Markets
ICE-backed crypto marketplace Bakkt Mulling eyes possible sale: report
A crypto market backed by the owners of the New York Stock Exchange (NYSE) is reportedly mulling the possibility of a sell-off.
According to a new report According to Bloomberg, anonymous sources familiar with the matter say crypto firm Bakkt has been working with a financial advisor to consider its future options, including the possibility of a breakup or sale.
However, no further details were given and no firm decisions have been made yet, according to the report.
Bakkt, which first went public in 2021, recently announcement a partnership with digital asset technology company Crossover Markets to power its upcoming electronic communications network (ECN), or a platform that facilitates the trading of assets outside of traditional exchanges.
Bakkt says its ECN, called BakktX, will be specifically tailored to institutional investors. As Ray Kamrath, the company’s chief commercial officer, said,
“As institutional interest in crypto grows, expanding Bakkt’s capabilities is a key priority.
With the development of BakktX, we position ourselves as an ideal partner for institutions looking for a compliant and qualified trading platform. This will be a truly revolutionary solution that addresses a currently unmet need in the U.S. market. »
News of the partnership was sent to Bakkt (BKKT) soaring since its price rose from $20.00 on June 6 to $23.94 a day later, an increase of 19.7%. It has since stabilized and is trading at $18.95 at the time of writing.
Bakkt is 55.6% owned by the financial conglomerate Intercontinental Exchange (ICE), parent company of the NYSE.
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