Bakkt Holdings, Inc. announced a definitive agreement to sell its Loyalty business, marking the final step in its strategic realignment to become a pure-play crypto infrastructure company. The sale is for $11 million plus relief of estimated negative working capital and indebtedness, with closing expected in Q3 2025.
The company also released preliminary financial results for the second quarter ended June 30, 2025. Total revenues are estimated at $577.9 million, an increase of 13.3% year-over-year. Net loss improved by 15.1% year-over-year to ($30.2 million), and Adjusted EBITDA loss improved by 29.9% year-over-year to ($12.6 million).
Co-CEO Andy Main stated that this divestiture allows Bakkt to dedicate all resources to core crypto offerings and stablecoin payments. Co-CEO Akshay Naheta emphasized accelerating innovation, enhancing operational efficiency, and building for scale, including deploying agentic AI solutions and upgrading trading technology.
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