Bakkt’s Crypto Move: Loyalty Business Sold for $11M 🤷‍♂️

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Bakkt, the crypto firm that’s basically a financial version of a “I don’t know what I’m doing” emoji, has sold its loyalty services business to focus on being a “pure-play crypto infrastructure company.” 🤯

They sold it for a measly $11 million to some company called Project Labrador Holdco, LLC. Because nothing says “serious business” like a name that sounds like a sci-fi movie. 🚀

The deal is expected to close in Q3 2025, which is basically next week if you’re a crypto startup. They also included some working capital, debt, and a short-term cash loan. Because nothing says “financial stability” like a loan. 💸

Bakkt says this will let them focus on their “core crypto offerings” and stablecoin payments. Because nothing says “core” like selling your other business. 🧠

In March, Bakkt decided to focus on crypto, and then two of its biggest clients, Bank of America and Webull, said “no thanks.” Because of course they did. 😅

Bakkt to “pure-play crypto”

Andy Main said, “We’re fully embracing our future as a streamlined, pure-play crypto infrastructure company.” Because nothing says “streamlined” like selling your other business. 🧼

He added, “We’ll dedicate all our resources to our core crypto offerings.” Because what could go wrong? 🤡

Stablecoins are hot, but nothing says “hot” like a 500% stock jump. 🔥

Akshay Naheta said they’ll deploy AI to “enhance crypto offerings” and “execute aggressively on treasury strategy.” Because what could go wrong? 🤖

Bakkt wanted to raise $1B, some of which would be used to buy Bitcoin. Because nothing says “investment” like buying more crypto. 📈

Bakkt’s crypto re-focus comes as investors are excited. Because who wouldn’t be? 🎉

Shares dropped 5% on Monday and then fell 27.8% after hours. Because of course they did. 📉

Preliminary Q2 results show earnings bump

Bakkt shared preliminary Q2 results, showing a 13% revenue bump. Because nothing says “growth” like a 13% increase. 📈

Its crypto revenue jumped 14.2%. Because nothing says “jump” like a 14.2% rise. 🚀

Bakkt’s $75 million public offering could fund Bitcoin buys

Bakkt is doing a $75M offering to buy Bitcoin and other assets. Because nothing says “financial strategy” like buying more crypto. 🚀

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2025-07-29 10:02