rewrite this title Bakkt Stock Spikes Past Analysts’ Price Target After Adding Crypto Veteran to Board – Decrypt

Bakkt Holdings’ share price jumped past analysts’ one-year consensus target on Monday after the provider of digital asset services announced that noted crypto investor and entrepreneur Michal Alfred was joining the board.

BKKT rose more than 40% on the day to close at $14.70 per share, its highest level since late July, according to Yahoo Finance data, and above analysts’ average prediction of $13.26. Alfred was a co-founder of Digital Assets Data, a crypto-focused data platform acquired by NYDIG in 2020, and has invested in multiple high profile firms, including Swan Bitcoin and Bitwise Asset Management.

“We’re doubling down on our mission to build next-generation financial infrastructure by bringing world-class leaders onto our board,” Bakkt CEO Akshay Naheta said in a statement. “Mike’s proven track record and reputation in the digital asset and fintech ecosystem brings unparalleled expertise, a powerful network and institutional credibility.”

The company has repositioned itself in recent months as it looks to elevate its stock price, which is down more than 40% year-to-date and over 94% since reaching an all-time high in late 2021.



In July, Bakkt announced that it had sold its loyalty rewards business for $11 million as it looked to focus more tightly on digital asset infrastructure.

The sale aimed to streamline operations and allow the company to focus on core crypto services, including custody, stablecoin payments, and tokenized assets. In the second quarter, its crypto business generated more than $568 million in revenue, while the loyalty unit brought in some $10 million.

In June, Bakkt notified the U.S. SEC of plans to sell up to $1 billion in securities to provide fresh capital for a possible expansion of its corporate treasury to include Bitcoin. That followed less than three weeks after the company updated its investment policy, allowing it to include Bitcoin and other digital assets as part of a broader treasury strategy.

Earlier this month, investment bank Benchmark Company initiated coverage with a buy rating and price target of $13. Analyst Mark Palmer wrote that the company “is poised for a fresh start after a period of restructuring that has streamlined its focus and reset its growth trajectory.”

“The divestiture of its custody business and the pending sale of its legacy loyalty business mark a decisive exit from capital-intensive, non-core operations that weighed on its profitability and investor confidence,” Palmer wrote.

He noted Naheta’s hiring in March and the Bitcoin and stablecoin initiatives, among other positive developments.

In a statement, Alfred said he was looking forward to working with Bakkt on its next growth phase.

“Bakkt has a unique opportunity to deliver a trusted fintech platform for institutions in four transformative trends over the next decade: digital asset trading, stablecoin payments, AI agents, and Bitcoin,” he said.