Report Bakkt supported by the New York Stock Exchange exploring potential sale

Bakkt, a cryptocurrency platform created by the parent company of the New York Stock Exchange (NYSE), is reportedly exploring options to sell the company or divide it into smaller entities, sources revealed to Bloomberg.
The board is also considering maintaining Bakkt’s current structure and not pursuing a sale or breakup, as explained by insiders.
The news of a potential sale comes in the wake of notable acquisitions and takeover bids in the cryptocurrency industry, such as Robinhood’s acquisition of the Bitstamp exchange and Coreweave’s bid to acquire Bitcoin miner Core Scientific.
Bakkt has faced challenges with its market performance, with its share price plummeting from a peak of $59.57 at the beginning of 2024 to around $19 currently.
In February 2024, the institutional cryptocurrency firm disclosed financial difficulties and sought regulatory approval to raise $150 million in capital to sustain its operations.
Following regulatory approval, Bakkt secured the funds through a $150 million securities sale to investors.
After addressing the financial shortfall and completing the securities sale, Bakkt’s CEO and president, Andy Main, stated that the company had bolstered its financial position and was no longer at risk of shutting down.
Main highlighted Bakkt’s 2023 revenue of $780 million as a sign of improvement, but a closer look at the company’s financials and stock performance paints a different picture.
Despite facing eight consecutive quarters of losses since its listing on stock exchanges in 2021, Bakkt’s current CEO remains optimistic and projects revenues in the billions for 2024.
Main anticipates that a reinforced balance sheet and new business initiatives could generate between $3.2 billion and $5 billion in revenue for 2024, potentially leading Bakkt to break even by the end of the year.
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