Bakkt Exits Loyalty Business, Focuses on Crypto After $75M Raise
Key Notes
- Bakkt has sold its loyalty business for $11M to focus exclusively on crypto and stablecoin infrastructure.
- The company announced a $75M public offering to raise funds for Bitcoin purchases and general operations.
- Bakkt stock plunged nearly 28% after hours, reflecting investor concern over dilution and long-term growth.
Bakkt Holdings Inc. has officially sold off its loyalty services arm for $11 million to Project Labrador Holdco, a subsidiary of Roman DBDR Technology Advisors, as it pivots to becoming a streamlined, “pure-play” crypto infrastructure provider.
Alongside this transition, Bakkt also announced a $75 million equity raise, sending its stock into a nosedive.
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