Bakkt, the custody and crypto trading company, is considering the possibility of a sale or dissolution, amidst numerous strategic options.
Bakkt: the crypto custody company evaluates strategic options such as sale or dissolution
Bakkt, a crypto custody and trading company, seems to be considering multiple strategic options, such as the possibility of a sale or dissolution.
To communicate it, unofficially, would be people who are familiar with the matter who would have reported it to Bloomberg.
After being launched with much fanfare in 2018, the Bakkt digital-asset marketplace is exploring a sale. https://t.co/9fZBMTZbV5
— Bloomberg Crypto (@crypto) June 7, 2024
“After being launched with great fanfare in 2018, the digital asset marketplace Bakkt is exploring a sale.”
Here it seems that Bakkt would have asked for the help of a financial advisor to make its decision, even though there is nothing official yet. Not only that, in addition to the sale or dissolution, the company could remain independent.
Bakkt, based in Alpharetta, Georgia, was founded in 2018 and went public in 2021. The company is majority-owned by Intercontinental Exchange, which also owns the New York Stock Exchange.
Bakkt: la società di custodia crypto sta esplorando delle opzioni strategiche
Who knows if the strategic options that the crypto custody company is evaluating, more than sale and dissolution, also have to do with something related to expansion and innovation.
And indeed, looking at Bakkt’s profile X, just last week there was the announcement of its new collaboration with the cryptocurrency trading execution platform Crossover Markets.
Bakkt announced today that we’ve teamed with @crossover_mkts to help power the groundbreaking solution BakktX, our forthcoming Electronic Communication Network built for the crypto needs of institutions. Check out the full announcement: https://t.co/aovDE3lNOK
— Bakkt (@Bakkt) June 6, 2024
“Bakkt announced today the collaboration with @crossover_mkts
to contribute to the realization of the innovative BakktX solution, our next electronic communication network built for the crypto needs of institutions.”
The objective of this new partnership seems to be to create a new electronic communication network focused on cryptocurrencies, called BakktX.
Not only that, recently, Bakkt also publicly shared its report on the first quarter of 2024:
Bakkt Reports First Quarter 2024 Results: https://t.co/SBpyl4npMH
— Bakkt (@Bakkt) May 15, 2024
From what has emerged, it seems that Bakkt has recorded $854.6 million in total revenue, including gross cryptocurrency revenue and net loyalty revenue. Other data, then, speak of a 324% growth in crypto trading volume on the platform in the quarter, and a 16% decrease in operating expenses.
The custody of seven cryptocurrencies
At the time of writing, Bakkt Custody, the custody service, supports only seven cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Bitcoin Cash (BCH), Shiba Inu (SHIB), Litecoin (LTC), and USD Coin (USDC).
Specifically, the addition to the memecoins DOGE and SHIB arrived only in November 2023, with the goal of satisfying customers who seek greater fluidity between platforms.
In that period, Bakkt Custody had also improved the offering of new features, including a new interface as a basis to allow the insertion of other future features in turn.