- The stock declined from a peak of $59.57 in the start of 2024 to about $19 as of writing.
- Earlier, Bakkt raised $150 million by selling securities to investors.
The parent corporation of the New York Stock Exchange (NYSE) is allegedly thinking about selling or splitting up its crypto platform Bakkt, according to Bloomberg’s sources. According to the people who spoke with the media outlet, another possibility is that the board would decide to keep Bakkt as it is and not sell or dissolve the firm.
Following a number of high-profile crypto purchases and takeover proposals, such as Coreweave’s unsolicited bid to acquire Bitcoin miner Core Scientific and Robinhood’s acquisition of the Bitstamp exchange, news of the possible sale broke.
Struggle Continues
The market price performance of Bakkt has been rather bad recently. From a peak of $59.57 in the start of 2024 to about $19 as of writing, the share price of the cryptocurrency corporation fell precipitously.
The institutional cryptocurrency company announced in February 2024 that it was perhaps going bankrupt due to a lack of capital. In order to keep its operations running, Bakkt sought regulatory clearance to raise $150 million. U.S. officials gave the go-ahead for Bakkt to sell $150 million worth of securities to investors not long after the application was submitted.
In a statement made one month after the confessed cash shortage and the subsequent securities sale, Bakkt’s CEO and president, Andy Main, said that the business had improved its financial position and was no longer in danger of going under.
As proof that things have improved at Bakkt, Main cited the company’s revenues of $780 million in 2023. A different narrative emerges, however, when one examines Bakkt’s financials and price performance.
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