Bakkt Shares Rise 30% As Crypto Platform Considers Sale
A company worth $255 million plans to purchase Bakkt’s assets, a crypto custody service and trading platform.
The company, which operates a crypto custody service and a trading platform targeting institutional investors, has seen its shares rise by up to 30% since June 7.
The company has also announced that it has partnered with Crossover Markets to provide the technology needed for its upcoming crypto electronic communication network, ‘BakktX’.
Bakkt went public via a merger in 2021. The company reported a net loss of $21.3 million in the March quarter, a 53% improvement from the previous year.
The sale comes as the crypto industry is experiencing a surge in acquisition activity, with brokerage firm Robinhood reportedly planning to buy Bitstamp for $200 million and US Bitcoin miner Riot Platforms reportedly angling for a $950 million takeover of Canadian rival Bitfarms.
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