” like losing almost all your value. But traders, ever the optimists, see this as just another “phoenix-from-the-ashes” story, because crypto loves a good comeback tale.

Adding fuel to the hype bonfire, Investor’s Business Daily bumped Bakkt’s Relative Strength Rating to 96, meaning it’s now in the top-tier of stocks-like being named valedictorian at a school where everyone else is asleep. It’s still mid-pack in its finance group, trailing Riot Platforms and IREN but ahead of the little guys who can’t afford fancy analyst upgrades.

Beyond the Price Circus: Tidying Up 🧹

While analysts are busy high-fiving each other, Bakkt has been quietly cleaning house. Earlier this year, it sold its loyalty rewards unit for $11 million-because who needs loyalty when you’ve got crypto? Now it’s laser-focused on custody and tokenized payments, which sounds fancy but mostly means holding onto other people’s digital Monopoly money.

To fund its grand ambitions, Bakkt filed an S-3 form with the SEC, basically asking, “Can we raise, like, a billion dollars? Pretty please?” Even better, its board gave the green light to buy Bitcoin and other digital assets for its treasury-because nothing says “stable business” like gambling with company cash.

CEO Akshay Naheta, sounding like a man who’s had one too many TED Talks, declared, “Digital assets are moving from speculative to strategic,” which roughly translates to, “We’re not just throwing darts anymore, folks!” Bakkt now fancies itself as the bridge between big institutions and crypto’s Wild West.

Analysts reckon this two-pronged approach-fixing the basics while betting big on Bitcoin-might lure in institutional partners. But the S-3 filing also reminded everyone that Bakkt has a short history, depends on one major client, and faces brutal competition-because nothing ruins a party like reality.

Benchmark analyst Mark Palmer raised BKKT price target to $40 in a note this morning.

– Mike Alfred (@mikealfred) September 30, 2025

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2025-10-01 08:37