Crypto:
30336
Bitcoin:
$64.926
% 0.21
BTC Dominance:
%54.2
% 0.09
Market Cap:
$2.37 T
% 0.16
Fear & Greed:
60 / 100
Bitcoin:
$ 64.926
BTC Dominance:
% 54.2
Market Cap:
$2.37 T

Bakkt Considers Sale or Restructuring Amid Struggles

Bakkt

Insiders told Bloomberg Bakkt, a cryptocurrency platform launched by the New York Stock Exchange (NYSE), is either considering selling the business or dissolving it into smaller firms.

The insiders told the newspaper that the board might possibly decide to keep Bakkt’s present structure and skip a sale or complete business dissolution entirely.

News of the possible sale followed numerous high-profile purchases and takeover offers in the crypto field, including Robinhood’s acquisition of the Bitstamp exchange and Coreweave’s unsolicited approach to buying out Bitcoin miner Core Scientific.

Bakkt has suffered from inadequate market price performance. From a peak of $59.57 at the start of 2024 to almost $19 at the time of writing, the share price of the crypto corporation dropped dramatically.

This Might Interest You: Bitcoin ETFs Record 18th Day of Positive Inflows

The institutional cryptocurrency company disclosed in February 2024 that it might not be able to keep its company operational since it was running low on funds. Bakkt then sought regulatory clearance to fund $150 million in capital to keep running operations.

Shortly following the application, U.S. authorities approved Bakkt’s proposal to fund itself via a $150 million securities auction to investors.

Andy Main, Bakkt’s CEO and president, said in a statement a month after the disclosed financial shortage and subsequent securities sale that the company had improved its balance sheet and was no longer at risk of closure.

Main cited Bakkt’s $780 million 2023 income as proof that business has recovered at the company. But a look at Bakkt’s financials and pricing performance reveals another.

Rate this post
READ:  Bitcoin ETF Approval Looms as SEC Meets with Exchanges!

Leave a Reply

Your email address will not be published. Required fields are marked *