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.

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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.

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