ICE-Backed Crypto Marketplace Bakkt Mulling Possible Sale: Report
A crypto marketplace backed by the owners of the New York Stock Exchange (NYSE) is reportedly mulling over the possibility of a sale.
According to a new report by Bloomberg, anonymous sources familiar with the matter say that crypto firm Bakkt has been working with a financial advisor to contemplate its future options, including the possibility of a breakup or a sale.
However, no additional details were given and no firm decisions have been made yet, according to the report.
Bakkt, which first went public in 2021, recently announced a partnership with digital asset technology firm Crossover Markets to power its upcoming Electronic Communication Network (ECN), or a platform that facilitates asset trading outside of traditional exchanges.
Bakkt says its ECN, which is called BakktX, will be specifically tailored for institutional investors. As stated by Ray Kamrath, the company’s chief commercial officer,
“As institutional interest in crypto grows, further expanding Bakkt’s capabilities is a key priority.
With the development of BakktX, we are positioning ourselves as an ideal partner for institutions seeking a compliant, qualified trading venue. This will be a truly groundbreaking solution that fulfills a currently unmet need in the US market.”
News of the partnership sent Bakkt (BKKT) flying as its price went from $20.00 on June 6th to $23.94 just a day later, a 19.7% rise. It has since stabilized and is trading for $18.95 at time of writing.
Bakkt is 55.6% owned by the financial conglomerate Intercontinental Exchange (ICE), the parent company of the NYSE.
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