Cryptocurrency custodian Bakkt considering potential sale or breakup: report

Cryptocurrency management and trading company Bakkt is considering a sale or breakup amid a slew of strategic options, Bloomberg reported, citing people familiar with the matter.

Bakkt enlisted the help of financial advisors to make a decision, but no formal decision was made. Bloomberg added that the company can remain independent.

Bakkt announced Thursday that it has partnered with cryptocurrency trade execution platform Crossover Markets to create a cryptocurrency-focused electronic communications network called BakktX.

Bakkt provides institutional-grade services such as storage and trading. The company earned $348 million in revenue in the second quarter of 2023 despite a 15% decline in trading volume.

Headquartered in Alpharetta, Georgia, Bakkt was founded in 2018 and went public in 2021. The company is majority-owned by Intercontinental Exchange, which also owns the New York Stock Exchange.

The Block previously reported that the company’s founding CEO, Kelly Loeffler, became a U.S. senator representing the state.

The Block has reached out to Bakkt for comment.

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