Strategic Shift Marks Company’s Full Transition into a Pure-Play Crypto Infrastructure Firm
Bakkt Holdings Inc., a digital asset custody and trading platform, announced on Monday that it has entered into an agreement to sell its loyalty services business for $11 million. The move comes as the company pushes forward with its plan to become a “pure-play crypto infrastructure company.”
The loyalty division, which allowed Bakkt clients to offer travel rewards and merchandise perks, is being sold to Project Labrador Holdco, LLC, a subsidiary of Roman DBDR Technology Advisors, Inc., a blank-check firm. The transaction is expected to close in the third quarter of 2025, subject to customary approvals and closing conditions.
Divestment to Streamline Crypto Operations
In its official statement, Bakkt said that the sale would allow it to focus its resources entirely on core crypto services and stablecoin payment infrastructure.
“With the pending sale of our Loyalty business, Bakkt is achieving a significant milestone and fully embracing its future as a streamlined, pure-play crypto infrastructure company,” said Andy Main, Bakkt president and co-CEO.
The deal also includes provisions for working capital, debt obligations, and a short-term cash loan to support the transition process.
Strategic Refocus Follows Loss of Key Clients
The sale aligns with Bakkt’s earlier strategy shift announced in March 2025, when it stated intentions to exit its loyalty segment. That same month, Bank of America and Webull—two of Bakkt’s most significant partners—chose not to renew agreements related to loyalty and crypto services, respectively.
This double blow accelerated Bakkt’s decision to consolidate around its crypto offerings, which the company views as its primary growth engine in the evolving digital asset landscape.
Eyes on Stablecoins and AI Integration
Bakkt’s renewed focus comes amid surging interest in stablecoins, driven in part by recent U.S. legislation regulating the sector. With institutional appetite growing and firms like Circle launching billion-dollar public offerings, stablecoins are rapidly emerging as a critical area within the digital asset ecosystem.
Co-CEO Akshay Naheta, who joined Bakkt in March, emphasized the company’s intention to build on this momentum:
“We plan to deploy agentic AI solutions to enhance our crypto and stablecoin offerings, and we will execute aggressively on our treasury strategy.”
The firm has already signaled its intention to increase its digital asset holdings, including Bitcoin (BTC).
Bakkt Pursues Capital to Support Crypto Expansion
In June, Bakkt filed to raise up to $1 billion through a range of securities offerings, part of which is earmarked for acquiring Bitcoin and other digital assets.
Furthering that effort, Bakkt announced on Monday a separate $75 million public offering of Class A common stock and pre-funded warrants. The offering is expected to close on Wednesday, with proceeds planned for use in digital asset purchases and general corporate purposes.
This capital infusion comes at a time when Bakkt has been open about its cash challenges and long-term share price decline. Since its 2021 debut, the company has struggled to maintain investor confidence. As of Monday, Bakkt shares (BKKT) closed down nearly 5%, and fell an additional 27.8% in after-hours trading, landing at $12.40. The stock is down approximately 31% year-to-date.
Preliminary Q2 Earnings Show Revenue Growth
Despite these challenges, Bakkt also released preliminary, unaudited Q2 earnings on Monday, offering a glimmer of optimism.
The company estimates total revenues for Q2 2025 will fall between $577 million and $579 million, representing at least a 13% increase compared to $509.9 million in the same quarter last year.
Estimated gross crypto revenue reached between $568 million and $569 million, up 14.2% from $497.1 million in Q2 2024. This growth highlights the strength of Bakkt’s core crypto services, even amid a broader restructuring effort.
Outlook: Reinventing as a Focused Crypto Platform
The sale of its loyalty arm and the doubling down on crypto infrastructure and stablecoin innovation marks a turning point for Bakkt, which is now seeking to reposition itself in a competitive and rapidly evolving digital asset market.
While challenges remain—particularly related to cash flow, user retention, and market confidence—Bakkt’s leadership believes the firm is well-positioned to tap into long-term opportunities in crypto payments and institutional custody.
“This is about focusing on what we do best, and aligning our capital and talent around the future of digital value,” Main concluded.
