Bakkt Holdings (BKKT) is trying to reboot after a turbulent few years, Wall Street broker Benchmark said in a Monday report initiating coverage of the stock.

Benchmark started coverage of the firm with a buy rating and a $13 price target.

The shares climbed 1.3%, trading around $8.63 at publication time.

Under new CEO Akshay Naheta, the firm has shed its custody arm and is , moves meant to streamline operations and reset investor confidence, the report noted.

The company’s strategy now hinges on three initiatives: a “brokerage-in-a-box” platform that lets banks and fintechs plug in crypto services; a multinational bitcoin treasury program anchored by a planned and expansion into India and South Korea; and a stablecoin payments network called Bakkt Agent, developed with Distributed Technologies Research (DTR), analyst Mark Palmer wrote.

A key advantage, Palmer noted, is Bakkt’s regulatory footprint. It has a BitLicense and money transmitter licenses across all 50 states, which gives it a compliance moat in a crowded field.

Benchmark values Bakkt at 5x EV/EBITDA on projected 2026 earnings, landing on its $13 target.

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