Bitcoin

Bakkt Holdings, the digital-asset marketplace launched by the parent company of the New York Stock Exchange (NYSE), is reportedly considering a potential sale in light of increased takeover activity within the <a href="https://bitcoinist.com/shorters-bitcoin-microstrategy/" target="_blank" rel="noopener ">crypto industry</a>.&nbsp; 
<h2 id="bakkt-evaluates-strategic-alternatives">Bakkt Evaluates Strategic Alternatives</h2> 
<a href="https://www.bloomberg.com/news/articles/2024-06-07/crypto-marketplace-bakkt-said-to-weigh-potential-sale-breakup" target="_blank" rel="noopener nofollow">According </a>to Bloomberg, sources familiar with the matter have revealed that Bakkt has engaged a financial advisor to explore various strategic options, including a potential breakup. However, no final decision has been made.&nbsp; 
Intercontinental Exchange (ICE), the owner of major futures markets and the NYSE, launched Bakkt amid significant anticipation. The venture was announced in collaboration with Starbucks and <a href="https://bitcoinist.com/openai-faces-massive-staff-departure-75-eyeing/" target="_blank" rel="noopener ">Microsoft</a>, garnering substantial attention.&nbsp; 
Kelly Loeffler, Bakkt’s founding CEO, later served as a US Senator from Georgia for one year. Earlier this year, Bakkt faced the risk of <a href="https://bitcoinist.com/next-ethereum-upgrade-pectra-largest-in-history/" target="_blank" rel="noopener ">delisting </a>from the NYSE after disclosing potential challenges in continuing as a going concern. 
Bakkt, which provides several services, including trading and custody, enters the market during a period of consolidation within the digital asset sector.&nbsp; 
However, crypto prices have surged to near-record<a href="https://bitcoinist.com/robert-kiyosakis-bold-bitcoin-prediction/" target="_blank" rel="noopener ">&nbsp;highs</a>, prompting some firms to consider expansion while others continue recovering from the industry-wide downturn two years ago.&nbsp; 
<h2 id="potential-breakup-considered">Potential Breakup Considered&nbsp;</h2> 
Bakkt went public in 2021 through a merger with a blank-check vehicle. In the first quarter of this year, the company reported a loss of $21 million on $855 million in revenue. On Friday, Bakkt unveiled a partnership with Crossover Markets to develop a<a href="https://bitcoinist.com/china-never-banned-bitcoin-mining/" target="_blank" rel="noopener "> crypto electronic communication</a> network (ECN), further expanding its offerings. 
Bakkt holds a coveted BitLicense from the New York State Department of Financial Services, a regulatory license required to operate in the state.&nbsp; 
Following the news, the company’s shares surged 15% to reach $22.33 on Friday, a 27% increase for the week. The company’s market value stands at approximately $300 million. However, Bakkt’s stock has declined&nbsp;around 30% over the past year. 
Overall, as the digital asset marketplace firm explores potential strategic options, including a potential sale, in response to heightened activity in the crypto industry, it faces a crucial crossroads.&nbsp; 
Bakkt’s suite of services, BitLicense approval, and recent partnership announcements position it as a significant player in the market. Nonetheless, industry participants will closely monitor the company’s future trajectory and determination to remain independent or seek a buyer. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/lP6XHLQ1/" alt="Bakkt" width="1815" height="858"> 
As of the latest update, the total market capitalization of the cryptocurrency market has dipped below the $2.5 trillion mark. This decline has been primarily driven by the decrease in the price of Bitcoin (BTC), the largest cryptocurrency by market capitalization. Bitcoin has experienced a drop from&nbsp; $71,000 and is currently valued at approximately $69,000. 
Featured image from Shutterstock, chart from TradingView.com&nbsp;

Crypto Marketplace Bakkt Considers Potential Breakup Or Sale As Market Recovers

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