Bakkt Holdings Explores Potential Sale Or Breakup Amid Crypto Sector Consolidation

Bakkt Holdings Inc. BKKT shares are trading lower Friday afternoon after reports emerged that the company is exploring a potential sale or breakup. This move comes amid increased consolidation activity in the digital-asset sector and near-record high crypto prices.

What’s Going On: According to a Bloomberg report, Bakkt Holdings Inc., the digital-asset marketplace established by the parent company of the New York Stock Exchange, is contemplating a range of strategic options, including a potential sale or breakup.

The company has been working with a financial advisor to evaluate these options, though no final decision has been made and Bakkt may decide to remain independent. The consideration for a sale or breakup arises as consolidation in the digital-asset sector intensifies.

What Else: In the first-quarter earnings report last month, Bakkt Holdings reported a loss of $1.86 earnings per share, beating the estimated loss of $2.08 earnings per share. The revenue for the quarter came in significantly higher than expected, with actual revenue at $854.60 million compared to the estimated $17.90 million according to Benzinga Pro.

Price Action: Bakkt Holdings shares were down by 6.62% at $18.21 according to Benzinga Pro.

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