Bakkt Considers Strategic Shift to Pure Crypto Focus Amid Loyalty Business Sale and Bitcoin Funding Plans
Main Idea
Bakkt Holdings is selling its loyalty services business for $11 million to focus on becoming a pure-play crypto company, emphasizing crypto infrastructure and stablecoin payments.
Key Points
1. Bakkt sold its loyalty business for $11 million to Project Labrador Holdco, LLC, aiming to finalize the transaction in Q3 2025.
2. The company plans to focus on crypto infrastructure and stablecoin payments, aligning with growing regulatory frameworks and market demand.
3. Bakkt reported unaudited Q2 2025 revenues between $577 million and $579 million, marking at least a 13% increase.
4. Bakkt announced a $75 million public offering of Class A shares and pre-funded warrants to support its strategic shift.
5. Co-CEO Akshay Naheta highlighted the integration of AI to enhance crypto and stablecoin offerings, supporting treasury and growth strategies.
Description
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