Bakkt Sells Loyalty Business and Pivots to Pure-Play Crypto, Offers Shares
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最新报道：Bakkt has sold its loyalty rewards business to an affiliate of PE firm Victory Park Capital for $150 million in cash, shifting focus to become a pure-play crypto company. The ICE-backed platform will use proceeds to strengthen its balance sheet and support core crypto offerings like custody and trading services. Bakkt shares rose 15% following the announcement as the firm exits lower-margin loyalty operations that accounted for most 2023 revenue. CEO Andy Main stated the deal allows Bakkt to "simplify our business" while maintaining partnerships with clients like Starbucks and Delta. The transaction is expected to close in Q3 2025.
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