- Bakkt is selling its loyalty business to focus entirely on crypto infrastructure.
- The buyer is Project Labrador Holdco, a part of Roman DBDR Technology Advisors.
- The deal includes $11 million in cash and adjustments for working capital and debt.
- The transaction is expected to close in the third quarter of 2025.
- Bakkt plans a public stock offering to raise funds for digital asset purchases and general needs.
Bakkt confirmed its move to become a dedicated crypto infrastructure company by agreeing to sell its loyalty business to Project Labrador Holdco, a subsidiary of Roman DBDR Technology Advisors. The company said the transaction is set to be completed during the third quarter of 2025.
The agreement involves $11 million in cash, along with adjustments for working capital needs and debts. There will also be a short-term restricted cash loan to support the transition.
“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 official release. Alongside this announcement, the firm reported preliminary second-quarter crypto revenue estimates of $568 million to $569 million.
The company also revealed plans for a public offering of Class A shares and/or pre-funded warrants. Bakkt stated that proceeds will go towards acquiring more digital assets, funding ongoing operations, and covering general corporate needs.
According to the company, the timing and terms of the stock offering are still dependent on market conditions.
For more information on executive changes and strategy shifts, see: Bakkt Names Akshay Naheta as Co-CEO Amid Stablecoin Payments Push.
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