Crypto custody and trading firm BAKKT Holdings Inc. is selling the business of loyalty services as it is again focused on being a “purely playing the crypto infrastructure company.”
Bakkt Says On Monday that came up to sell its loyalty business, allowing clients to offer travel and merchandise, for $ 11 million at Project Labrador Holdco, LLC, a subsidiary of blank-Review Firm Roman DBDR Technology Advisors, Inc.
The deal is expected to close in the third quarter of 2025 and also includes quarters for working capital, debt and a short -term cash loan to help move.
BAKKT added that the sale will allow “focusing of resources in the company’s major crypto offerings and Stablecoin payment infrastructure.”
Bakkt said in March It wants to focus its crypto offerings and is looking to offload its arm of loyalty. Earlier this month, it said that two of its largest clients, Bank of America and Webull, were do not renew the agreements For loyalty and crypto services, respectively.
Bakkt in “Pure-Play Crypto”
“Through the pending sale of our honesty business, the BAKKT has achieved a significant milestone and fully embrace the future as a streamlined, pure-playing crypto infrastructure company,” the President of BAKKT and Co-Co-Co-Co Andy Main said.
He added that the sale would allow the firm to “provide all our resources in our major crypto offerings and the immense opportunities for the stablecoin payment ecosystem.”
Stablecoins became one of the hottest investments amidst US passage laws earlier this month arrange tokens. Prior to the laws, the StableCoin Issuer Circle Internet Group held more than $ 1 billion public offers in early June, including its shares that gained nearly 500% since.
Akshay NaTa, who joined the BAKKT as Co-Co in March, said the firm would look at “deploying an AI Solutions agent targeted at the enhancement of our crypto and stablecoin offerings” and “conducted aggressively in our Treasury approach.”
In June, Bakkt said it sought to raise Up to $ 1 billion Through various security offerings, along with some of the funds that are marked to buy Bitcoin (BTC).
Bakkt’s crypto re-focus came in the middle of a wave of investor enthusiasm for crypto companies. The company has long admitted Struggle with cashAnd its sharing price has refused since 2021.
Shares with BAKKT Holdings (BKKT) closed the trade on Monday down almost 5% and continued to fall around 27.8% after time up to $ 12.40, increasing its nearly 31% collapse so far.
Initial Q2 results show bump earnings
BAKKT also shared the second-quarter’s unbelievable initial income, estimating its total income for the period between $ 577 million and $ 579 million.
Residential results are at least one 13% bump compared to $ 509.9 million its revenues from last year.
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The estimated gross crypto income for Q2 ranges from $ 568 million to $ 569 million, up to 14.2% from $ 497.1 million income of crypto services from Q2 2024.
BAKKT’s $ 75 million public offering can fund the purchase of Bitcoin
Meanwhile, on Monday, Bakkt is separated announced A public offer of Class A Sharing and pre-funded warrants to raise $ 75 million.
It said the offer was set to close on Wednesday, and some of the funds could be used “to buy Bitcoin and other digital assets” as well as “general corporate goals.”
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