Bakkt Holdings Considers Sale Amidst Crypto Surge

Bakkt Holdings Considers Sale Amidst Crypto Surge

Xavier Delacruz
1 min read

Bakkt Holdings Inc. Considers Potential Sale or Breakup Amidst Crypto Takeover Activity

Bakkt Holdings Inc., a crypto trading and custody platform backed by the New York Stock Exchange's parent company, is contemplating a potential sale or breakup amidst a surge in crypto-related takeover activity. The company recently underwent significant leadership changes, including the appointment of a new CEO in March. Despite raising $50 million earlier this year and implementing measures to improve its financial standing, Bakkt reported a first-quarter loss of $21 million, signaling the need for strategic changes. The company is evaluating its options with the support of a financial advisor.

Key Takeaways

  • Bakkt Holdings Inc. is exploring a potential sale or breakup as the crypto industry experiences increased takeover activity.
  • The company reported a Q1 loss of $1.86 per share despite revenue of $855 million, following leadership changes and a new CEO appointment.
  • Bakkt sought SEC permission to raise up to $150 million over three years and executed a $40 million private placement in February.
  • The strategic review aligns with facing potential delisting risks from the NYSE, prompting actions to stabilize its financial situation while expanding crypto capabilities.


The strategic review by Bakkt reflects the dynamic landscape of the crypto industry. The potential sale or breakup may aim to streamline operations and stabilize finances, attracting interest from firms seeking to enhance their crypto capabilities. Short-term impacts include market speculation and investor uncertainty, potentially reshaping the competitive crypto services sector in the long run. Regulatory approval for additional fundraising indicates Bakkt's strategic intent, influencing potential future M&A trends in the crypto space.

Did You Know?

  • EBITDA Breakeven: Bakkt's pursuit of EBITDA breakeven is vital as it signifies the company's operational profitability before accounting for non-operating and non-cash expenses.
  • Private Placement: Bakkt's $40 million private placement in February facilitated capital raising without undergoing the extensive process of registering securities with the SEC.
  • Delisting Risks from NYSE: Potential delisting from the NYSE could significantly impact Bakkt's market visibility and stock liquidity, necessitating strategic changes to maintain compliance with exchange standards.

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