Bakkt Sells Loyalty Business and Pivots to Pure-Play Crypto, Offers Shares

Technology platform Bakkt (BKKT) is moving to complete its transition into a pure-play crypto infrastructure firm with the planned sale of its loyalty business, the company said in a press release Monday.

The Nasdaq-listed company has entered into a definitive agreement to sell the unit to Project Labrador Holdco, a subsidiary of Roman DBDR Technology Advisors.

The deal, expected to close in Q3 2025, includes $11 million in cash, adjustments for working capital and debt and a short-term restricted cash loan to facilitate the handoff.

“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,” Andy Main, president and co-CEO of Bakkt, said in the release.

The announcement came alongside preliminary second-quarter crypto revenues, estimated between $568 million and $569 million, and plans for a public offering of Class A shares and/or pre-funded warrants.

The proceeds will be used to purchase digital assets, fund working capital and support general corporate needs, Bakkt said.

Timing and terms of the offering remain subject to market conditions, the company said