Crypto custodian Bakkt is considering a potential sale or break up: report

The Block2024/06/07 18:01

By:The Block

Quick Take The crypto custodian and trading firm Bakkt is considering a potential sale or break up amid numerous strategic options, Bloomberg reports. The firm enlisted the help of a financial advisor, but no official decision has been made yet.

Crypto custodian and trading firm Bakkt is considering a potential sale or break up amid numerous strategic options, Bloomberg reports, citing people familiar with the matter.

Bakkt enlisted the help of a financial advisor to make the decision, though none has officially been made. Bloomberg adds that the firm could remain independent.

The firm is fresh off a partnership with the crypto trade execution platform Crossover Markets to create a forthcoming crypto-focused communication network called BakktX, Bakkt announced on Thursday.

Bakkt provides institutional-grade services such as custody and trading. The firm brought in $348 million in revenue in the second quarter of 2023, despite trading volume falling 15%.

Bakkt, headquartered in Alpharetta, Georgia, was founded in 2018 and went public in 2021. The company is majority-owned by Intercontinental Exchange, which also owns the New York Stock Exchange.

The firm's founding CEO Kelly Loeffler became a United States Senator representing the state, The Block previously reported.

The Block reached out to Bakkt for comment.

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