The post Crypto Platform Bakkt Evaluates Sale, Shares Spike 15% appeared on BitcoinEthereumNews.com.

Bakkt Holdings Inc., the crypto marketplace initiated by the New York Stock Exchange parent company, is reportedly considering a sale or a potential breakup amid a rise in crypto-related acquisition activities. Some of the people close to the matter, who did not want to be named, said that Bakkt is currently working with a financial advisor in considering different strategies. These are still early-stage talks, and Bakkt might choose to remain an independent entity. Bakkt was founded in 2018 by the Intercontinental Exchange Inc. and other big companies such as the Starbucks Corp and the Microsoft Corp among others. Bakkt Shares Surge 15% Amid Sale Evaluation In recent trading, Bakkt’s shares have experienced a significant downtrend, dipping 15% to $18.10, despite a 148% increase over the past month. Concurrently, the company has not been doing very well in the last one year, with the stock declining by about 65%. Earlier this year, Bakkt was at risk of being delisted from the NYSE due to its inability to meet the minimum average stock price of $1 over a 30-day period.  The company posted a first-quarter loss of $21 million, but made $855 million in revenue in the same quarter. This financial turbulence comes at a time when Bakkk has just announced a new partnership with Crossover Markets to develop a crypto electronic communication network or ECN. Leadership Transition and Initiatives Despite these difficulties, Bakkt has recently undergone a change in management: Andy Main will become the new President and CEO on the 26th of March, 2024. Main, who was previously CEO of Ogilvy and a major player in the development of Deloitte Digital, takes over from Gavin Michael who will act as a consultant until March 2025. To achieve this objective, under Main’s leadership, Bakkt has developed several measures intended at…

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Filed under: News - @ June 8, 2024 8:08 am