Technology platform Bakkt (BKKT) is finalizing its transition into a solely crypto infrastructure company with the planned sale of its loyalty business, the company announced in a press release on Monday.
The Nasdaq-listed firm has reached a definitive agreement to sell the unit to Project Labrador Holdco, a subsidiary of Roman DBDR Technology Advisors.
The transaction, set to close in Q3 2025, includes $11 million in cash, adjustments for working capital and debt, along with a short-term restricted cash loan to facilitate the transfer.
“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,” said Andy Main, president and co-CEO of Bakkt, in the release.
The announcement coincided with preliminary second-quarter crypto revenues, estimated between $568 million and $569 million, and plans for a public offering of Class A shares and/or pre-funded warrants.
The proceeds will be allocated to purchasing digital assets, funding working capital, and supporting general corporate needs, Bakkt stated.
Timing and terms of the offering will depend on market conditions, according to the company.
Read more: Bakkt Names Akshay Naheta as Co-CEO Amid Stablecoin Payments Push
Leave a Reply