Bakkt Sells Loyalty Unit to Focus on Crypto Infrastructure
Bakkt has agreed to sell its loyalty services unit to Project Labrador Holdco, a Roman DBDR Technology Advisors subsidiary, for $11 million. The deal, covering working capital, debt and short-term loans, is expected to close in Q3 2025. This divestment allows Bakkt to focus on pure-play crypto infrastructure.
In preliminary Q2 results, total revenue rose 13% year-on-year to $577–579 million, while crypto services income climbed 14.2%. Co-CEOs Andy Main and Akshay Naheta plan to deploy proceeds and a concurrent $75 million public offering into AI-enhanced crypto products, stablecoin payments and an active treasury strategy.
After losing loyalty and crypto service agreements with Bank of America and Webull and facing a 31% year-to-date share price slump, Bakkt aims to rebuild investor confidence. The company may allocate part of the funds to Bitcoin (BTC) purchases. The move underscores Bakkt’s commitment to core crypto infrastructure and stablecoin payments solutions.
Bullish
This divestment and strategic reallocation of capital signal a clear commitment to strengthening crypto infrastructure and stablecoin payments. The planned $75 million public offering and potential Bitcoin purchases indicate fresh demand for BTC. In the short term, investor confidence may improve as Bakkt refines its pure-play crypto model and reports solid Q2 growth. Over the long term, focusing on AI-enhanced crypto solutions and an active treasury strategy can drive sustained adoption and network effects, supporting broader market stability and reinforcing bullish sentiment for Bitcoin.