Bakkt to Sell Loyalty Business and Transition to Crypto Infrastructure

Bakkt (BKKT) is transitioning into a crypto infrastructure firm by selling its loyalty business to Project Labrador Holdco, a subsidiary of Roman DBDR Technology Advisors. The sale is expected to close in Q3 2025 and involves:

$11 million in cash
Adjustments for working capital and debt
A short-term restricted cash loan

Bakkt's president, Andy Main, noted this sale marks a significant milestone for the company's future.

Alongside this announcement, Bakkt reported preliminary second-quarter crypto revenues estimated at $568 million to $569 million. The company also plans a public offering of Class A shares and/or pre-funded warrants to fund digital asset purchases and support corporate needs. Terms of the offering will depend on market conditions.