Bakkt, a cryptocurrency platform launched by the parent company of the New York Stock Exchange (NYSE), would…

Bakkt, a cryptocurrency platform launched by the parent company of the New York Stock Exchange (NYSE), is reportedly considering selling the company or splitting it into smaller entities, insiders told Bloomberg.

Sources told the outlet that the board could also choose to maintain Bakkt’s current structure and forgo a sale or dismantle the company altogether.

News of the potential sale follows several high-profile acquisitions and tender offers in the cryptocurrency space, including Robinhood’s acquisition of Bitstamp Exchange and Coreweave’s unsolicited bid for Bitcoin mining company Core Scientific.

Bakkt suffers from poor price developments in the market. The cryptocurrency company’s stock price has seen a steep decline, falling from a high of $59.57 in early 2024 to around $19 at the time of writing.

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In February 2024, the institutional cryptocurrency firm revealed that it was running low on liquidity and may not be able to keep its operations open. Bakkt then sought regulatory approval to raise $150 million in capital to support its operations.

Shortly after the filing, U.S. regulators approved Bakkt’s plan to raise capital by selling securities worth $150 million to investors.

After a month of admitted cash flow deficits and subsequent stock sales, Andy Min, CEO and chairman of Bakkt, issued a statement saying the company had strengthened its balance sheet and was no longer at risk of going out of business.

Mayne pointed to Bakkt’s $780 million in 2023 revenue as proof that things have changed at the company. However, a review of Bakkt’s price performance and financial data reveals a different story.

A chart showing the continued decline in the price of Bakkt. Source: Commercial View

Bakkt has seen eight straight quarters of losses since its 2021 IPO, and the stock price has been in steady decline since its debut.

Despite this, the current CEO of Bakkt remains optimistic and forecasts billions of dollars in revenue for 2024.

The strengthened balance sheet and new operations could generate revenue of between $3.2 billion and $5 billion for 2024, according to Mayne.

These figures will allow Bakkt to break even in 2024, the CEO noted.

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