NYSE-Backed Bakkt Contemplates Sale Amid Evolving Crypto Landscape
Bakkt Holdings, the digital asset marketplace established by the parent company of the New York Stock Exchange (NYSE), is reportedly considering a potential sale amidst a surge in crypto-related takeover activities.
The company has engaged the services of a financial advisor to assess various strategic options, including the possibility of a breakup, BNN Bloomberg reported, citing sources familiar with the matter.
However, no final decision has been reached, and Bakkt may ultimately choose to remain an independent entity, the report said.
Intercontinental Exchange, the owner of prominent futures markets and the NYSE, initially launched Bakkt to much fanfare in 2018.
At the time, Bakkt announced partnerships with Starbucks Corp. and Microsoft Corp., garnering significant attention.
Notably, Kelly Loeffler, the founding CEO of Bakkt, went on to serve as a US Senator from Georgia for a year.
Earlier this year, Bakkt faced potential delisting from the NYSE after disclosing concerns about its ability to continue operating as a going concern.
Bakkt, which offers a comprehensive range of services including trading and custody, enters the market during a period of consolidation within the digital-asset sector, accompanied by a resurgence in crypto prices nearing record highs.
While some firms contemplate expansion, others are still grappling with the aftermath of the industry-wide meltdown experienced two years ago.
In recent news, Robinhood Markets Inc. announced its acquisition of the European crypto exchange Bitstamp, while Riot Platforms Inc., one of the largest Bitcoin miners, proposed a takeover of its rival, Bitfarms.
Bakkt went public through a merger with a blank-check vehicle in 2021.
The company reported a first-quarter loss
