Bakkt Considers Sale Amidst Financial Struggles
CryptoNewsTerminal Staff07 Jun, 2024
Bakkt Considers Sale Amidst Financial Struggles
Bakkt, the crypto exchange and custody platform owned by Intercontinental Exchange (ICE), is reportedly exploring its strategic options, including a potential sale. According to CoinTelegraph, Bakkt's board has been considering various alternatives, including a sale, spin-off, or maintaining the company's current structure. The decision comes amid financial struggles for Bakkt, whose share price has plummeted from a high of $59.57 in early 2024 to around $19 currently. The company's challenges have been exacerbated by the ongoing crypto market downturn. In February, Bakkt disclosed that it may not be able to continue operating without additional funding. Bakkt's potential sale or restructuring will be closely watched by industry observers as it could have implications for the broader cryptocurrency ecosystem.
