Updated: June 7, 2024, 5:42 PM EDT
Cryptocurrency management and trading company Bakkt is considering a sale or breakup amid a slew of strategic options, Bloomberg reported, citing people familiar with the matter.
Bakkt enlisted the help of financial advisors to make a decision, but no formal decision was made. Bloomberg added that the company can remain independent.
Bakkt announced Thursday that it has partnered with cryptocurrency trade execution platform Crossover Markets to create a cryptocurrency-focused electronic communications network called BakktX.
Bakkt provides institutional-grade services such as storage and trading. The company earned $348 million in revenue in the second quarter of 2023 despite a 15% decline in trading volume.
Headquartered in Alpharetta, Georgia, Bakkt 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.
The Block previously reported that the company’s founding CEO, Kelly Loeffler, became a U.S. senator representing the state.
The Block has reached out to Bakkt for comment.
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About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.