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Home»TRADING NEWS»Exploring ICE’s Crypto Market Bakkt Sale
TRADING NEWS

Exploring ICE’s Crypto Market Bakkt Sale

By Crypto FlexsJune 7, 20242 Mins Read
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Exploring ICE’s Crypto Market Bakkt Sale
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Cryptocurrency warehouse Bakkt is reportedly exploring a possible sale amid increasing cryptocurrency-related acquisition activity.

Bakkt, a cryptocurrency storage and trading platform for institutional investors, appears to be evaluating a possible sale, Bloomberg reported, citing people familiar with the matter. The report comes at a time when acquisition activity is surging in the cryptocurrency market.

In particular, fintech brokerage Robinhood recently announced its intention to acquire European cryptocurrency exchange Bitstamp for $200 million. Additionally, US Bitcoin mining giant Riot Platforms is exploring options to acquire Canadian rival Bitfarms for $950 million, saying the company’s founders may not be acting in the “best interests” of shareholders. there is.

According to reports, the company is in talks with financial advisors to consider a variety of strategic options, including a possible breakup. Sources note that no final decision has been made yet as Bakkt may choose independence. At press time, Bakkt had not issued a public statement on the matter.

Intercontinental Exchange Inc., which operates the New York Stock Exchange (NYSE), launched Bakkt in 2018 as a new venture offering a series of services including cryptocurrency trading and storage.

Initially, the platform partnered with several brands, including Starbucks and Microsoft. In 2021, Bakkt also went public following the completion of its merger with VPC Impact Acquisition Holdings.

But in 2024, Bakkt faces the risk of being delisted from the NYSE after disclosing doubts about its ability to continue as a going concern.

As crypto.news previously reported, uncertainty has arisen due to Bakkt’s ambitious plans to enter new markets and the perception that it can only guarantee significant revenue growth based on historical levels. Company management noted that if it does not raise additional capital soon, it may struggle to achieve sustainable profitability and generate sufficient cash flow.

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