Crypto marketplace Bakkt weighs potential sale, breakup

economictimes.indiatimes.com:

Bakkt Holdings Inc., the digital-asset marketplace launched by the parent of the New York Stock Exchange, is exploring a potential sale amid a spike in crypto-related takeover activity, according to people familiar with the matter.

Bakkt has been working with a financial advisor to weigh a range of strategic options, including a breakup, said the people, who asked to not be identified because the details aren’t public. No final decision has been made and Bakkt could opt to remain independent. A representative for Alpharetta, Georgia-based Bakkt declined to comment.

Intercontinental Exchange Inc., which owns some of the biggest futures markets as well as the NYSE, launched Bakkt with much fanfare in 2018, announcing that it was teaming up at the time in the venture with Starbucks Corp. and Microsoft Corp. Kelly Loeffler, the founding CEO, later went on to serve as a US Senator from Georgia for one year. Bakkt risked being delisted from the NYSE earlier this year after revealing it may not be able to continue as a going concern.

Bakkt, which offers a suite of services including trading and custody, comes to market as consolidation heats up in the digital-asset sector with crypto prices back near record highs. While