Media: Bakkt Considers Sale or Business Split
Date: 2024-06-10 Author: Gabriel Deangelo Categories: BUSINESS
According to Bloomberg, cryptocurrency custodian Bakkt is considering a significant change in its organizational structure. As part of this process, the company consults to assess the feasibility of selling the business or splitting it into separate divisions.
Bakkt Financial Problems
These steps are being taken against the backdrop of financial difficulties that the company announced earlier. In February 2024, Bakkt officially admitted that existing funds may not be enough to continue operations until the end of the year. In this regard, the company hired a financial consultant to analyze possible options for resolving the current situation.
According to Bloomberg, a final decision has not yet been made. Among the scenarios under consideration are both the complete sale of the company and its division into several independent divisions. At the same time, the company can continue to exist in its current form.
New Projects and Partnerships
Despite financial difficulties, Bakkt continues to develop new projects and enter into partnership agreements. In particular, a few days before news of a possible sale appeared, the company announced cooperation with the Crossover Markets platform. This partnership aims to develop a new solution - BakktX, an electronic communication network, which demonstrates the company's ongoing efforts in innovative development.
History of the company
Bakkt was launched on the market in 2018 under the auspices of the New York Stock Exchange. In 2021, the company went public by merging with a SPAK firm dedicated to this process. This move initially promised great prospects for Bakkt, but current financial difficulties require a review of strategies and plans.
No Comments
At the time of writing, Bakkt representatives did not provide comments on the current situation and possible strategic changes. It remains to wait for official statements from the company to get a clearer picture of its future.
Financial difficulties are forcing Bakkt to look for ways to ensure sustainable development. A possible sale of a business or its division may be necessary measures to maintain and strengthen the company’s position in the market. It is expected that specific steps that Bakkt will take in response to the challenges of the current moment will be announced soon.
