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NEW YORK - Bakkt Holdings, Inc. (NYSE:BKKT) announced Wednesday it has completed the sale of its Loyalty business to Project Labrador Holdco, LLC, a subsidiary of Roman DBDR Technology Advisors, Inc., marking the company’s full transition to a digital asset infrastructure platform. The announcement comes as the company’s stock has surged over 270% in the past six months, with a current market capitalization of approximately $750 million.
The transaction represents a strategic shift for Bakkt, which will now focus exclusively on its core business areas including Bitcoin, tokenization, digital asset trading, stablecoin payments, and AI-driven finance. According to InvestingPro analysis, the stock appears overvalued at current levels, with technical indicators suggesting overbought conditions.
"The sale of Loyalty is a defining inflection point for Bakkt—streamlining operations, lowering costs, strengthening our balance sheet, and sharpening our focus on growth," said Akshay Naheta, CEO of Bakkt, according to a company press release.
Beginning in the third quarter of 2025, Bakkt will report the Loyalty business as discontinued operations in its financial statements.
Founded in 2018, Bakkt positions itself as building financial infrastructure for institutional participation in digital assets. The company is headquartered in New York.
The announcement comes as part of Bakkt’s strategy to concentrate on what it considers its core strengths in the digital asset space while simplifying its business structure.
Financial terms of the transaction were not disclosed in the company statement.
In other recent news, Bakkt Holdings has seen significant developments that are drawing attention from investors. Benchmark has raised its price target for Bakkt to $40 from $13, maintaining a Buy rating on the stock. This comes as Bakkt’s shares have appreciated by 170% over two weeks, according to Benchmark’s analysis. Additionally, Bakkt has appointed Mike Alfred to its Board of Directors, following the resignation of De’Ana Dow. Alfred, with a background in fintech and digital assets, is expected to bolster the company’s governance and strategic direction.
In another move, Bakkt has successfully eliminated its long-term debt by redeeming its outstanding convertible debenture. This action removes all obligations under the debenture, which was originally due in June 2026. These strategic steps, including the board appointment and debt elimination, reflect Bakkt’s efforts to strengthen its financial position and governance. Investors and analysts will be watching closely to see how these changes impact Bakkt’s future performance.
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