Crypto custodian and trading firm Bakkt is considering a potential sale or break up amid numerous strategic options, according to Bloomberg. The company has enlisted the help of a financial advisor to explore these options, though no decision has been made yet. Bakkt could also choose to remain independent. This comes as the firm announces a new partnership with Crossover Markets to launch a crypto-focused communication network, BakktX. Bakkt, which provides institutional-grade services like custody and trading, reported $348 million in revenue for Q2 2023 despite a 15% drop in trading volume. The company, headquartered in Alpharetta, Georgia, was founded in 2018, went public in 2021, and is majority-owned by Intercontinental Exchange, owner of the New York Stock Exchange. Bakkt's founding CEO, Kelly Loeffler, also served as a U.S. Senator.

Crypto custodian and trading firm Bakkt is considering a potential sale or break up amid numerous strategic options, Bloomberg reports, citing people familiar with the matter.Bakkt enlisted the help of a financial advisor to make the decision, though none has officially been made. Bloomberg adds that the firm could remain independent.The firm is fresh off a partnership with the crypto trade execution platform Crossover Markets to create a forthcoming crypto-focused communication network called BakktX, Bakkt announced on Thursday.Bakkt provides institutional-grade services such as custody and trading. The firm brought in $348 million in revenue in the second quarter of 2023, despite trading volume falling 15%.Bakkt, headquartered in Alpharetta, Georgia, was founded in 2018 and went public in 2021. The company is majority-owned by Intercontinental Exchange, which also owns the New York Stock Exchange.The firm's founding CEO Kelly Loeffler became a United States Senator representing the state, The Block previously reported.The Block reached out to Bakkt for comment.

Bakkt Considers Sale or Break Up Amid Strategic Review