Key Takeaways
- The BKKT stock is now a “buy” with a $13 target, according to a Benchmark analyst.
- Bakkt is set to launch a Bitcoin treasury strategy after acquiring and rebranding a Japanese firm.
- BKKT has been trading up 5.16% in the past 24 hours but down over 64% YTD.
Bakkt, an embattled digital asset management and investment firm that was once a heavyweight in the crypto industry, may finally have all the pieces it needs to break from its downward spiral and become attractive to investors once more.
Bakkt to Business
Benchmark analyst Mark Palmer has given Bakkt (BKKT) a Buy rating and a $13 price target.
In a note shared with investors, he explained that the firm is “poised for a fresh start” following months of restructuring.
Now, Bakkt is refocusing its “brokerage-in-a-box” solution and is poised to follow the latest trend in institutional crypto adoption by launching a Bitcoin treasury strategy.
Furthermore, it’ll also position itself as an infrastructure provider with a stablecoin payments initiative.
This, Palmer says, has “streamlined its focus and reset its growth trajectory.”
The news comes just a month after Bakkt purchased 30% of the Japanese firm, Mrusho Hotta, which will rebrand to Bitcoin JP and become a Bitcoin treasury firm.
In July, Bakkt announced intentions to raise $1 billion through equity and debt offerings to fund its BTC acquisition strategy.
Market Response
After a rocky start to the year, which saw Bakkt’s largest partners pull out and Donald Trump’s media company pass up on buying it, it appears that Bakkt is finally on the right course.
Ultimately, the news has served Bakkt well, at least in the short term, as its stock, BKKT, closed yesterday up 5.16% at $8.96.
Unfortunately, this remains a far cry away from obscene 2021 highs of over $1060.
At the end of 2024, the price leapt above $50 before continuing to tumble below $10.
Now adorning a bullish ‘Buy’ signal, pre-sale trading has reached $9.04.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
