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NEW YORK - Bakkt Holdings, Inc. (NYSE:BKKT), a $241 million market cap company, announced Monday the appointment of Mike Alfred to its Board of Directors, strengthening the company’s governance as it focuses on building next-generation financial infrastructure. According to InvestingPro analysis, the company currently trades below its Fair Value, suggesting potential upside opportunity.
Alfred brings experience in the digital asset and fintech sectors, having co-founded BrightScope, which was later acquired by Strategic Insight, and Digital Assets Data, an enterprise data platform for digital assets that was acquired by NYDIG. InvestingPro data reveals that Bakkt has generated $3.78 billion in revenue over the last twelve months, though the company faces challenges with cash burn and profitability - just two of the 14+ insights available to Pro subscribers.
"Mike’s proven track record and reputation in the digital asset and fintech ecosystem brings unparalleled expertise, a powerful network and institutional credibility," said Akshay Naheta, CEO of Bakkt, in a press release statement.
Alfred currently serves as Founder and Managing Partner of Alpine Fox LP, a private investment fund focused on Bitcoin and AI-related equities. He also holds board positions at IREN (NASDAQ:IREN), Eaglebrook Advisors, Wealthie, and Crestone Group.
"Bakkt has a unique opportunity to deliver a trusted fintech platform for institutions in four transformative trends over the next decade: digital asset trading, stablecoin payments, AI agents and Bitcoin," Alfred said.
Founded in 2018, Bakkt provides solutions for clients to participate in the digital assets economy through institutional-grade trading and onramp capabilities. The company is headquartered in New York.
The appointment comes as Bakkt continues to develop its strategy in the evolving digital asset landscape. The company aims to redefine financial infrastructure around how money moves and markets operate. With a high beta of 5.15 and significant market volatility, investors seeking detailed analysis can access comprehensive research reports and real-time metrics through InvestingPro’s extensive financial toolkit.
In other recent news, Bakkt Holdings announced it has redeemed its outstanding 0.00% convertible debenture due in 2026, effectively eliminating all remaining long-term debt from its balance sheet. This move satisfies all obligations under the debenture, initially issued in 2024, allowing Bakkt to operate without any long-term debt obligations. Additionally, Clear Street has initiated coverage on Bakkt with a Buy rating and a price target of $14.00, indicating a potential 44% upside. Benchmark also initiated coverage with a Buy rating, setting a $13.00 price target, citing Bakkt’s recent restructuring efforts. These efforts include divesting its custody business and advancing the sale of its legacy loyalty business. Furthermore, Bakkt provided updates on its strategic shift towards crypto infrastructure, including a 30% acquisition of Marusho Hotta Co., Ltd. Phillip Lord, President of Bakkt International, has become the CEO of MHT, with an extraordinary general meeting of MHT shareholders expected in October 2025 to discuss corporate changes.
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