Bakkt is Considering Sale or Break Up

Bakkt, a cryptocurrency platform created by the parent company of the New York Stock Exchange (NYSE), is considering potential options such as selling the business or dividing it into smaller entities.

However, the company’s board may also choose to maintain its current structure and not pursue a sale or breakup.

This news follows recent major deals within the crypto industry, including Robinhood’s purchase of Bitstamp exchange and Coreweave’s unsolicited offer to acquire Bitcoin miner Core Scientific.

With Bakkt’s stock price dropping significantly since the beginning of 2024, the company has faced financial challenges and even applied for regulatory approval to raise $150 million in capital.

The application was approved and Bakkt was able to raise the necessary funds through a $150 million securities sale to investors.