yolowire.com – BakktHoldings (NYSE: BKKT), the cryptocurrency exchange started by the parent company of the New York Stock Exchange (NYSE), is exploring a possible sale.
Multiple media reports say Bakkt has been working with a financial advisor to weigh various options, including a sale.
Based in Georgia, Bakkt is owned by Intercontinental Exchange (NYSE:), which also owns the NYSE and several smaller stock exchanges.
Intercontinental Exchange launched Bakkt in 2018 and the company went public in 2021 through a special purpose acquisition company (SPAC).
However, Bakkt shares have plummeted 92% since its market debut and it has raised risks of concern in recent months, saying it may not be able to continue operations.
A possible sale of Bakkt, which offers cryptocurrency trading and custody services, comes amid a wave of consolidation in the sector.
In recent weeks, RobinhoodMarkets (NASDAQ: HOOD (NASDAQ:)) announced that it will acquire crypto exchange Bitstamp. Crypto miner RiotPlatforms (NASDAQ: RIOT) has proposed taking over rival Bitfarms (NASDAQ: BITF).
Bakkt most recently reported a first-quarter loss of $21 million on $855 million in revenue. Management has raised the possibility of filing for bankruptcy in recent months.
Bakkt shares have fallen 45% over the past 12 months and are currently trading at $18.70 per share.
This content was originally published by Yolowire.com
