Crypto marketplace Bakkt weighs potential sale, breakup

, which owns some of the biggest futures markets as well as the NYSE, launched Bakkt with much fanfare in 2018, announcing that it was teaming up at the time in the venture with and Kelly Loeffler, the founding CEO, later went on to serve as a US Senator from Georgia for one year. Bakkt risked being delisted from the earlier this year after revealing it may not be able to continue as a going concern.

Bakkt, which offers a suite of services including trading and custody, comes to market as heats up in the digital-asset sector with back near record highs. While some firms are mulling expansion, others are still reeling from an industry-wide meltdown two years ago. Robinhood Markets Inc. said Thursday it will acquire the European crypto exchange Bitstamp. Riot Platforms Inc., one of the largest Bitcoin miners, proposed to take over its rival Bitfarms.



went through a merger with a blank-check vehicle in 2021. The company posted a first-quarter loss of $21 million on $855 million in revenue. On Friday, Bakkt announced that it has partnered with Crossover Markets to develop a crypto electronic communication network, or ECN.

The digital-asset platform does have a much sought-after from the New York State Department of Financial Services. Other major participants in the industry who have been cleared to do business in New York include crypto exchange Coinbase Global Inc., stablecoin issuer Circle and Jack Dorsey’s digital payment firm Square.

Bakkt shares rose 15% to $22.33 on Friday and are up about 27% this week, giving the company a market value of around $300 million. The stock has fallen about 30% in the past year.

Source: Forex-Markets-Economic Times