Bakkt Sells Loyalty Business to Focus on Crypto Infrastructure Growth

Bakkt (NASDAQ: BKKT) announced plans to divest its loyalty business as part of its strategy to become a pure-play crypto infrastructure firm. The company signed a definitive agreement to sell the unit to Project Labrador Holdco, a subsidiary of Roman DBDR Technology Advisors.

The transaction, expected to close in the third quarter of 2025, is valued at $11 million in cash, with additional adjustments for working capital and debt. It also includes a short-term restricted cash loan to ensure a smooth transition of operations.

Andy Main, president and co-CEO of Bakkt, called the move a “significant milestone,” emphasizing the company’s pivot toward fully embracing its role as a streamlined crypto infrastructure provider.

Alongside the sale announcement, Bakkt reported preliminary second-quarter crypto revenues estimated between $568 million and $569 million, reflecting its growing focus on digital asset services. The company also disclosed plans for a public offering of Class A shares and pre-funded warrants. Proceeds from the offering will be allocated toward acquiring digital assets, supporting working capital, and addressing general corporate needs.

Bakkt’s transition comes as demand for institutional-grade crypto infrastructure continues to rise, with firms seeking scalable solutions for trading, custody, and settlement. The planned sale underscores Bakkt’s commitment to sharpening its core business and capitalizing on growth opportunities in the digital asset market.

The company noted that the timing and terms of the upcoming offering will depend on market conditions. The sale marks Bakkt’s next step in aligning its operations with the broader shift toward crypto-focused financial services.