Crypto Marketplace Bakkt Considers Potential Breakup Or Sale As Market Recovers | Bitcoinist.com



Bakkt
Holdings,
the
digital-asset
marketplace
launched
by
the
parent
company
of
the
New
York
Stock
Exchange
(NYSE),
is
reportedly
considering
a
potential
sale
in
light
of
increased
takeover
activity
within
the


crypto
industry


Bakkt
Evaluates
Strategic
Alternatives


According


to
Bloomberg,
sources
familiar
with
the
matter
have
revealed
that
Bakkt
has
engaged
a
financial
advisor
to
explore
various
strategic
options,
including
a
potential
breakup.
However,
no
final
decision
has
been
made. 

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Intercontinental
Exchange
(ICE),
the
owner
of
major
futures
markets
and
the
NYSE,
launched
Bakkt
amid
significant
anticipation.
The
venture
was
announced
in
collaboration
with
Starbucks
and


Microsoft
,
garnering
substantial
attention. 


Kelly
Loeffler,
Bakkt’s
founding
CEO,
later
served
as
a
US
Senator
from
Georgia
for
one
year.
Earlier
this
year,
Bakkt
faced
the
risk
of


delisting


from
the
NYSE
after
disclosing
potential
challenges
in
continuing
as
a
going
concern.


Bakkt,
which
provides
several
services,
including
trading
and
custody,
enters
the
market
during
a
period
of
consolidation
within
the
digital
asset
sector. 


However,
crypto
prices
have
surged
to
near-record
 highs,
prompting
some
firms
to
consider
expansion
while
others
continue
recovering
from
the
industry-wide
downturn
two
years
ago. 

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Potential
Breakup
Considered 


Bakkt
went
public
in
2021
through
a
merger
with
a
blank-check
vehicle.
In
the
first
quarter
of
this
year,
the
company
reported
a
loss
of
$21
million
on
$855
million
in
revenue.
On
Friday,
Bakkt
unveiled
a
partnership
with
Crossover
Markets
to
develop
a


crypto
electronic
communication


network
(ECN),
further
expanding
its
offerings.


Bakkt
holds
a
coveted
BitLicense
from
the
New
York
State
Department
of
Financial
Services,
a
regulatory
license
required
to
operate
in
the
state. 


Following
the
news,
the
company’s
shares
surged
15%
to
reach
$22.33
on
Friday,
a
27%
increase
for
the
week.
The
company’s
market
value
stands
at
approximately
$300
million.
However,
Bakkt’s
stock
has
declined
 around
30%
over
the
past
year.


Overall,
as
the
digital
asset
marketplace
firm
explores
potential
strategic
options,
including
a
potential
sale,
in
response
to
heightened
activity
in
the
crypto
industry,
it
faces
a
crucial
crossroads. 

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Bakkt’s
suite
of
services,
BitLicense
approval,
and
recent
partnership
announcements
position
it
as
a
significant
player
in
the
market.
Nonetheless,
industry
participants
will
closely
monitor
the
company’s
future
trajectory
and
determination
to
remain
independent
or
seek
a
buyer.

The
daily
chart
shows
the
total
crypto
market
cap’s
drop
in
value.
Source:

TOTAL
on
TradingView.com

As
of
the
latest
update,
the
total
market
capitalization
of
the
cryptocurrency
market
has
dipped
below
the
$2.5
trillion
mark.
This
decline
has
been
primarily
driven
by
the
decrease
in
the
price
of
Bitcoin
(BTC),
the
largest
cryptocurrency
by
market
capitalization.
Bitcoin
has
experienced
a
drop
from 
$71,000
and
is
currently
valued
at
approximately
$69,000.


Featured
image
from
Shutterstock,
chart
from
TradingView.com 

Go to Source
Author: Ronaldo Marquez


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