According to Odaily Planet Daily, Wall Street brokerage Benchmark issued a report on Monday initiating its rating on Bakkt's stock, stating that Bakkt Holdings (BKKT) is attempting to reboot its business after several turbulent years. Benchmark initiated coverage of the company with a "buy" rating and a price target of $13. The report noted that under the leadership of new CEO Akshay Naheta, the company has divested its custody business unit and is in the process of selling its legacy loyalty business, moves aimed at streamlining operations and rebuilding investor confidence.

The report states that the company's current strategy focuses on three major initiatives: first, launching a "one-stop brokerage" platform to enable banks and fintech companies to access cryptocurrency services; second, launching a cross-border Bitcoin treasury program, which includes plans to acquire a stake in Japan's Marusho Hotta and expand into the Indian and Korean markets; and third, collaborating with a distributed technology research company to develop a stablecoin payment network called Bakkt Agent. Benchmark uses a 5x enterprise value to EBITDA multiple (EV/EBITDA) based on its assessment of Bakkt's expected earnings in 2026, ultimately arriving at a target share price of $13. (CoinDesk)