Bakkt Holdings Inc., is taking a decisive step to streamline its operations by offloading its loyalty services business as it sharpens its focus on core crypto infrastructure and stablecoin payments.
On Monday, the company announced an agreement to sell the loyalty arm—which enabled clients to offer travel and merchandise rewards—to Project Labrador Holdco, LLC, a subsidiary of Roman DBDR Technology Advisors. The deal, valued at $11 million, is expected to close in the third quarter of 2025 and includes provisions for working capital, debt, and a short-term cash loan to support the transition.
“This transaction marks a major milestone,”
said Bakkt president and co-CEO Andy Main.
“It allows us to fully dedicate our efforts and resources to advancing our crypto and stablecoin infrastructure.”
The divestment follows Bakkt’s earlier announcement in March that it was seeking to exit the loyalty sector, especially after two key clients—Bank of America and Webull—chose not to renew agreements for loyalty and crypto services.
Bakkt co-CEO Akshay Naheta, who joined the firm in March, added that the company plans to integrate agentic AI to boost its crypto and stablecoin offerings. In June, Bakkt announced plans to raise up to $1 billion through a mixed securities offering to fund future Bitcoin acquisitions.
In tandem with the announcement, Bakkt unveiled a $75 million public offering of its Class A shares and pre-funded warrants. The offering, set to close Wednesday, is aimed at bolstering its crypto strategy, with proceeds possibly used to acquire Bitcoin and other digital assets, alongside general corporate needs.
Bakkt also released its preliminary second-quarter financials, projecting total revenue between $577 million and $579 million—up over 13% from $509.9 million in the same quarter last year. Estimated crypto revenue came in at $568 million to $569 million, a 14% year-on-year increase.
Despite the upbeat revenue outlook, Bakkt’s shares (BKKT) closed Monday down nearly 5%, plunging a further 27.8% in after-hours trading to $12.40. The stock has now dropped roughly 31% since the beginning of the year, reflecting lingering investor concerns about its cash flow and long-term sustainability.
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