Custody and trading platform Bakkt Holdings has agreed to sell its loyalty services business to Project Labrador Holdco, a subsidiary of Roman DBDR Technology Advisors, for $11 million in cash. The deal, expected to close in Q3 2025, includes adjustments for working capital, debt, and a short-term cash loan to facilitate the transition.
Bakkt President and co-CEO Andy Main stated the sale allows Bakkt to fully embrace its future as a "streamlined, pure-play crypto infrastructure company," dedicating all resources to core crypto offerings and stablecoin payments infrastructure. This follows Bakkt's March announcement to offload the loyalty arm after major clients Bank of America (16% of 2023 loyalty revenue) and Webull (74% of 2023 crypto revenue) declined to renew contracts, causing a 27% single-day stock plunge in March.
Concurrently, Bakkt disclosed preliminary Q2 2025 results, estimating total revenue between $577-$579 million – a 13% year-over-year increase – with crypto-specific revenue at $568-$569 million. The company also launched a $75 million public offering of Class A shares and pre-funded warrants, slated to close imminently. Proceeds may fund Bitcoin and digital asset purchases, alongside general corporate use. Bakkt shares (BKKT) fell 5% during Monday trading and 27.8% after-hours to $12.40 amid these announcements.
Notably, Bakkt faces a class-action lawsuit alleging executives misled shareholders about its reliance on Bank of America and Webull. The firm has previously acknowledged cash-flow struggles, with its stock down 31% year-to-date.