Crypto Marketplace Bakkt To Be Sold

Crypto Marketplace Bakkt To Be Sold

Multiple media reports say that Bakkt has been working with a financial advisor to weigh several options, including a sale.

Based in Georgia, Bakkt is owned by Intercontinental Exchange (NYSE:ICE), which also owns the NYSE and several smaller stock exchanges.

Intercontinental Exchange launched Bakkt in 2018 and the company went public in 2021 via a special purpose acquisition company (SPAC).

However, Bakkt’s stock has plunged 92% since its market debut and it has raised going concern risks in recent months, saying it might be unable to continue operations.

A potential sale of Bakkt, which offers crypto trading and custody services, comes amid a wave of consolidation in the sector.

In recent weeks, RobinhoodMarkets (NASDAQ: HOOD (NASDAQ:HOOD)) announced that it is acquiring crypto exchange Bitstamp. Crypto miner RiotPlatforms (NASDAQ: RIOT) has proposed taking over rival Bitfarms (NASDAQ: BITF).

Bakkt most recently reported a first-quarter loss of $21 million U.S. on $855 million U.S. in revenue. Management has raised the possibility of bankruptcy filing in recent months.

Bakkt stock has declined 45% over the past 12 months and currently trades at $18.70 U.S. per share.

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