Bakkt Holdings has completed its transition into a pure-play crypto infrastructure company by selling its loyalty business division to Project Labrador Holdco for $11 million.
The transaction eliminates the final non-crypto segment from Bakkt’s operations and allows complete focus on digital asset services.
The sale agreement includes monetary accommodations covering estimated negative working capital and indebtedness amounts, plus a short-term loan of restricted cash to facilitate the business transfer.
Roman DBDR Technology Advisors will acquire the loyalty operations through its wholly owned subsidiary.
Crypto Operations Dominate Revenue Performance
Second quarter 2025 preliminary results show Bakkt’s crypto segment generated $568-569 million in gross revenues, dwarfing the loyalty business’s $9-10 million contribution.
Total company revenues reached $577-579 million for the three-month period ending June 30.
Crypto costs and execution fees consumed $565-566 million of the crypto revenue, indicating tight margins but substantial volume throughput.
The loyalty business will be reported as discontinued operations beginning in Q3 2025, simplifying future financial reporting.
Bakkt maintains $60-62 million in available cash and cash equivalents, supplemented by a $40 million revolving credit facility that remains fully undrawn. Operating cash usage excluding customer funds payable totaled $13-15 million during the quarter.
President and Co-CEO Andy Main described the loyalty sale as a milestone enabling complete dedication to core crypto offerings and stablecoin payment infrastructure opportunities. The divestiture removes operational complexity and resource allocation conflicts between business segments.
The loyalty business sale is expected to close during Q3 2025, subject to standard closing conditions. Bakkt will continue operating the loyalty segment until transaction completion, ensuring client service continuity during the transition period.
Founded in 2018, Bakkt has moved from a diversified digital asset platform to a specialized crypto infrastructure provider. The company’s institutional-grade trading and onramp capabilities serve clients seeking sustainable cryptocurrency market participation.
