Bakkt sells loyalty business for $11 million, transforms into a pure crypto company, and raises funds to buy Bitcoin

Golden Finance reported that Bakkt, a technology platform listed on NASDAQ, announced the sale of its loyalty business for $11 million, driving its transformation into a pure cryptocurrency 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 stocks and prepaid warrants to raise funds for purchasing Bitcoin, supplementing working capital, and meeting the company's daily needs. The company's disclosed second quarter cryptocurrency revenue is expected to be between $568 million and $569 million. The timing and terms of the public offering will depend on market conditions.