Digital asset platform Bakkt has announced the sale of its loyalty rewards division for $11 million to Project Labrador Holdco as part of a strategic pivot toward cryptocurrency core services. The move streamlines Bakkt’s operations to concentrate resources on institutional-grade crypto custody, trading solutions, and stablecoin infrastructure development.
Financial disclosures highlight the rationale behind the divestment—while the loyalty rewards segment generated approximately $10 million in second-quarter revenue, Bakkt’s cryptocurrency operations produced between $568-$569 million during the same period. This considerable revenue disparity underscores the company’s shift toward its higher-performing crypto verticals.
The refocused strategy positions Bakkt to intensify competition in institutional crypto infrastructure, targeting custody services, stablecoin payment rails, and tokenized asset solutions. This specialization places Bakkt against established players like Coinbase, which currently dominate institutional partnerships and custody major Bitcoin exchange-traded funds.
To accelerate its crypto infrastructure buildout, Bakkt is concurrently securing $75 million in new funding. The company intends to leverage technological innovation, compliance expertise, and targeted niche markets to strengthen its competitive position within the institutional-focused cryptocurrency custody and stablecoin sectors.