Technology Platform Baked (BKKT) is moving to end its transition to a pure-play crypto-infrastructure company with the planned sale of its loyalty business, the company said in a press release on Monday.
The NASDAQ-listed company has entered into a final agreement to sell the device to Project Labrador Holdco, a subsidiary of Roman DBDR Technology Advisors.
The deal, which is expected to close in the 3rd quarter of 2025, includes $ 11 million in cash, adjustments for operating capital and debt and a short -term limited cash loan to facilitate delivery.
“With the pending sale of our loyalty business, hilly achieves a significant milestone and fully embraces its future as a streamlined, pure-play crypto-infrastructure company,” said Andy Main, president and co-ceo for hilly, in the release.
The message came along with the preliminary crypto revenue in the 2nd quarter, estimated between $ 568 million and $ 569 million and plans for a public offering of Class A shares and/or prefinanced warrants.
The proceeds will be used to buy digital assets, fund’s operating capital and support general business needs, Bakkt said.
Timing and Terms of Tender Stay Leaving Market Relations, the Company said
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