Bakkt sells loyalty business for $11 million, transforms pure crypto company and raises money to buy Bitcoin
Online reports that Bakkt, a Nasdaq-listed technology platform, announced the sale of its loyalty business for US$11 million, promoting its transformation into a pure crypto infrastructure company. The transaction is expected to be completed in the third quarter of 2025. At the same time, Bakkt plans to publicly issue Class A shares and prepaid warrants to raise funds to purchase bitcoin, replenish working capital and meet the company's daily needs. The company's disclosed second-quarter crypto revenue is expected to be between $568 million and $569 million. The timing and terms of the public offering will depend on market conditions.
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