Bakkt sells its loyalty business for $11 million to Project Labrador Holdco, marking a clear break with its traditional services.
A Brutal yet Assumed Strategic Shift
In 2025, Bakkt no longer wants anything to do with loyalty cards. The Nasdaq-listed company has just sold its ‘Loyalty’ business for $11 million. The goal: to become a 100% crypto player, with no detours or compromises.
No more miles, cashback, or points to convert. Bakkt, initially known for its bridges between traditional finance and cryptocurrencies, turns a page. The buyer? A discreet but well-capitalized technology fund: Project Labrador Holdco, affiliated with Roman DBDR.
The agreement includes a cash payment of $11 million, with some adjustments related to cash and debt. An advance in restricted cash is also included to ensure the transition. The sale should be finalized by the end of the third quarter of 2025.
Behind this deal, a clear change of direction:
Bakkt reaches a major turning point and fully embraces its future as a pure crypto company.
Bakkt Banks on Bitcoin and Calls on Markets for Help
This operation is not just a realignment. It is accompanied by a public fundraising, through an issuance of Class A shares and/or pre-funded warrants. An explicit way to raise capital to… buy Bitcoin.
Indeed, a new publicly traded company sells its traditional business to refocus solely on crypto infrastructure and uses the markets to finance the purchase of digital assets.
Crypto revenues for the second quarter? Approximately $568 to $569 million according to preliminary figures. An impressive figure, but also reflective of the pressure of a market in full transformation.
A Risky Yet Market-Aligned Strategy
With this decision, Bakkt joins the (no longer) exclusive club of publicly traded companies that fully embrace their exposure to Bitcoin and digital assets. A strategy reminiscent of MicroStrategy in its early days, but with a more infrastructure-oriented DNA.
The fundraising is subject to market conditions, meaning Bakkt will have to convince investors that this crypto bet is the right one. In a context where US regulation is improving, the timing could prove as audacious as risky.
