Crypto custodian and trading firm Bakkt is considering a potential sale or break up amid numerous strategic options, Bloomberg reports, citing people familiar with the matter.

Bakkt enlisted the help of a financial advisor to make the decision, though none has officially been made. Bloomberg adds that the firm could remain independent.

The firm is fresh off a partnership with the crypto trade execution platform Crossover Markets to create a forthcoming crypto-focused communication network called BakktX, Bakkt announced on Thursday.

Bakkt provides institutional-grade services such as custody and trading. The firm brought in $348 million in revenue in the second quarter of 2023, despite trading volume falling 15%.

Bakkt, headquartered in Alpharetta, Georgia, was founded in 2018 and went …