- Bakkt sells its loyalty unit; eyes crypto infrastructure.
- $11M cash deal completes in 2025.
- Stock sees 36.52% drop on realignment news.
Bakkt Holdings has sold its loyalty services business to focus on cryptocurrency infrastructure, including stablecoin payments. This move aims to enhance core crypto offerings, with the sale priced at $11 million in cash, closing by Q3 2025.
Bakkt Holdings, based in Alpharetta, GA, has sold its loyalty services business to Project Labrador Holdco, LLC, aiming to focus on becoming a “pure-play crypto” company.
Bakkt’s pivot underscores its commitment to concentrating on crypto services, seeking operational efficiency and enhanced value for shareholders amidst market fluctuations.
Bakkt Holdings, Inc., founded in 2018, strategically sold its loyalty business for $11 million, with potential capital adjustments. Bakkt aims to refocus on crypto infrastructure and stablecoin payments.
The transaction involves Project Labrador Holdco, LLC, linked to Roman DBDR Technology Advisors, Inc. This move aligns Bakkt towards a crypto-centric model, parallel to similar industry strategies.
Market reactions included a 36.52% plunge in Bakkt’s stock, reflecting investor caution. The company concurrently announced a $75 million public offering to boost resources and facilitate strategic focus.
“Bakkt Holdings, Inc. announced a definitive agreement to sell its Loyalty business … as part of its strategic realignment to focus solely on its core crypto offerings and stablecoin payments infrastructure. The transaction … will allow Bakkt to streamline operations and dedicate resources to enhancing its crypto services, aiming for long-term value creation…” — Bakkt Press Release
This strategic shift also marks concern among stakeholders regarding short-term financial performance. It’s a calculated realignment akin to prior crypto industry adjustments, like Circle’s divestment scenarios.
No immediate regulatory or large-scale community announcements follow this transaction. Investors should observe potential additional executive commentary for clarity on future endeavors.
The outlook suggests potential alignment with broader industry trends, focusing on long-term infrastructure gains in crypto and stablecoin sectors. The deeper effects on financial landscapes will become apparent as further market responses emerge.
About the author
Pyth Network Releases Real-Time Data for Hong Kong Stocks
Pyth Network launches real-time on-chain price data for 85 Hong Kong stocks, enhancing data accessibility across 100 blockchains.
SharpLink Gaming Expands Ethereum Holdings to $1.68B
SharpLink Gaming Inc. becomes a major Ethereum holder with 438,190 ETH, valued at approximately $1.68 billion. This move, coupled with leadership changes, is likely to influence institutional demand for Ethereum.
Ethena Labs Debuts Liquid Leverage on Aave Platform
Ethena Labs introduces Liquid Leverage on Aave, enhancing DeFi liquidity opportunities with innovative integration.
Galaxy Digital Moves 21,035 ETH, Deposits to Coinbase
Galaxy Digital moves 21,035 ETH; deposits 5,000 ETH to Coinbase, indicating institutional engagement in the crypto market.
Pump.fun Uses Daily Revenue for Token Buyback
Pump.fun's $18.3M token buyback raises sustainability questions in the crypto community.
Twenty One Capital Expands Bitcoin Holdings by 5,800 BTC
Twenty One Capital plans a significant Bitcoin acquisition through Tether, positioning itself as the third-largest corporate Bitcoin holder ahead of its stock market listing.
Related
Pyth Network Releases Real-Time Data for Hong Kong Stocks
Pyth Network launches real-time on-chain price data for 85 Hong Kong stocks, enhancing data accessibility across 100 blockchains.
SharpLink Gaming Expands Ethereum Holdings to $1.68B
SharpLink Gaming Inc. becomes a major Ethereum holder with 438,190 ETH, valued at approximately $1.68 billion. This move, coupled with leadership changes, is likely to influence institutional demand for Ethereum.
Ethena Labs Debuts Liquid Leverage on Aave Platform
Ethena Labs introduces Liquid Leverage on Aave, enhancing DeFi liquidity opportunities with innovative integration.
Galaxy Digital Moves 21,035 ETH, Deposits to Coinbase
Galaxy Digital moves 21,035 ETH; deposits 5,000 ETH to Coinbase, indicating institutional engagement in the crypto market.
Pump.fun Uses Daily Revenue for Token Buyback
Pump.fun's $18.3M token buyback raises sustainability questions in the crypto community.
Twenty One Capital Expands Bitcoin Holdings by 5,800 BTC
Twenty One Capital plans a significant Bitcoin acquisition through Tether, positioning itself as the third-largest corporate Bitcoin holder ahead of its stock market listing.
Be the first to leave a comment