Benchmark Says Bakkt’s Licenses Support Crypto Focus

Broker Benchmark reportedly initiated coverage of Bakkt with a buy rating, saying the company’s regulatory footprint supports its efforts to “reboot” by shedding parts of its business and sharpening its focus on a “brokerage-in-a-box” for institutions, a bitcoin treasury program and a stablecoin payments network.

Bakkt’s BitLicense and money transmitter licenses in 50 states give it a key advantage, Benchmark Equity Research Analyst Mark Palmer wrote in a Monday (Sept. 8) note, according to a Monday report by CoinDesk.

Bakkt announced Aug. 11 that a leadership transition in which former Co-CEO Akshay Naheta became the company’s sole CEO “reflects the natural progression of Bakkt’s transformation into a pure-play

Source link