Benchmark Equity Research analysts are confident in Bakkt Holdings’ prospects and reiterated their “buy” rating on Wednesday. The analysts, however, cut their price target on shares by roughly half.
The analysts changed their estimations for Bakkt based on their prediction that the blockchain infrastructure firm will generate an adjusted EBITDA of $59.5 million. Benchmark’s research note was issued a day after Bakkt’s first-ever investor day.
Bakkt’s new price target is now $22, cut down from $40, according to Benchmark’s report. BKKT shares were down about 5% in early trading on Wednesday to $9.15 a share.
For some time now, the company has been undergoing a strategic pivot, refocusing as a “B2B2C” turnkey operator for traditional institutions looking to get into crypto. Last year, Bakkt sold its loyalty rewards business and began acquiring money transmitter licenses to facilitate crypto trading, transfers, and settlement in all 50 U.S. states.
Earlier this year, Bakkt agreed to acquire stablecoin infrastructure provider Distributed Technologies Research Ltd.
“After a turbulent period characterized by divestitures, restructuring, and strategic recalibration, BKKT now presents itself as a well-capitalized digital asset infrastructure platform positioned to serve as the connective tissue between crypto, stablecoins, and traditional financial systems,” Benchmark’s analysts wrote in the note to clients.
Bakkt launched in 2018 with support from NYSE operator ICE. The company began by working on an institutional-grade trading platform for daily physically-settled Bitcoin futures.
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