Reports suggest that Bakkt, a crypto marketplace backed by the owners of the New York Stock Exchange (NYSE), is exploring the potential of being sold. Sources familiar with the situation have revealed that the company is working with financial advisors to consider various options for its future, including a potential sale or restructuring.

Although no concrete details have been disclosed and no final decisions have been made, Bakkt, which went public in 2021, recently unveiled a partnership with Crossover Markets, a digital asset technology firm. This collaboration aims to power Bakkt’s upcoming Electronic Communication Network (ECN), a platform designed for asset trading outside of traditional exchanges.

Known as BakktX, the ECN is specifically designed for institutional investors, as stated by Ray Kamrath, the company’s chief commercial officer. He emphasized the importance of expanding Bakkt’s capabilities to meet the growing institutional interest in crypto. The partnership announcement caused Bakkt’s stock (BKKT) to surge by 19.7% within a day, reaching $23.94 from $20.00 on June 6th. The stock has since stabilized at $18.95.

Intercontinental Exchange (ICE), the parent company of the NYSE, owns a majority stake of 55.6% in Bakkt. The company’s strategic partnerships and innovative solutions position it as a key player in the evolving crypto market.

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