Bakkt Holdings' shares have declined amid reports that the company is exploring strategic options, including a potential sale or division of its operations. According to sources familiar with the matter cited by Bloomberg on June 7, Bakkt has engaged a financial advisor to evaluate these possibilities, although no final decisions have been made, and the company may continue operating independently from its parent entity.

Following this news, Bakkt's share price briefly surged above $24, but subsequently dropped to below $18, marking an 8% decline as of the latest update. Year-to-date, Bakkt's shares have plummeted more than 68%.

Earlier this year, Bakkt expressed concerns about its financial viability, noting that its existing cash resources might not be sufficient to sustain operations for the next twelve months. To raise capital, the company planned to offer up to $150 million in securities over the next three years. Additionally, Bakkt executed a reverse stock split in April to meet the New York Stock Exchange's listing requirements.

Despite financial challenges, Bakkt's crypto-related business remains robust. In its first-quarter report, the company reported total revenue of $854.6 million, with a net loss of $21.3 million. The report highlighted a 9% year-on-year increase in crypto-enabled accounts to 6.3 million and a rise in assets under custody to $1.2 billion, driven by higher digital asset market prices.

Looking ahead, Bakkt is preparing to launch BakktX, an institutional crypto trading venue, in partnership with Crossover Markets. Andy Main, Bakkt's President and CEO, described BakktX as a significant milestone in expanding their client base and accessing new market opportunities.