A report has surfaced claiming that Bakkt, a crypto marketplace supported by the owners of the New York Stock Exchange (NYSE), is contemplating a potential sale. Sources familiar with the situation have revealed that Bakkt is working with a financial advisor to explore various options for its future, including a potential breakup or sale. However, no concrete decisions have been made yet.

Having gone public in 2021, Bakkt recently announced a collaboration with Crossover Markets, a digital asset technology firm, to launch its Electronic Communication Network (ECN) called BakktX. This platform is designed to facilitate asset trading for institutional investors outside of traditional exchanges. According to Ray Kamrath, Bakkt’s chief commercial officer, the development of BakktX aims to meet the growing institutional interest in crypto and provide a compliant and qualified trading venue.

Following the news of the partnership, Bakkt’s stock (BKKT) surged from $20.00 on June 6th to $23.94 the next day, marking a 19.7% increase. The price has since stabilized at $18.95.

Intercontinental Exchange (ICE), the parent company of NYSE, holds a 55.6% stake in Bakkt. As Bakkt continues to expand its offerings, investors and market watchers are closely monitoring its next moves.

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