Jan. 13 at 1:36 PM
$BKKT Bakkt has some heavy-hitting competition, but they are increasingly moving into a "niche" where they don't have to fight Coinbase head-on for every customer.
Think of it like the difference between a retail store and a factory. Coinbase is the massive retail store that everyone knows. Bakkt is becoming the "factory" or "warehouse" that other businesses use to run their own shops.
Here is the competitive landscape as of January 13, 2026:
1. The "Big Three" Rivals
Coinbase (
$COIN): The 800-pound gorilla. They are the biggest competitor in terms of brand and institutional trust. Most ETFs (like BlackRock’s) use Coinbase for custody.
Where Bakkt wins: Bakkt is often seen as "more neutral." A bank might not want to partner with Coinbase because Coinbase is also trying to steal the bank’s customers. Bakkt doesn't have a consumer app anymore, so they aren't a threat to the banks they serve.
BitGo: This is Bakkt’s closest "pure" competitor in the B2B space. They specialize in pro
