The sale to Project Labrador Holdco marks a strategic pivot for Bakkt, which plans to raise funds through a public offering for Bitcoin investments.
Bakkt has sold its loyalty business for $11 million to Project Labrador Holdco, a subsidiary of Roman DBDR Technology Advisors, reflecting its strategy to focus on cryptocurrency infrastructure. The company also plans to launch a public offering of Class A shares and/or warrants to raise funds for Bitcoin purchases and operational capital, with the transaction expected to close in Q3 2025.