Bakkt Considers Potential Sale or Break Up amid Strategic Options – Companies – June 7, 2024
Bakkt, a prominent crypto custodian and trading firm, is currently exploring the possibility of a sale or break up, according to sources familiar with the matter as reported by Bloomberg. The company has engaged a financial advisor to assist in making this decision, although no final choices have been made yet.
Despite the potential sale or break up, Bakkt recently announced a partnership with the crypto trade execution platform Crossover Markets to launch a new crypto-focused electronic communication network called BakktX. This move indicates that the firm is actively pursuing new opportunities in the crypto space.
Bakkt, known for providing institutional-grade services such as custody and trading, generated $348 million in revenue in the second quarter of 2023, even with a 15% decrease in trading volume. The company, headquartered in Alpharetta, Georgia, was founded in 2018 and went public in 2021. It is majority-owned by Intercontinental Exchange, the parent company of the New York Stock Exchange.
Former CEO Kelly Loeffler, who co-founded Bakkt, has since become a United States Senator representing the state. The Block has reached out to Bakkt for further comment on the potential sale or break up.
As the situation continues to develop, the future of Bakkt remains uncertain, but the company’s recent partnership and strong financial performance indicate that it is actively seeking growth opportunities in the ever-evolving crypto industry.
