Bitcoin News Today: Bakkt sells loyalty business for $11M to pivot to pure-play crypto infrastructure

Bakkt Holdings Inc. has agreed to sell its loyalty services business to Project Labrador Holdco, LLC—a subsidiary of Roman DBDR Technology Advisors—for $11 million, signaling a strategic shift toward becoming a “pure-play crypto infrastructure company” [1]. The transaction, expected to close in the third quarter of 2025, includes provisions for working capital, debt, and a short-term cash loan to facilitate the transition. This move aligns with Bakkt’s broader effort to consolidate its focus on blockchain-based services, including crypto custody, trading, and stablecoin payment solutions.

The decision follows the departure of two major clients, Bank of America and Webull, which opted not to renew contracts for loyalty and crypto services, respectively [2]. Executives framed the sale as a “significant milestone” in the company’s evolution, emphasizing the need to streamline operations and allocate resources to high-priority projects. Andy Main, Bakkt’s president and co-CEO, stated the firm would now prioritize “core crypto offerings and the immense opportunities in the stablecoin payments ecosystem.” The shift comes amid heightened regulatory clarity in the U.S., which has bolstered investor confidence in stablecoins—a sector that saw Circle Internet Group raise over $1 billion in June [3].

Financial disclosures from the firm indicate that preliminary second-quarter 2025 revenues are projected between $577 million and $579 million, reflecting a 13% year-over-year increase. The loyalty business accounted for a portion of this growth, but its divestiture allows Bakkt to redirect capital toward scaling its crypto infrastructure. The company also announced a $75 million public offering of Class A shares and pre-funded warrants, with proceeds earmarked for Bitcoin purchases and general corporate purposes [4]. This funding strategy coincides with Bakkt’s broader treasury strategy, outlined by co-CEO Akshay Naheta, which includes deploying “agentic AI solutions” to enhance crypto services.

The sale underscores a trend among crypto firms to shed non-core assets amid a competitive market landscape. Bakkt’s loyalty division, which enabled clients to offer travel and merchandise perks, had increasingly diverged from its blockchain-centric identity. By offloading the unit, the firm reduces operational complexity and aligns with industry demands for specialized, compliant platforms. The $11 million sale price—which includes intellectual property and customer contracts—highlights the limited value of non-core assets in a sector where margins are tightening [5].

Bakkt’s repositioning also reflects its response to a volatile stock market. Shares of the company fell nearly 5% during regular trading on Monday and dropped an additional 27.8% after hours, extending a nearly 31% decline for the year. The share price slump has been attributed to prolonged cash flow challenges and strategic uncertainty, though the firm’s pivot to pure-play crypto infrastructure aims to stabilize investor sentiment [6]. Analysts note that Bakkt’s ability to execute its treasury strategy and capitalize on stablecoin growth will be critical in reversing its performance trajectory.

The transaction, finalized in July 2025, marks a pivotal step in Bakkt’s evolution. By narrowing its focus, the company positions itself to compete in a maturing crypto ecosystem where regulatory compliance and institutional-grade services are paramount. The move also aligns with broader market dynamics, as firms increasingly consolidate to meet investor demands for clarity and specialization in a sector still navigating regulatory and technological uncertainties [7].

Sources:

[1] Cointelegraph, [https://cointelegraph.com/news/bakkt-sells-loyalty-arm-in-crypto-refocus](https://cointelegraph.com/news/bakkt-sells-loyalty-arm-in-crypto-refocus)

[2] CoinDesk, [https://www.coindesk.com/business/2025/07/28/bakkt-sells-loyalty-business-and-pivots-to-pure-play-crypto-offers-shares](https://www.coindesk.com/business/2025/07/28/bakkt-sells-loyalty-business-and-pivots-to-pure-play-crypto-offers-shares)

[3] AInvest, [https://www.ainvest.com/news/bitcoin-news-today-bakkt-sells-loyalty-business-11m-pivots-crypto-infrastructure-focus-2507/](https://www.ainvest.com/news/bitcoin-news-today-bakkt-sells-loyalty-business-11m-pivots-crypto-infrastructure-focus-2507/)

[4] BusinessWire, [https://www.businesswire.com/news/home/20250724002394/en/Bakkt-Announces-Preliminary-Second-Quarter-2025-Financial-Results-and-Definitive-Agreement-to-Sell-Loyalty-Business](https://www.businesswire.com/news/home/20250724002394/en/Bakkt-Announces-Preliminary-Second-Quarter-2025-Financial-Results-and-Definitive-Agreement-to-Sell-Loyalty-Business)

[5] AInvest, [https://www.ainvest.com/news/bakkt-sells-loyalty-division-11m-pivots-pure-play-crypto-firm-2507/](https://www.ainvest.com/news/bakkt-sells-loyalty-division-11m-pivots-pure-play-crypto-firm-2507/)

[6] Investing.com, [https://www.investing.com/news/company-news/bakkt-to-sell-loyalty-business-reports-preliminary-q2-revenue-93CH-4155999](https://www.investing.com/news/company-news/bakkt-to-sell-loyalty-business-reports-preliminary-q2-revenue-93CH-4155999)

[7] StreetInsider, [https://www.streetinsider.com/SEC+Filings/Form+424B5+Bakkt+Holdings%2C+Inc./25107443.html](https://www.streetinsider.com/SEC+Filings/Form+424B5+Bakkt+Holdings%2C+Inc./25107443.html)