Technology platform Bakkt ( BKKT/WS ) is moving to complete its transition into a pure-play crypto infrastructure firm with the planned sale of its loyalty business, the company said in a press release Monday.

The Nasdaq-listed company has entered into a definitive agreement to sell the unit to Project Labrador Holdco, a subsidiary of Roman DBDR Technology Advisors.

The deal, expected to close in Q3 2025, includes $11 million in cash, adjustments for working capital and debt and a short-term restricted cash loan to facilitate the handoff.

“With the pending sale of our Loyalty business, Bakkt ( BKKT/WS ) is achieving a significant milestone and fully embracing its future as a streamlined, pure-play crypto infrastructure company,” Andy Main, president and co-CEO of Bakkt ( BKKT/WS ), said in the release.

The announcement came alongside preliminary second-quarter crypto revenues, estimated between $568 million and $569 million, and plans for a public offering of Class A shares and/or pre-funded warrants.

The proceeds will be used to purchase digital assets, fund working capital and support general corporate needs, Bakkt ( BKKT/WS ) said.

Timing and terms of the offering remain subject to market conditions, the company said

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