Bakkt sells its loyalty services segment to focus on 'pure cryptocurrency'

Bakkt Holdings Inc. has sold its loyalty services segment for 11 million USD to Project Labrador Holdco to focus on the cryptocurrency infrastructure sector.

The deal is expected to be completed in Q3 2025 and includes adjustments to working capital, debt, and short-term loans. Bakkt stated that the divestment will help focus on cryptocurrency services and stablecoin payment infrastructure. The company is also implementing AI and treasury management strategies to expand operations. Previously, two major clients, Bank of America and Webull, did not renew their service contracts. On the same day, Bakkt announced it raised 75 million USD through a stock offering to purchase Bitcoin and serve general purposes. Despite a 13% increase in Q2 revenue year-over-year, BKKT shares fell nearly 28% after hours, bringing the year-to-date decline to 31%.