U.S.-based digital asset platform Bakkt Holdings Inc. has officially divested its loyalty services business as part of a strategic shift to refocus entirely on its core cryptocurrency operations.

The move underscores Bakkt’s ambition to position itself as a “pure-play crypto company” amid growing institutional demand for digital asset infrastructure.

The loyalty business, which once formed a significant part of Bakkt’s diversified portfolio, including airline miles and retail reward point management, was sold to a private equity-backed fintech firm for an undisclosed amount. According to company executives, the decision reflects a deliberate pivot away from non-core ventures toward streamlining operations and sharpening product-market alignment in the digital asset space.

Bakkt Strategic Realignment.

Exiting the loyalty sector allows us to concentrate on what we do best, building secure, scalable crypto solutions for institutions and enterprise clients,” said Andy Main, CEO of Bakkt. “As digital assets become more integrated into the global financial system, we believe the most value will come from doubling down on infrastructure, custody, and trading capabilities.

This realignment follows several quarters of restructuring and cost-cutting measures at the company, which has been working to stabilize operations following a turbulent public debut and shifting market conditions. The company, which went public via a SPAC merger in 2021, has faced criticism for overextending into unrelated fintech segments while failing to gain meaningful traction in consumer markets.

Refocusing on Institutional Crypto Services.

Bakkt, with the loyalty business off its books, plans to channel its resources toward the development of enterprise-grade crypto custody, wallet-as-a-service, and compliance infrastructure. The firm has already begun expanding partnerships with regional banks, fintech firms, and asset managers looking to integrate crypto offerings into their platforms.

Their decision reflects a broader industry trend,” said Jenna Ramirez, a crypto finance analyst at Galaxy Digital. “Legacy fintechs and crypto platforms alike are streamlining and specializing. The loyalty sector was not aligned with the high-growth, high-margin potential of institutional digital asset services.”

The Bigger Picture.

The move comes as U.S. regulatory clarity improves for institutional crypto engagement. With the SEC recently greenlighting spot Bitcoin ETFs and stablecoin regulation gaining traction in Congress, firms like Bakkt are increasingly bullish on the long-term viability of regulated digital asset infrastructure.

Industry insiders view the company’s exit from the loyalty business not as a retreat, but as a strategic maturation. “They’re shedding weight and retooling for the next wave of adoption,” said Michael Brenner, managing partner at DeFi Frontier Capital. “We’re entering the infrastructure phase of crypto, and Bakkt wants to be part of that backbone.”