Benchmark first reported Bakkt Holdings (BKKT), giving it a "buy" rating and a target price of $13, citing that the company underwent a strategic restructuring under the leadership of new CEO Akshay Naheta. The company streamlined its operations by divesting its custody and traditional loyalty businesses and is currently focused on a Crypto Assets brokerage platform, multinational Bitcoin fund management programs, and stablecoin Payment Network. Bakkt holds regulatory licenses in all 50 states in the U.S., providing it with a critical Compliance advantage. Following the report's release, its stock price rose 1.3% to $8.63.

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