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Bakkt sells its loyalty business for $11 million, transforming into a pure encryption company and raising funds to buy Bitcoin.
Golden Finance reports that Nasdaq-listed technology platform Bakkt has announced the sale of its loyalty business for $11 million, driving its transformation into a pure encryption infrastructure company, with the transaction expected to be completed in the third quarter of 2025. At the same time, Bakkt plans to publicly issue Class A shares and pre-paid warrants to raise funds for purchasing Bitcoin, replenishing working capital, and meeting the company's daily needs. The company's disclosed second-quarter encryption revenue is expected to be between $568 million and $569 million. The timing and terms of the public offering will depend on market conditions.