Bakkt fully transforms into a pure cryptocurrency business, selling its loyalty division for $11 million and launching a stock issuance

ChainCatcher news, Nasdaq-listed company Bakkt (BKKT) announced a major strategic adjustment on Monday, officially completing its transformation into a pure cryptocurrency infrastructure company. The company has signed a final agreement to sell its loyalty business to Project Labrador Holdco, a subsidiary of Roman DBDR Technology Advisors, for $11 million in cash and additional terms, with the transaction expected to close in the third quarter of 2025.

Meanwhile, Bakkt announced the launch of a public offering plan for Class A shares and pre-funded warrants, with the raised funds primarily intended for the purchase of digital assets such as Bitcoin, working capital replenishment, and general corporate purposes. The company disclosed that preliminary revenue from its cryptocurrency business for the second quarter of 2024 is expected to reach between $568 million and $569 million.

Bakkt President and Co-CEO Andy Main stated, "The sale of the loyalty business is an important milestone for the company, marking our official transition to a streamlined pure cryptocurrency infrastructure company." This strategic adjustment highlights the trend of traditional fintech companies accelerating their transformation into the digital asset space.