In brief
- Bakkt is selling the unit to Project Labrador as part of its shift toward becoming a pure-play crypto platform.
- The loyalty business only generated roughly $10 million in Q2 revenue, compared to more than $568 million from its crypto services.
- Analysts told Decrypt the pivot sharpens focus but won’t easily close the gap with leaders like Coinbase.
Bakkt is exiting its loyalty rewards business and raising fresh capital as it pivots more fully toward digital asset infrastructure.
It’s set to sell the division to Project Labrador Holdco, a subsidiary of Roman DBDR Technology Advisors, for $11 million in cash.
The deal, expected to close in the third quarter, will also involve adjustments for liabilities and a short-term restricted…
Jul 30 2025
