Bakkt, a crypto marketplace backed by the owners of the New York Stock Exchange, is reportedly exploring a potential sale.
Partnership with Crossover Markets
Despite the sale rumors, Bakkt recently partnered with Crossover Markets to launch BakktX, an Electronic Communication Network (ECN) tailored for institutional investors. This move highlights Bakkt’s focus on expanding its capabilities in the growing institutional crypto market.
Market Reaction
News of the partnership initially boosted Bakkt’s stock price, but it has since stabilized. Bakkt is majority-owned by Intercontinental Exchange (ICE), the parent company of the NYSE.
Possible Sale
Sources familiar with the matter indicate that Bakkt is working with a financial advisor to consider its future options, including a potential breakup or sale. However, no concrete decisions have been made.
