Benchmark analysts have maintained their 'Buy' rating on Bakkt Holdings while slashing the target price by 50% from $40 to $22. This adjustment follows Bakkt's first Investor Day and is based on an expected adjusted EBITDA of $59.5 million. Bakkt's shares dropped approximately 5% in early Wednesday trading, closing at $9.15. Bakkt is undergoing a strategic shift, aiming to become a B2B2C crypto services provider for traditional institutions. The company has sold its rewards program business and is acquiring money transmission licenses across all 50 U.S. states to facilitate crypto trading, transfers, and settlement.