Bloomberg has learnt that Bakkt, a cryptocurrency custody and trading platform for institutional investors, is considering a possible sale, citing people with knowledge of the situation. The study is released during a period of increased purchase activity in the cryptocurrency sector.

Notably, Bitstamp, a European cryptocurrency exchange, is set to be acquired by fintech brokerage business Robinhood for a sum of $200 million. Riot Platforms, the massive American Bitcoin mining company, is also looking into the possibility of paying $950 million to purchase Bitfarms, its Canadian competitor, claiming that the company's founders could not be operating in the “best interests” of shareholders.

According to the article, the company is discussing a number of strategic options, including a potential separation, with a financial advisor. The sources point out that Bakkt may decide to maintain his independence, therefore no decision has been taken definitively yet. Bakkt remained silent on the subject as of the time of publication.

In 2018, Bakkt was introduced as a new business venture by Intercontinental Exchange Inc., the company that runs the New York Stock Exchange (NYSE), to provide a range of services, including cryptocurrency trading and custody.

When the platform first launched, it collaborated with a number of companies, including Microsoft and Starbucks. Following the completion of its merger with VPC Impact Acquisition Holdings in 2021, Bakkt even went public.

Bakkt, however, ran the possibility of being delisted from the NYSE in 2024 after revealing uncertainties over its capacity to operate as a continuing concern.

The concern stemmed from Bakkt's audacious intentions to reach new markets and its admission that it could only ensure notable revenue growth based on its past levels, as crypto.news previously reported. The management of the firm expressed concern that it could find it difficult to attain sustained profitability and provide enough cash flow if new funding was not secured quickly.