Crypto warehouse Bakkt is reportedly exploring a potential sale amid increased crypto-related takeover activity.

Bakkt, a crypto custody and trading platform for institutional investors, appears to be evaluating a potential sale, citing sources familiar with the matter. This report comes at a time when the crypto market is seeing a spike in acquisition activity.

Notably, fintech brokerage firm Robinhood recently announced its intention to acquire European crypto exchange Bitstamp for $200 million. Additionally, American Bitcoin mining giant Riot Platforms is exploring options to acquire its Canadian rival Bitfarms for $950 million, stating that the firm’s founders may not be acting in the “best interests” of shareholders.

According to reports, Bakkt is in talks with a financial advisor to consider various strategic options, including a possible breakup. Sources indicate that no final decision has been made yet, and Bakkt may choose to remain independent. As of now, Bakkt has made no public statements on the matter.

Intercontinental Exchange Inc., which operates the New York Stock Exchange, launched Bakkt in 2018 to offer a suite of services, including crypto trading and custody.

Bakkt receives green light to raise $150m through its securities sale

At its inception, the platform partnered with multiple brands like Starbucks and Microsoft. In 2021, Bakkt went public upon completing its merger with VPC Impact Acquisition Holdings. However, in 2024, Bakkt faced the risk of delisting from the NYSE after disclosing doubts about its ability to continue as a going concern.

As previously reported, the uncertainty arose from Bakkt’s ambitious plans to enter new markets and the acknowledgment that it could guarantee significant revenue growth only based on its historical levels. The company’s management noted that without securing additional capital soon, it might struggle to achieve sustainable profitability and generate sufficient cash flow.

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