Bakkt Sells Loyalty Unit to Focus Solely on Crypto Infrastructure

Bakkt Holdings Inc. (BKKT) is shedding its loyalty rewards business in a strategic pivot to become a pure-play cryptocurrency infrastructure provider. The Nasdaq-listed firm announced a definitive agreement to sell the unit to an affiliate of Roman DBDR Technology Advisors for $11 million in cash plus working capital adjustments.

The transaction, slated to close by Q3 2025, marks Bakkt's complete transition into digital asset services. "This sale represents a watershed moment for Bakkt as we streamline operations to focus exclusively on crypto infrastructure," said President Andy Main. The move coincides with preliminary Q2 crypto revenue projections of $568-569 million.

Bakkt simultaneously disclosed plans for a public offering of Class A shares and pre-funded warrants. Proceeds will fund digital asset acquisitions and working capital needs, though offering terms remain contingent on market conditions. The restructuring underscores institutional momentum toward dedicated crypto platforms amid growing asset tokenization demand.