Gate News: On March 18, Benchmark analyst reiterated a “Buy” rating for a certain cryptocurrency trading platform (Bakkt Holdings), but lowered the target price from $40 to $22, a decline of about 50%. The platform’s stock price dropped approximately 5% in early Wednesday trading, closing at $9.15. Benchmark stated that this adjustment is based on an expected adjusted EBITDA of $59.5 million for the platform. The research report was released the day after the platform’s first Investor Day. It is reported that the platform is undergoing a strategic transformation, repositioning itself as a one-stop B2B2C crypto service provider targeting traditional institutions. Last year, the company sold its rewards points business and began acquiring money transfer licenses in all 50 U.S. states to support crypto trading, transfers, and settlements.
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