Bakkt to sell Loyalty business to Project Labrador Holdco

On July 23, 2025, the company entered into a definitive agreement to sell its Loyalty business to Project Labrador Holdco, LLC, a wholly owned subsidiary of Roman DBDR Technology Advisors, Inc. The transaction, which is subject to customary closing conditions, is expected to close in the third quarter of 2025. The transaction will include monetary accommodations to the buyer of an amount of cash equal to $11 million plus (i) the amount of estimated negative working capital of the business as of the closing and (ii) the amount of estimated indebtedness, subject to post-closing adjustments, as well as a short-term loan of certain restricted cash transferred with the business to facilitate the transfer. The company will report the Loyalty business as a discontinued operation beginning in Q3 2025, allowing management to focus resources on the company’s core crypto offerings and stablecoin payments infrastructure. “With the pending sale of our Loyalty business, Bakkt (BKKT) is achieving a significant milestone and fully embracing its future as a streamlined, pure-play crypto infrastructure company,” commented Andy Main, President and Co-CEO of Bakkt. “This strategic realignment is about sharpening our focus, allowing us to dedicate all our resources to our core crypto offerings and the immense opportunities in the stablecoin payments ecosystem. We are pleased with the capabilities of Roman DBDR to innovate the loyalty business and serve clients with excellence.”