Bakkt Holdings Inc., the digital-asset marketplace launched by Intercontinental Exchange Inc. (ICE), is considering a potential sale amid a surge in crypto-related mergers and acquisitions, according to a report by Matthew Monks, David Pan, and Gillian Tan for Bloomberg. The company, based in Alpharetta, Georgia, has apparently engaged a financial advisor to explore various strategic options, including a possible breakup. According to Bloomberg, no final decision has been made, and Bakkt could decide to continue operating independently. Representatives for Bakkt declined to comment on the matter.
Launched in 2018 with significant expectations, Bakkt was introduced by ICE, the parent company of the New York Stock Exchange, in collaboration with Starbucks Corp. and Microsoft Corp., as noted by Bloomberg. Kelly Loeffler, the founding CEO, later served as a U.S. Senator from Georgia. Earlier this year, Bakkt faced the risk of being delisted from the NYSE after indicating potential challenges in continuing as a going concern, Bloomberg reported.
Bakkt offers a variety of services, including trading and custody solutions, and is considering these strategic options amid a wave of consolidation in the digital-asset sector, Bloomberg highlighted. With cryptocurrency prices nearing record highs, some companies are looking to expand, while others are still recovering from the industry’s downturn two years ago. For instance, as Bloomberg pointed out, Robinhood Markets Inc. recently announced its acquisition of the European crypto exchange Bitstamp, and Riot Platforms Inc., one of the largest Bitcoin miners, proposed taking over its rival Bitfarms.
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The report also mentioned that having gone public through a merger with a special purpose acquisition company (SPAC) in 2021, Bakkt reported a first-quarter loss of $21 million on revenues of $855 million. Despite these financial setbacks, Bakkt continues to innovate, recently partnering with Crossover Markets to develop a crypto electronic communication network (ECN).
Bakkt holds a BitLicense from the New York State Department of Financial Services, which allows it to operate legally in New York.
Featured Image via Pixabay
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- Source: https://www.cryptoglobe.com/latest/2024/06/bakkt-holdings-inc-reportedly-considering-sale-amid-crypto-market-consolidation/
