ICE’s crypto marketplace Bakkt exploring sale
Crypto warehouse Bakkt is reportedly exploring a potential sale amid increased crypto-related takeover activity.
Bakkt, a crypto custody and trading platform for institutional investors, appears to be evaluating a potential sale, Bloomberg has learned, citing sources familiar with the matter. The report comes at a time when the crypto market is seeing a spike in acquisition activity.
Notably, fintech brokerage firm Robinhood recently announced its intention to acquire European crypto exchange Bitstamp for $200 million. Additionally, American Bitcoin mining giant Riot Platforms is exploring options to acquire its Canadian rival Bitfarms for $950 million, saying the firm’s founders may not be acting in the “best interests” of shareholders.
As per the report, the firm is in talks with a financial advisor to consider various strategic options, including a possible breakup. The sources note that no final decision has been made yet as Bakkt may choose to remain independent. As of press time, Bakkt made no public statements on the matter.
Intercontinental Exchange Inc., which operates the New York Stock Exchange (NYSE), launched Bakkt in 2018 as a new venture to offer a suite of services, including crypto trading and custody.
At its inception, the platform partnered with multiple brands like Starbucks and Microsoft. In 2021, Bakkt even went public upon the completion of its merger with VPC Impact Acquisition Holdings.
However, in 2024 Bakkt faced the risk of delisting from the NYSE after disclosing doubts about its ability to continue as a going concern.
As crypto.news reported earlier, the uncertainty arose from Bakkt’s ambitious plans to enter new markets and the acknowledgment that it could only guarantee significant revenue growth based on its historical levels. The company’s management noted that without securing additional capital soon, it might struggle to achieve sustainable profitability and generate sufficient cash flow.
