Bakkt Holdings, the digital asset marketplace launched by the parent company of the New York Stock Exchange (NYSE), is reportedly exploring the possibility of a sale due to increased acquisition activity in the crypto industry.

According to sources familiar with the matter cited by Bloomberg, Bakkt has enlisted a financial advisor to explore various strategic options, including a potential divestiture. However, no final decision has been reached.

Intercontinental Exchange (ICE), the owner of major futures markets and the NYSE, introduced Bakkt amid significant anticipation. The venture, announced in collaboration with Starbucks and Microsoft, garnered significant attention.

Kelly Loeffler, Bakkt’s founding CEO, later served as a US Senator from Georgia for a year. Earlier this year, Bakkt faced potential delisting from the NYSE after disclosing challenges in continuing as a going concern.

Bakkt, offering various services like trading and custody, enters the market during a period of consolidation within the digital asset sector. However, with crypto prices nearing record highs, some firms consider expansion, while others recover from the industry-wide downturn two years ago.

Having gone public in 2021 through a merger with a blank-check company, Bakkt reported a loss of $21 million on $855 million in revenue in the first quarter of this year. On Friday, Bakkt announced a partnership with Crossover Markets to develop a crypto electronic communication network (ECN), expanding its offerings.

Bakkt holds a coveted BitLicense from the New York State Department of Financial Services, a regulatory license necessary to operate in the state.

Following the news, Bakkt’s shares surged 15% to $22.33 on Friday, marking a 27% increase for the week. The company’s market value is approximately $300 million, though its stock has declined around 30% over the past year.

Overall, as Bakkt explores potential strategic options, including a sale, amid heightened activity in the crypto industry, it faces a pivotal moment. Despite its suite of services, BitLicense approval, and recent partnership announcements, industry observers will closely watch its future trajectory and its decision to remain independent or pursue a buyer.