A cryptocurrency marketplace linked to the owners of the New York Stock Exchange (NYSE) is reportedly considering a potential sale.
As per a recent report from Bloomberg, sources who chose to remain anonymous revealed that Bakkt, a crypto company, is in talks with a financial advisor to explore various options for its future, including a potential breakup or sale.
However, no concrete details were disclosed, and no final decisions have been made, according to the report.
Established in 2021, Bakkt recently unveiled a partnership with Crossover Markets, a digital asset technology firm, to power its upcoming Electronic Communication Network (ECN). The ECN, known as BakktX, will cater specifically to institutional investors. Ray Kamrath, the company’s chief commercial officer, expressed, “As institutional interest in crypto continues to grow, expanding Bakkt’s capabilities is a top priority. With the creation of BakktX, we aim to become the go-to partner for institutions in search of a compliant, reputable trading platform. This innovative solution addresses a current gap in the US market.”
Following news of the partnership, Bakkt’s stock (BKKT) surged from $20.00 on June 6th to $23.94 the next day, marking a 19.7% increase. As of now, the price has stabilized at $18.95.
Intercontinental Exchange (ICE), the parent company of the NYSE, owns 55.6% of Bakkt.
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