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Bakkt Sells Loyalty Unit to Focus Solely on Crypto, Announces Share Offering
Bakkt Sells Loyalty Unit to Focus Solely on Crypto, Announces Share Offering
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BTCCSquare news:
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 will sell the division to an affiliate of Roman DBDR Technology Advisors for $11 million in cash plus working capital adjustments, with the transaction expected to close by Q3 2025.
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/or pre-funded warrants, with proceeds earmarked for digital asset acquisitions and corporate operations. "This sale completes our transformation into a streamlined crypto infrastructure leader," said President Andy Main.
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