Bakkt (US:BKKT) PYMNTS.comยท2025-09-09 00:27Core Insights - Broker Benchmark initiated coverage of Bakkt with a buy rating, highlighting the company's regulatory advantages and its strategic shift towards a "brokerage-in-a-box" model for institutions, a bitcoin treasury program, and a stablecoin payments network [1][3] Company Strategy - Bakkt's BitLicense and money transmitter licenses across 50 states provide a significant competitive edge, as noted by Benchmark Equity Research Analyst Mark Palmer [3] - The leadership transition, with Akshay Naheta becoming the sole CEO, signifies Bakkt's transformation into a dedicated crypto infrastructure company, as stated in the company's announcement [3][4] - The company aims to build on its restructuring to foster growth as a leading global crypto infrastructure platform [4] Business Focus - Bakkt has shifted its focus from institutional bitcoin futures trading to consumer and business payment solutions, including crypto custody and loyalty program integrations [4] - Following the loss of two partners who chose not to renew their agreements, Bakkt faced pressure to either secure new partnerships or pivot its business model to reduce reliance on a few large clients [5] Operational Changes - The decision to pivot towards being a "pure-play crypto infrastructure company" involved divesting its custody business, allowing Bakkt to concentrate on its core offerings [6] - A cooperation agreement with Distributed Technologies Research (DTR) aims to integrate AI and stablecoin payment infrastructure into Bakkt's regulated trading platform, creating a comprehensive ecosystem for seamless crypto trading and digital payments [6][7]