Crypto
crypto
Yaël Bizouati-Kennedy
7/29/25

Bakkt plummets on news of pivot to pure-play crypto company, bitcoin purchase plan

Another day, another bitcoin pivot. Bakkt announced after market close on Monday that it had sold its legacy business for $11 million and will become a “pure-play crypto infrastructure company.”

Bakkt Holdings Inc. then announced late last night that it had priced its $75 million public offering and will use the proceeds to buy bitcoin and other digital assets. Traders didn’t like the news, sending shares down a whopping 41% this morning.

“This refined strategy positions us to unlock new client opportunities, deploy agentic AI solutions targeted at enhancing our crypto and stablecoin offerings, upgrade our trading technology stack, and execute aggressively on our treasury strategy,” Bakkt co-CEO Akshay Naheta said in the release.

The company had previously announced that its board of directors approved a new corporate investment policy to acquire bitcoin and other digital assets “as part of its broader treasury and corporate strategy.”

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