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Crypto Firm Bakkt Holdings (NYSE:BKKT) Is Exploring a Potential Sale
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Crypto Firm Bakkt Holdings (NYSE:BKKT) Is Exploring a Potential Sale

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Bakkt Holdings is exploring a potential sale or breakup.

Crypto marketplace Bakkt Holdings (NYSE:BKKT), which was founded in 2018 by Intercontinental Exchange (NYSE:ICE), is apparently exploring a potential sale or breakup, according to Bloomberg. Bakkt is working with a financial advisor to consider various strategies. These discussions are still in the early stages, and Bakkt may decide to stay independent. As a result, shares finished 2.56% lower in today’s trading.

Earlier this year, Bakkt faced the risk of being delisted from the NYSE because it did not meet the minimum average stock price requirement. The company has been struggling financially and reported a first-quarter loss of $21 million despite earning $855 million in revenue. In addition, Bakkt has not reported a profitable quarter since going public, as pictured below:

Is BKKT Stock a Buy?

Turning to Wall Street, the lone analyst covering BKKT stock during the past three months is Peter Christiansen from Citi. He currently rates BKKT a Sell with a price target of $7.50 per share, which implies 60.61% downside risk despite a 47% decline over the past 12 months. It’s worth mentioning that Christiansen has a 67% success rate on the stock, with an average return of 11.87% per rating.

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