According to Bloomberg, citing people familiar with the matter, cryptocurrency custody and trading firm Bakkt is considering a sale or spin-off among numerous strategic options. Bakkt sought the help of a financial advisor to make the decision, although no decision has been made officially. Bloomberg added that the company will likely remain independent. Bakkt offers institutional-grade services such as custody and trading. Despite a 15 percent drop in trading volume, the company still achieved $348 million in revenue in the second quarter of 2023. The company announced a partnership with crypto trade execution platform Crossover Markets on Thursday that will launch a crypto-focused communications network called BakktX.