Bitcoin Breakthrough: Bakkt Sells Loyalty Business for $11M to Dominate Crypto Infrastructure
In a bold move that underscores the evolving landscape of digital assets, Bakkt Holdings Inc. has announced the sale of its loyalty services business for $11 million. This strategic pivot positions Bakkt as a pure-play crypto infrastructure company, focusing on Bitcoin, stablecoins, and blockchain-based services. Here’s what this means for the crypto market.
Why is Bakkt shifting to pure-play crypto infrastructure?
Bakkt’s decision to sell its loyalty business marks a significant milestone in its evolution. The company is now doubling down on core crypto offerings, including:
- Crypto custody services
- Trading platforms
- Stablecoin payment solutions
This shift comes as regulatory clarity in the U.S. boosts investor confidence in stablecoins and Bitcoin infrastructure.
How will the $11M sale impact Bakkt’s crypto strategy?
The transaction with Project Labrador Holdco, LLC includes intellectual property and customer contracts. Bakkt plans to use the proceeds to:
| Allocation | Purpose |
|---|---|
| Working capital | Support ongoing operations |
| Debt repayment | Strengthen financial position |
| Crypto infrastructure | Scale Bitcoin and stablecoin services |
What does this mean for Bitcoin and stablecoin markets?
Bakkt’s pivot reflects broader trends in the crypto industry:
- Increased focus on regulatory-compliant platforms
- Growing institutional interest in stablecoins
- Consolidation around core crypto services
The company’s $75 million public offering further demonstrates its commitment to Bitcoin adoption.
FAQs
Q: When will Bakkt’s loyalty business sale be completed?
A: The transaction is expected to close in Q3 2025.
Q: Why did Bank of America and Webull leave Bakkt?
A: Bank of America didn’t renew its loyalty services contract, while Webull opted out of crypto services.
Q: How much revenue does Bakkt expect in Q2 2025?
A: Projected revenues are between $577-$579 million, a 13% year-over-year increase.
Q: What are Bakkt’s plans for AI in crypto services?
A: The company plans to deploy “agentic AI solutions” to enhance its crypto infrastructure offerings.
