Bakkt Holdings has agreed to sell its loyalty services business for $11 million as part of a strategic pivot toward becoming a pure-play cryptocurrency firm. The transaction with buyer Project Labrador Holdco, LLC is anticipated to close this quarter.
Proceeds will accelerate Bakkt’s focus on cryptocurrency infrastructure development and stablecoin payments solutions. This strategic realignment capitalizes on tightening regulatory frameworks and growing market demand for institutional-grade crypto services.
The announcement coincides with Bakkt reporting unaudited second-quarter revenues between $577 million and $579 million, representing at least 13% year-over-year growth. Simultaneously, the company launched a $75 million public offering of Class A shares and pre-funded warrants to fund its operational transition.
Co-CEO Akshay Naheta revealed plans to leverage artificial intelligence across the company’s evolving product suite. He stated AI integration will enhance crypto and stablecoin functionalities while optimizing treasury management systems to support expansion strategies.