Crypto custody and trading firm Bakkt Holdings Inc. has sold its loyalty services business for $11 million to Project Labrador Holdco, LLC, part of Roman DBDR Technology Advisors, Inc. This move reflects Bakkt's strategy to concentrate on its core crypto offerings and stablecoin payments infrastructure, as stated by co-CEO Andy Main. The sale is expected to close in the third quarter of 2025 and will include provisions for accommodating working capital and debt. Recently, Bakkt announced the departure of two major clients, Bank of America and Webull, from its loyalty and crypto services, respectively. Bakkt plans to use proceeds from a $75 million public offering to potentially buy Bitcoin and support general corporate purposes. The firm reported a preliminary earnings estimate of $577 million to $579 million for Q2 2025, marking a significant year-over-year increase. However, Bakkt's share price has declined by nearly 31% this year, reflecting broader challenges in the cryptocurrency market and investor sentiment.

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