Crypto custodian and trading firm Bakkt is considering a potential sale or break up amid numerous strategic options, Bloomberg reports, citing people familiar with the matter.
Bakkt enlisted the help of a financial advisor to make the decision, though none has officially been made. Bloomberg adds that the firm could remain independent.
The firm is fresh off a partnership with the crypto trade execution platform Crossover Markets to create a forthcoming crypto-focused electronic communication network called BakktX, Bakkt announced on Thursday.
Bakkt provides institutional-grade services such as custody and trading. The firm brought in $348 million in revenue in the second quarter of 2023, despite trading volume falling 15%.
Bakkt, headquartered in Alpharetta, Georgia, was founded in 2018 and went public in 2021. The company is majority-owned by Intercontinental Exchange, which also owns the New York Stock Exchange.
The firm's founding CEO Kelly Loeffler became a United States Senator representing the state, The Block previously reported.
The Block reached out to Bakkt for comment.