I always thought Bakkt was for institutional investors

Indeed, you can say that fund managers are computer illiterate as well as some of them boomers but that's likely not what you actually meant. It seems you can't reliably expect a surge in the influx of institutional investors (like pension funds) until they are officially allowed to invest the money they manage (including the money coming from these two cohorts) in cryptocurrencies. And we are not there yet (at least, as far I know)