yolowire.com – BakktHoldings (NYSE: BKKT), a cryptocurrency exchange founded by the parent company of the New York Stock Exchange (NYSE), is exploring a potential sale.
Multiple media reports indicate that Bakkt has been working with a financial advisor to consider several options, including a sale.
Georgia-based Bakkt is owned by Intercontinental Exchange (NYSE:), which also owns the NYSE and several smaller exchanges.
Intercontinental Exchange launched Bakkt in 2018, and the company went public in 2021 via a special purpose acquisition company (SPAC).
However, Bakkt’s shares have fallen 92% since its market debut, raising the going concern risk in recent months, saying the company may not be able to continue as a going concern.
The potential sale of Bakkt, which offers cryptocurrency trading and custody services, comes amid a wave of consolidation in the industry.
In recent weeks, RobinhoodMarkets (NASDAQ: HOOD (NASDAQ:)) announced that it was acquiring cryptocurrency exchange Bitstamp. Cryptocurrency miner RiotPlatforms (NASDAQ: RIOT) has proposed to acquire rival company Bitfarms (NASDAQ: BITF).
Bakkt recently reported a first-quarter loss of $21 million on revenue of $855 million. In recent months, the management board has raised the possibility of declaring bankruptcy.
Bakkt shares have fallen 45% in the last 12 months and are currently trading at $18.70 per share.
