Amid a surge in crypto markets following Trump’s victory, Bakkt’s crypto custody business, which holds digital assets like bitcoin and ether, has struggled. As a result, it will be excluded from the acquisition.
Bitcoin has seen a significant increase of over 30% in the past 30 days, reflecting the overall growth and interest in the cryptocurrency market.
Despite Bakkt’s challenges in its custody business, the company remains a key player in the crypto industry, with its exchange and trading platform continuing to operate successfully.
As the crypto market continues to evolve and grow, Bakkt’s exclusion of its struggling custody business from the acquisition highlights the importance of adapting to changing market conditions and focusing on areas of strength within the industry.
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