Svmuu News: On Wednesday, an analyst reaffirmed a "Buy" rating on Bakkt Holdings but lowered the price target from $40 to $22, a reduction of approximately 50%. Bakkt’s stock price fell about 5% in early trading on Wednesday, trading at $9.15. Benchmark stated that this adjustment is based on an expectation of $59.5 million in adjusted EBITDA for Bakkt. The research report was released the day after Bakkt’s first Investor Day. Bakkt is reportedly undergoing a strategic transformation to reposition itself as a “B2B2C” one-stop crypto service operator for traditional institutions. Last year, the company sold its rewards points business and began acquiring money transmission licenses in all 50 U.S. states to support crypto trading, transfers, and settlement. (The Block)