Bakkt shares slide as company explores sale or breakup options


Bakkt
Holdings
shares
have
declined
following
reports
that
the
company
was
exploring
strategic
options,
including
a
potential
sale
or
breakup
of
its
operations.

On
June
7,
Bloomberg,
citing
people
familiar
with
the
matter,
reported
that
the
company
had
begun
working
with
a
financial
advisor
to
assess
these
possibilities.
However,
no
decision
has
been
finalized,
and
Bakkt
may
remain
independent
from
its
parent
company.

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According
to
Yahoo
Finance

data,
the
news
briefly
boosted
Bakkt’s
share
price
to
more
than
$24,
but
the
share
value
quickly
fell
to
under
$18

equivalent
to
an
8%
decline,
as
of
press
time.
Bakkt’s
shares
have
fallen
more
than
68%
year-to-date.

Financial
troubles?

Earlier
in
the
year,
Bakkt
revealed
“a
going
concern”
about
its
ability
to
continue
operating
because
its
“cash
and
restricted
cash
are
[in]sufficient
to
fund
our
operations
for
the
12
months
following
the
date
of”
the
filing
with
the
US
Securities
and
Exchange
Commission
(SEC).

At
the
time,
the
company

sought
to
sell
up
to
$150
million
of
securities
to
raise
capital
in
one
or
more
offerings
over
the
next
three
years.
Notably,
the
company
also

implemented
a
reverse
stock
split
in
April
to
increase
its
stock
price
to
meet
NYSE
requirements.

Meanwhile,
the
platform
reported
significant
losses
in
its
first
quarter

report
for
this
year,
saying
its
total
revenue
for
the
period
amounted
to
$854.6
million,
while
it
saw
net
losses
of
$21.3
million.

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Despite
these
challenges,
the
company’s
crypto
business
remains
robust.
The
first
quarterly
report
showed
that
its
crypto-enabled
accounts
increased
by
9%
year-on-year,
reaching
6.3
million.
Additionally,
the
total
value
of
assets
under
custody
rose
to
$1.2
billion,
driven
by
higher
market
prices
for
digital
assets.

Furthermore,
the
crypto
custodian
revealed
that
it
was
partnering
with
Crossover
Markets
for
the
impending
launch
of
BakktX.
Andy
Main,
the
President
and
Chief
Executive
Officer
of
Bakkt,
said:

“BakktX,
an
institutional
crypto
trading
venue,
which
will
represent
a
significant
milestone
in
expanding
our
client
base
potential
and
tapping
into
new
market
opportunities.”

Mentioned
in
this
article
Posted
In:

Investments,

Trading

Go to Source
Author: Oluwapelumi Adejumo


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