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Bakkt, ICE’s crypto marketplace, explores selling
Cryptocurrency stock Bakkt is reportedly exploring a potential sale amid growing cryptocurrency-related acquisition activity.
Bakkta cryptocurrency custody and trading platform for institutional investors appears to be weighing a potential sale, Bloomberg He learned, citing sources familiar with the matter. The report comes at a time when the cryptocurrency market is seeing a spike in acquisition activity.
In particular, recently the fintech brokerage firm Robinhood announced its plans to acquire European cryptocurrency exchange Bitstamp for $200 million. Also, the American Bitcoin mining giant, Riot Platforms is exploring options to acquire its Canadian rival Bitfarms for $950 million, saying the company’s founders may not be acting in the “best interests” of shareholders.
According to the report, the company is in talks with a financial advisor to consider various strategic options, including a possible breakup. The sources point out that no final decision has been made yet as Bakkt may choose to remain independent. As of this writing, Bakkt has made no public statements on the matter.
Intercontinental Exchange Inc., which operates the New York Stock Exchange (NYSE), launched Bakkt in 2018 as a new venture to offer a suite of services, including cryptocurrency trading and custody.
In the beginning, the platform collaborated with numerous brands such as Starbucks and Microsoft. In 2021, Bakkt even went public after the completion of its merger with VPC Impact Acquisition Holdings.
However, in 2024 Bakkt faced the risk of being delisted from the NYSE after expressing doubts about its ability to continue operating.
Like crypto.news reported previously, the uncertainty stemmed from Bakkt’s ambitious plans to enter new markets and the recognition that it could only deliver significant revenue growth based on its historical levels. The company’s management noted that without securing additional capital soon, it may struggle to achieve sustainable profitability and generate sufficient cash flow.