A crypto marketplace backed by the owners of the New York Stock Exchange (NYSE) is reportedly mulling the possibility of a sale.
According to a new one report According to Bloomberg, anonymous sources familiar with the matter say that crypto firm Bakkt has been working with a financial advisor to consider its future options, including the possibility of a breakup or a sale.
However, according to the report, no additional details have been provided and no final decisions have been made.
Bakkt, which recently went public for the first time in 2021 announced a partnership with digital asset technology company Crossover Markets to support its upcoming Electronic Communication Network (ECN), or a platform that enables asset trading outside traditional exchanges.
Bakkt says its ECN, called BakktX, will be specifically tailored for institutional investors. As Ray Kamrath, the company’s Chief Commercial Officer, says:
“As institutional interest in crypto grows, further expanding Bakkt’s capabilities is a top priority.
With the development of BakktX, we position ourselves as an ideal partner for institutions looking for a compliant, qualified trading platform. This will be a truly breakthrough solution that addresses a currently unmet need in the U.S. market.”
Bakkt sent news about the collaboration (BKKT) fly as the price rose from $20.00 on June 6 to $23.94 just 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), the parent company of the NYSE.
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