Andy (Base)

Andy (Solana)

Bakkt Holdings Inc., the digital-asset marketplace launched under the New York Stock Exchange (NYSE), is reportedly considering a possible breakup. However, no final decision has been reached, and Bakkt may choose to remain independent. 
Founded with the backing of Intercontinental Exchange Inc. in 2018, Bakkt has faced challenges in recent times, including a<a href="https://www.cryptotimes.io/2024/03/14/bakkt-nears-nyse-delisting-due-to-trading-below-1/"> risk of delisting</a> earlier this year due to concerns about its financial viability. The company went public through a merger in 2021 and reported a first-quarter loss of $21 million on revenues of $885 million. 
Bakkt had a liquidity concern, through which it<a href="https://www.cryptotimes.io/2024/02/15/bakkt-secures-150m-securities-sale-to-stem-cash-bleed/"> applied for regulatory</a> approval to sell $150 million worth of securities. After obtaining the approval of the relevant regulatory authorities, the firm arranged the funding, and the CEO, Andy Main, consolidated the balance sheet.&nbsp; 
However, Bakkt has not given up on financial gains, as it recently forecasted revenues between. The range of $2 to $5 billion for 2024, may allow the company to be assessed as free from net operating losses.&nbsp; 
At the time of writing, Bakkt Holdings is trading at $19.50 down by more than 2% on the daily chart.&nbsp; 
<img fetchpriority="high" decoding="async" width="624" height="248" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXfHSHSQRHfFxIZQjiy1jsBl4rwbmLocP8WEy9zmyg4riPvJIf_qRYDoLtyySsRjwt9KdK4jJ6ntEveoexfU2p93r4z99zOYhUCDwqst-S_vdh0CiLp4Znx4KdgreEHuW5l6jxJoi2xOQLc1zbEd_vyF3vHb?key=Cr1p17DYKBwFUuBiDBk39g" alt="AD 4nXfHSHSQRHfFxIZQjiy1jsBl4rwbmLocP8WEy9zmyg4riPvJIf qRYDoLtyySsRjwt9KdK4jJ6ntEveoexfU2p93r4z99zOYhUCDwqst"> 
Bakkt Holdings chart| Image Source: <a href="https://www.tradingview.com/symbols/NYSE-BKKT/" target="_blank" rel="noopener">Tradingview</a> 
Bakkt’s <a href="https://www.bloomberg.com/news/articles/2024-06-07/crypto-marketplace-bakkt-said-to-weigh-potential-sale-breakup" target="_blank" rel="noopener">potential</a> sale is part of a consolidation in the cryptocurrency industry. Competitors like Robinhood and Riot Platforms Inc. have been actively expanding through acquisitions, aiming to capitalize on the resurgence of crypto prices. Bakkt, which holds a coveted BitLicense from the New York State Department of Financial Services, faces competition from established players. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also read: <a href="https://www.cryptotimes.io/2024/06/08/hkma-alerts-public-of-unregulated-kucoin-crypto-scam/">HKMA Alerts Public of Unregulated ‘Kucoin’ Crypto Scam</a> 
</blockquote>

Bakkt Holdings Considers Breakup Amid Financial Challenges

The Crypto Times

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