The withering smartphone business of BlackBerry would present assets like software and patents to possible buyers. Analysts said the USD5 billion worth of the company would further plunge as consumers become more hesitant to buy a smartphone from a company with a bleak future. 

According to Raymond James Financial Inc, BlackBerry's services enterprise and hardware division would have a zero value in a breakup as the smartphone losses the erode revenue generated from every subscriber. BMO Capital Markets said it would cost a buyer around USD800 million to close BlackBerry's hardware unit. BMO said BlackBerry has USD2.8 billion in cash. Its patents, software and security system would be worth USD1 billion each.

"The phone unit, BlackBerry's biggest source of revenue, is essentially worthless because most buyers would shut it down in favor of their own technology," analysts at Raymond James Ltd. and BMO Capital Markets said.

Last week, BlackBerry appointed board members to evaluate a sale or a new collaboration that would turn the smartphone maker around. Red Sky Capital Management's managing partner, Brian Huen, said acquirers would gravitate to the assets of BlackBerry excluding its hardware unit. Red Sky Capital currently manages around CAD220 million in assets including the shares of BlackBerry.

"You're effectively killing that business by saying 'I'm up for sale,'" Huen said. "Nobody is interested in buying the entire entity. I think they are now in the phase of saying, 'We will do anything to maximize value, including breaking up the company.'"