Bakkt's stock has surged 170% over the past two weeks, prompting Benchmark to maintain its 'buy' rating and increase its price target from $13 to $40. The firm highlighted Bakkt's price-to-EBITDA ratio of 9.9 times its 2026 forecast, which remains lower than competitors like Coinbase and Robinhood. This rally is attributed to CEO Akshay Naheta's strategic focus on crypto infrastructure, stablecoin payments, and Bitcoin fund management. The company is projected to achieve profitability in the first half of 2026, bolstered by fintech expert Mike Alfred's recent addition to the board.