Crypto warehouse Bakkt is reportedly exploring a potential sale amid increased crypto-related takeover activity. The platform, which offers custody and trading services for institutional investors, has engaged a financial advisor to consider various strategic options, including a possible breakup.
Founded by Intercontinental Exchange Inc. in 2018, Bakkt partnered with brands like Starbucks and Microsoft. In 2021, it went public through a merger with VPC Impact Acquisition Holdings. However, in 2024, Bakkt faced the risk of delisting from the NYSE due to doubts about its financial stability.
This exploration of a sale comes as the crypto market sees a surge in acquisition activity, highlighted by Robinhood’s $200 million bid for Bitstamp and Riot Platforms’ $950 million interest in Bitfarms. Despite these uncertainties, Bakkt’s next steps could significantly impact its future and the broader crypto market.
