Bakkt shares surged 30% on Friday following reports that the crypto platform is considering a potential sale. According to Bloomberg, Bakkt has engaged a financial advisor to explore several strategic options, which may include a sale or breakup. The company could still opt to remain independent, with a current valuation of $255 million. Bakkt, which operates a crypto custody service and a trading platform aimed at institutional investors, experienced a significant share price fluctuation, reaching an intraday high of $24.74 before closing at $19.04. This move follows an announcement that Bakkt has partnered with Crossover Markets to develop BakktX, a new crypto electronic communication network designed to attract institutional clients. Despite the potential sale, Bakkt has not issued any comment. The company previously expressed concerns about its ability to continue as a going concern earlier this year, following a net loss of $21.3 million in the March quarter, a notable improvement from the previous year’s $44.9 million loss. The crypto industry is currently witnessing increased acquisition activity, with firms like Robinhood and Riot Platforms making significant moves.

Cryptocurrency, Financial Advisory, Technology,United States, Canada