Bakkt Sells Loyalty Business and Pivots to Pure-Play Crypto, Offers Shares

Technology platform Bakkt (BKKT) is shifting to full its transition right into a pure-play crypto infrastructure agency with the deliberate sale of its loyalty enterprise, the corporate stated in a press launch Monday.

The Nasdaq-listed firm has entered right into a definitive settlement to promote the unit to Project Labrador Holdco, a subsidiary of Roman DBDR Technology Advisors.

The deal, anticipated to shut in Q3 2025, contains $11 million in money, changes for working capital and debt and a short-term restricted money mortgage to facilitate the handoff.

“With the pending sale of our Loyalty business, Bakkt is achieving a significant milestone and fully embracing its future as a streamlined, pure-play crypto infrastructure company,” Andy Main, president and co-CEO of Bakkt, stated within the launch.

The announcement got here alongside preliminary second-quarter crypto revenues, estimated between $568 million and $569 million, and plans for a public providing of Class A shares and/or pre-funded warrants.

The proceeds can be used to buy digital property, fund working capital and help common company wants, Bakkt stated.

Timing and phrases of the providing stay topic to market situations, the corporate stated

Read extra: Bakkt Names Akshay Naheta as Co-CEO Amid Stablecoin Payments Push