The news was first reported by the Financial Express, who described the talks at an “advanced stage.”
As of last Friday’s closing, Bakkt had a market capitalisation of $155 million.
Bakkt was spun out and is still owned in majority by Intercontinental Exchange Inc., the parent company of the New York Stock Exchange. Launched in 2018, Bakkt has been exploring a potential sale for months, according to the report.
Bakkt has not made an official comment on the story, either to the Financial Express, who reported it first or to Bloomberg, who reported it later. CNBC-TV18 has also not independently verified the story.
Shares of Bakkt ended 162% higher on Monday at $29.7. At the height of the crypto frenzy in 2021, the stock traded at over $1,000 before a subsequent crash wiped out nearly all of its market value. Last year, it disclosed that it may not be able to continue as a going concern, raising the possibility of a delisting from the NYSE.
In response to this news report, shares of Trump Media rose as much as 17% on Monday and even they have not made any official remarks on the same.
In its recently concluded quarter, Trump Media reported a net loss and has cash worth $675 million on its books.
(With Inputs From Agencies.)
