Benchmark cuts Bakkt's target price by 50% to $22, maintains 'Buy' rating

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Release Time: 03/18/2026 14:27:01

Summary

Benchmark lowered its price target for Bakkt to $22, a 50% reduction from $40, while maintaining its 'buy' rating. The adjustment followed Bakkt’s Investor Day and came after a 5% decline in early trading to $9.15. The firm now forecasts adjusted EBITDA of $59.5 million. Bakkt is transitioning to a B2B2C model, focusing on crypto services for institutional clients. The company has sold its rewards business and is obtaining money transmission licenses across the U.S.

Odaily Planet Daily report: On Wednesday, analysts reaffirmed their “Buy” rating on Bakkt Holdings but lowered the target price from $40 to $22, a decrease of approximately 50%. Bakkt’s shares fell about 5% in early trading on Wednesday, closing at $9.15. Benchmark cited an expected adjusted EBITDA of $59.5 million as the basis for this adjustment. The research report was released the day after Bakkt’s first Investor Day.

It is reported that Bakkt is undergoing a strategic transformation, repositioning itself as a B2B2C one-stop crypto services provider for traditional institutions. Last year, the company sold its rewards program business and began acquiring money transmission licenses in all 50 U.S. states to support crypto trading, transfers, and settlement. (The Block)

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