Bakkt to sell loyalty business, reports preliminary Q2 revenue

ALPHARETTA, Ga. - Bakkt Holdings, Inc. (NYSE:BKKT) announced Monday it has signed a definitive agreement to sell its Loyalty business to Project Labrador Holdco, LLC, a subsidiary of Roman DBDR Technology Advisors, Inc., completing its transition to a pure-play crypto infrastructure company. The crypto infrastructure provider, currently valued at $243.55 million, has shown significant volatility with a beta of 5.2, according to InvestingPro data.

The transaction, expected to close in the third quarter of 2025, includes monetary accommodations to the buyer of $11 million plus estimated negative working capital and indebtedness, subject to post-closing adjustments.

Bakkt also released preliminary financial results for the second quarter ended June 30, 2025. The company estimates total revenues between $577 million and $579 million, with gross crypto revenues accounting for approximately $568 million to $569 million of that total. Net loyalty revenues are expected to be between $9 million and $10 million.

The company reported estimated available cash and cash equivalents, including restricted cash, of $60 million to $62 million as of June 30. Bakkt also has access to $40 million in undrawn funds from its Revolving Credit Agreement.

"With the pending sale of our Loyalty business, Bakkt is achieving a significant milestone and fully embracing its future as a streamlined, pure-play crypto infrastructure company," said Andy Main, President and Co-CEO of Bakkt.

Akshay Naheta, Co-CEO, added that the company is now "singularly focused on accelerating innovation, enhancing operational efficiency, and building for scale."

Bakkt plans to report the Loyalty business as a discontinued operation beginning in the third quarter of 2025. The company expects to report its complete second quarter 2025 results during a conference call in August.

The preliminary financial information has not been reviewed or audited by Bakkt’s independent registered accounting firm and is subject to revision, according to the company’s press release statement.

In other recent news, Bakkt Holdings Inc. reported its first-quarter 2025 earnings, showing notable growth in net income despite a decline in total revenues. The company remains committed to expanding its infrastructure to cater to the stablecoin payments market. In addition, Bakkt announced an underwritten public offering of Class A common stock and/or pre-funded warrants, with the intention of using the proceeds to acquire Bitcoin and other digital assets, as well as for general corporate purposes. Clear Street LLC and Cohen & Company Capital Markets are managing this offering.

Furthermore, Bakkt has adjourned its 2025 Annual Meeting of Stockholders to allow more time for stockholders to review new materials related to the company’s investment policy updates. These updates include potential investments in Bitcoin and other digital assets. Additionally, the recent surge in Bitcoin prices, which exceeded $118,000, has positively impacted stocks exposed to cryptocurrency, including Bakkt. These developments highlight the company’s ongoing strategic adjustments in the evolving digital asset landscape.

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