Bakkt Stock Is Surging on a New Board Appointment. Does That Make BKKT a Buy Here?

Bakkt Holdings (BKKT) shares rallied more than 45% on Monday as the Alpharetta-headquartered firm named a fintech veteran, Mike Alfred, to its board of directors. 

Alfred has successfully founded and scaled multiple fintech ventures, including BrightScope and Digital Assets Data, both of which achieved successful exits through acquisitions. 

Including today’s explosive move to the upside, Bakkt stock is up over 90% versus its August low.   

Why Did Bakkt Stock Soar on Alfred’s Appointment?

BKKT stock soared on Mike Alfred’s appointment since his current role as the founder of Alpine Fox LP, a private investment fund focusing on Bitcoin (BTCUSD) and artificial intelligence, aligns perfectly with the company’s strategic vision. 

His appointment demonstrate the firm’s commitment to strengthening its position in four key areas: digital asset trading, stablecoin payments, artificial intelligence-powered finance, and BTC adoption. 

According to Bakkt’s chief executive Akshay Naheta, onboarding Alfred is a crucial step toward building next-generation financial infrastructure. 

On Monday, Alfred was also named to the board of Iren (IREN), a data center firm also focused on BTC and AI, providing valuable synergies and industry connections that could prove instrumental for BKKT’s growth initiatives. 

Are BKKT Shares Worth Buying Today?

Investors should still approach Mike Alfred’s appointment with measured optimism. 

While the announcement strengthens Bakkt's governance and expertise, Bakkt operates in a highly volatile and evolving digital asset space. 

Therefore, regulatory uncertainties remain a major overhang on BKKT stock, which looks driven more by sentiment than fundamental changes in the company’s competitive position. 

More importantly, the crypto infrastructure firm is yet to turn a profit. In its latest reported quarter, the NYSE-listed business had a net loss of over $30 million. 

Wall Street Remains Uninterested in Bakkt Shares

Bakkt stock doesn’t look particularly attractive to own for the remainder of this year also because it hardly receives any coverage from Wall Street analysts.  

The only analyst with a rating on BKKT shares currently has a $13 price target, indicating potential downside of more than 13% from current levels.