**[Benchmark: Assigns "Buy" Rating to Bakkt with a Target Price of $13 Following Business Relaunch with New Strategy]** According to a report by CoinDesk, Wall Street brokerage firm Benchmark issued a report on Monday initiating coverage of Bakkt Holdings (BKKT) stock, stating that the company is attempting to relaunch its business after years of turbulence. Benchmark initiated coverage with a "Buy" rating and set a target price 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 traditional loyalty business. These moves aim to streamline operations and rebuild investor confidence. The report outlined the company's current strategy, which focuses on three key initiatives: 1. Launching a "one-stop brokerage" platform that enables banks and fintech companies to access cryptocurrency services. 2. Initiating a cross-border Bitcoin financial program, which includes plans to acquire a stake in Japan's Marusho Hotta and expand into the Indian and South Korean markets. 3. Collaborating with a distributed technology research firm to develop a stablecoin payment network called Bakkt Agent. Benchmark derived the $13 target price based on an evaluation of Bakkt's projected 2026 earnings, applying a 5x enterprise value multiple (EV/EBITDA).