Bakkt Reportedly Reviewing Strategic Options Including Potential Sale

Bakkt Holdings Inc., the digital-asset marketplace launched by Intercontinental Exchange Inc. (ICE), is reportedly exploring strategic options, including a potential sale. This comes as the crypto industry experiences a surge in mergers and acquisitions. According to Bloomberg, Bakkt has engaged a financial advisor to assess these options, which may include a breakup. However, no final decision has been made, and Bakkt could choose to continue operating independently. Bakkt, introduced in 2018 by ICE in collaboration with Starbucks Corp. and Microsoft Corp., offers trading and custody solutions. The company faced challenges earlier this year and risked being delisted from the NYSE. The digital-asset sector is currently witnessing consolidation, with some companies seeking expansion and others recovering from past downturns. Bakkt, despite reporting a first-quarter loss this year, remains innovative and recently partnered with Crossover Markets to develop a crypto electronic communication network (ECN).