- **Bakkt Holdings** has completed the sale of its Loyalty business to Project Labrador Holdco, LLC for **$11 million**.  **[1820302_6c6c03788fc64903b5efe7f0e88f53c2]** 
- This strategic move aims to **streamline operations**, reduce costs, and strengthen Bakkt's financial position by focusing on core growth areas such as Bitcoin, tokenization, and digital asset trading.  **[1820302_6c6c03788fc64903b5efe7f0e88f53c2]** 
- Starting in the **third quarter of 2025**, the Loyalty business will be reported as **discontinued operations**.  **[1820302_6c6c03788fc64903b5efe7f0e88f53c2]** 
- Following the announcement, Bakkt's stock price **fell over 9%**.  **[1820302_6c6c03788fc64903b5efe7f0e88f53c2]** 
- While analyst consensus includes a **Buy rating with a $40.00 price target**, TipRanks' AI Analyst rates BKKT as **Neutral**, citing challenges with profitability, cash flow, and valuation.  **[1820302_6c6c03788fc64903b5efe7f0e88f53c2]**

Bakkt Holdings Completes Strategic Divestiture of Loyalty Business

- **Bakkt Holdings, Inc. completed the sale of its Loyalty business to Project Labrador Holdco, LLC on October 1, 2025**.  **[1820302_0001628280-25-043317_saleofloyaltypr.htm:0]** **[1820302_0001628280-25-043317_bakkt-20250930.htm:2]** 
- This transaction marks Bakkt's full transition to a **pure-play digital asset infrastructure platform**, with a strategic focus on Bitcoin, tokenization, digital asset trading, stablecoin payments, and AI-driven finance.  **[1820302_0001628280-25-043317_saleofloyaltypr.htm:0]** 
- The company anticipates the sale will streamline operations, lower costs, strengthen its balance sheet, and sharpen its focus on growth and profitability.  **[1820302_0001628280-25-043317_saleofloyaltypr.htm:0]** 
- As part of the closing, Bakkt Opco Holdings, LLC delivered **$18,876,950** in cash and deposited **$2,500,000** into escrow accounts for indemnity and working capital adjustments.  **[1820302_0001628280-25-043317_bakkt-20250930.htm:2]** 
- The Loyalty business will be reported as **discontinued operations beginning in Q3 2025**.  **[1820302_0001628280-25-043317_saleofloyaltypr.htm:0]**

Bakkt Completes Sale of Loyalty Business, Transitions to Digital Asset Platform

- **Bakkt Holdings has completed the sale of its Loyalty business** to Project Labrador Holdco, LLC, signifying its **full transition to a pure-play digital asset infrastructure platform**.  **[1820302_95a511f5673443439b423ed32b08e0be_0]** 
- The company anticipates the sale will **streamline operations, lower costs, strengthen its balance sheet, and accelerate its path to profitability**.  **[1820302_95a511f5673443439b423ed32b08e0be_0]** 
- Bakkt will now concentrate on core pillars: **Bitcoin, tokenization and digital asset trading, stablecoin payments, and AI-driven finance**.  **[1820302_95a511f5673443439b423ed32b08e0be_0]** 
- The Loyalty business will be reported as **discontinued operations beginning in Q3 2025**.  **[1820302_95a511f5673443439b423ed32b08e0be_0]**

Bakkt Completes Loyalty Business Sale, Transitions to Digital Asset Infrastructure Focus

- Bakkt Holdings, Inc. (BKKT) has **redeemed its outstanding 0.00% convertible debenture** due June 18, 2026.  **[1820302_23fbb10bdfe74489b183964bbcf691e2_0]** 
- This action **eliminates all remaining long-term debt** for the company, strengthening its financial position and providing balance sheet flexibility.  **[1820302_23fbb10bdfe74489b183964bbcf691e2_0]** 
- The debenture was originally issued in **June 2024**.  **[1820302_23fbb10bdfe74489b183964bbcf691e2_0]**

Bakkt Eliminates All Remaining Long-term Debt

- Bakkt Holdings, Inc. is undergoing a strategic transformation to become a **pure-play crypto infrastructure company**.  **[1820302_0001820302-25-000005_bakkt-20250826.htm:1]** 
- Public Platform LLC provided notice on **August 26, 2025**, to begin offboarding customers from Bakkt's platform by **October 31, 2025**.  **[1820302_0001820302-25-000005_bakkt-20250826.htm:1]** 
- The company expects to close the sale of its loyalty and travel redemption business in the **third quarter of 2025**.  **[1820302_0001820302-25-000005_bakkt-20250826.htm:1]** 
- Bakkt signed a **nonbinding letter of intent** with ICE Digital Trust, LLC (IDT) on **August 29, 2025**, for IDT to provide custody services for Bakkt's digital assets and for Bakkt to resell IDT's services.  **[1820302_0001820302-25-000005_bakkt-20250826.htm:1]** 
- An extraordinary general meeting for Marusho Hotta Co., Ltd. (MHT), in which Bakkt acquired approximately **30%**, is expected in **October 2025** to discuss a change in corporate purpose and issuance of preferred stock and warrants.  **[1820302_0001820302-25-000005_bakkt-20250826.htm:1]** 

The revenue contribution from Public Platform LLC was:

| Metric | Year ended Dec 31, 2024 | Six months ended June 30, 2025 |
|:---|:---|:---|
| Public Platform LLC % of Crypto Services Revenue | **9.4%**  **[1820302_0001820302-25-000005_bakkt-20250826.htm:1]**  | **14.5%**  **[1820302_0001820302-25-000005_bakkt-20250826.htm:1]**  |

Bakkt Holdings (BKKT)