Technology platform Bakkt (BKKT) is making significant moves to solidify its position as a pure-play crypto infrastructure firm. In a recent press release, the Nasdaq-listed company announced its plans to sell its loyalty business to Project Labrador Holdco, a subsidiary of Roman DBDR Technology Advisors.
The deal, set to close in Q3 2025, includes $11 million in cash, adjustments for working capital and debt, as well as a short-term restricted cash loan to facilitate the transition. This strategic move marks a pivotal moment for Bakkt as it focuses on its core crypto infrastructure operations.
Andy Main, president and co-CEO of Bakkt, expressed his enthusiasm for the company’s future direction, stating, “With the pending sale of our Loyalty business, Bakkt is achieving a significant milestone and fully embracing its future as a streamlined, pure-play crypto infrastructure company.”
In addition to the announcement of the loyalty business sale, Bakkt revealed preliminary second-quarter crypto revenues estimated between $568 million and $569 million. The company also disclosed plans for a public offering of Class A shares and/or pre-funded warrants. The proceeds from the offering will be utilized to purchase digital assets, fund working capital, and support general corporate needs.
While the timing and terms of the offering are contingent on market conditions, Bakkt is positioning itself for continued growth and success in the crypto industry. This strategic shift towards a more focused business model underscores Bakkt’s commitment to driving innovation and efficiency within the digital asset space.
As Bakkt continues to evolve and adapt to the ever-changing crypto landscape, the company remains dedicated to providing cutting-edge solutions for its clients and stakeholders. With a renewed emphasis on its core strengths in crypto infrastructure, Bakkt is poised to thrive in the dynamic and rapidly expanding digital asset ecosystem.
In related news, Bakkt recently appointed Akshay Naheta as Co-CEO, signaling its commitment to advancing stablecoin payments and further solidifying its position as a leader in the crypto industry. The company’s strategic leadership changes and business initiatives reflect its ongoing commitment to innovation and growth in the fast-paced world of digital assets.