Bakkt Completes Sale Of Loyalty Unit, Charts Path Toward Pure-Play Crypto Strategy

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The deal, valued at $11 million, was first announced on July 23 this year.

Bakkt Holdings (BKKT) announced on Wednesday that it has finalized the sale of its Loyalty business to Project Labrador Holdco LLC, a subsidiary of Roman DBDR Technology Advisers. 

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BKKT’s stock tumbled over 9% in morning trade and was among the top trending tickers on Stocktwits at the time of writing. Despite the drop in share price, retail sentiment around the company was trending in ’extremely bullish’ territory amid ‘extremely high’ levels of chatter. 

One retail trader on the platform applauded the company for sticking to its promises.

The deal, valued at $11 million, was first announced on July 23 this year. “The sale of Loyalty is a defining inflection point for Bakkt — streamlining operations, lowering costs, strengthening our balance sheet, and sharpening our focus on growth,” said Akshay Naheta, CEO of Bakkt. 

Naheta added that the deal provides the company with a “clear path toward profitability,” noting that it will now double down on its core pillars, which include Bitcoin, tokenization, digital asset trading, stablecoin payments, and AI-driven finance. “These are the arenas where Bakkt is uniquely positioned to lead and create durable, long-term value for shareholders,” Naheta stated.

Bakkt’s Loyalty business provided clients with travel and merchandise perks. At the time of the sale, the company stated that it had decided to divest the unit to concentrate exclusively on its cryptocurrency operations and evolve into a “pure-play” digital asset infrastructure platform.

In August, the company also announced a share purchase agreement with RIZAP Group to acquire roughly 30% of the outstanding shares of MarushoHotta, a Tokyo-listed company. The move was intended to broaden Bakkt’s international exposure to Bitcoin holdings, according to the company’s filing with the Securities and Exchange Commission (SEC).

Read also: BTC, ETH, XRP Rally Fuels Gains In Strategy, Bitmine, And Crypto-Linked Stocks

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