Bitcoin News Today: Bakkt Sells Loyalty Business to Shift to Pure-Play Crypto Infrastructure

Bakkt Holdings Inc. has concluded the sale of its loyalty business to Project Labrador Holdco, LLC, a subsidiary of Roman DBDR Technology Advisors, for $11 million in cash plus adjustments for negative working capital and indebtedness [1]. The transaction, set to finalize in Q3 2025, marks Bakkt’s full transition to a pure-play crypto infrastructure firm, with the loyalty unit now classified as a discontinued operation [2]. Co-CEOs Akshay Naheta and Andy Main emphasized the strategic shift as a means to streamline operations and enhance focus on digital assets, including Bitcoin, through direct treasury allocation and AI-driven solutions [2].

Preliminary Q2 2025 financial results highlight the company’s pivot: total revenues of $577–579 million were reported, with crypto contributing $568–569 million—reflecting an overwhelming reliance on digital assets [3]. Available cash at June 30, 2025, stood at $60–62 million, supported by an undrawn $40 million revolving credit facility [3]. Bakkt also announced a public share offering to raise capital for Bitcoin and digital asset purchases, aligning with its updated investment policy [4].

The sale includes a short-term loan of restricted cash tied to the loyalty business, ensuring no further operational involvement in the divested unit [2]. Management stated the move aims to “unlock new client opportunities” and position Bakkt as a leader in programmable money and stablecoin payments. Naheta noted the strategic realignment reflects the company’s conviction in digital assets and its vision for international expansion [2].

Analysts highlight parallels between Bakkt’s strategy and broader industry trends, such as MicroStrategy’s aggressive Bitcoin accumulation [1]. The firm’s Q2 financials also revealed net loyalty revenues of $9–10 million, starkly contrasting with crypto costs of $565–566 million, underscoring its aggressive crypto market expansion [3]. However, risks remain, including regulatory uncertainties, digital asset volatility, and operational scaling challenges [2]. Final Q2 results, subject to audit, will be disclosed during an August earnings call [3].

Bakkt’s decision to divest non-core assets aligns with corporate strategies prioritizing crypto amid a fragmented market. By reinvesting in Bitcoin and focusing on infrastructure, the firm aims to capitalize on stablecoin ecosystems while mitigating past diversification liabilities. This shift could influence corporate adoption trends and treasury management practices, as noted by industry observers [1].

Source:

[1] [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)

[2] [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)

[3] [Bakkt Reports $577M Q2 Revenue as Loyalty Business Sale Nears Completion](https://www.ainvest.com/news/bakkt-reports-577m-q2-revenue-loyalty-business-sale-completion-2507/)

[4] [Bakkt Announces Proposed Public Offering](https://www.silicon.co.uk/press-release/bakkt-announces-proposed-public-offering)