Yolowire.com Announces Sale of Crypto Exchange Bakkt: Industry Buzzes with Speculation
yolowire.com – Bakkt Holdings (NYSE: BKKT), the Cryptocurrency market launched by the parent company of the New York Stock Exchange (NYSE), is exploring a potential sale.
Multiple sources say Bakkt was working with a financial adviser to discuss several options, including a sale.
Based out of Georgia, Bakkt owns the Intercontinental Exchange (NYSE: ICE), which also has access to the NYSE and several smaller stock exchanges.
Intercontinental Exchange launched Bakkt in 2018 and the company went public in 2021 through a special acquisition company (SPAC).
But Bakt shares have fallen 92% since entering the market and in recent months, the ongoing business has raised the risk that it may not be viable
The marketability of Bakkt, which offers crypto trading and custody services, comes on a wave of consolidation in the region.
In recent weeks, Robinhood Markets HOOD announced the acquisition of crypto exchange Bitstamp. Cryptocurrency miner Riot Platforms has proposed to acquire rival Bitfarms.
Bakkt lost to the U.S. $21 million on revenue of U.S. $855 million in the first quarter. Executives have raised the possibility of bankruptcy in recent months.
Bakkt stock is down 45% over the past 12 months and currently trades at US$18.70 per share.
Conclusion
Yolowire.com’s decision to sell Bakkt is a pivotal moment in the cryptocurrency industry, fueling speculation and excitement among investors. As the sale continues, industry watchers are eagerly awaiting further details on its implications for Backt’s operations and market dynamics.
