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Bakkt Holdings shares have declined following reports that the company was exploring strategic options, including a potential sale or breakup of its operations.

On June 7, Bloomberg, citing people familiar with the matter, reported that the company had begun working with a financial advisor to assess these possibilities. However, no decision has been finalized, and Bakkt may remain independent from its parent company.

According to Yahoo Finance data, the news briefly boosted Bakkt’s share price to more than $24, but the share value quickly fell to under $18 — equivalent to an 8% decline, as of press time. Bakkt’s shares have fallen more than 68% year-to-date.

Earlier in the year, Bakkt revealed “a going concern” about its ability to continue operating because its “cash and restricted cash are [in]sufficient to fund our operations for the 12 months following the date of” the filing with the US Securities and Exchange Commission (SEC).

At the time, the company sought to sell up to $150 million of securities to raise capital in one or more offerings over the next three years. Notably, the company also implemented a reverse stock split in April to increase its stock price to meet NYSE requirements.

Meanwhile, the platform reported significant losses in its first quarter report for this year, saying its total revenue for the period amounted to $854.6 million, while it saw net losses of $21.3 million.

Despite these challenges, the company’s crypto business remains robust. The first quarterly report showed that its crypto-enabled accounts increased by 9% year-on-year, reaching 6.3 million. Additionally, the total value of assets under custody rose to $1.2 billion, driven by higher market prices for digital assets.

Furthermore, the crypto custodian revealed that it was partnering with Crossover Markets for the impending launch of BakktX. Andy Main, the President and Chief Executive Officer of Bakkt, said:

“BakktX, an institutional crypto trading venue, which will represent a significant milestone in expanding our client base potential and tapping into new market opportunities.”

The post Bakkt shares slide as company explores sale or breakup options appeared first on CryptoSlate.

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