Crypto custodian Bakkt is considering a potential sale or break up: report
Quick Take The crypto custodian and trading firm Bakkt is considering a potential sale or break up amid numerous strategic options, Bloomberg reports. The firm enlisted the help of a financial advisor, but no official decision has been made yet.
Crypto custodian and trading firm Bakkt is considering a potential sale or break up amid numerous strategic options, Bloomberg reports, citing people familiar with the matter.
Bakkt enlisted the help of a financial advisor to make the decision, though none has officially been made. Bloomberg adds that the firm could remain independent.
The firm is fresh off a partnership with the crypto trade execution platform Crossover Markets to create a forthcoming crypto-focused communication network called BakktX, Bakkt announced on Thursday.
Bakkt provides institutional-grade services such as custody and trading. The firm brought in $348 million in revenue in the second quarter of 2023, despite trading volume falling 15%.
Bakkt, headquartered in Alpharetta, Georgia, was founded in 2018 and went public in 2021. The company is majority-owned by Intercontinental Exchange, which also owns the New York Stock Exchange.
The firm's founding CEO Kelly Loeffler became a United States Senator representing the state, The Block previously reported.
The Block reached out to Bakkt for comment.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Hamster Kombat Faces Boycott Threat as Community Rally Over ‘Unfair’ Airdrop Allocation Plan, Real Users Enraged
Kamala Harris Highlights Crypto and AI at $27 Million New York Fundraiser
Bitgert, Solana, Ethereum: Which Crypto Holds the Most Potential for Explosive Growth?
Solana Mobile’s Seeker Web3 Phone Set for 2025 Release, Offering Exclusive Crypto Rewards