Bakkt names Akshay Naheta as new co-CEO in strategic shift

ALPHARETTA, Ga. - Bakkt Holdings, Inc. (NYSE: BKKT), a crypto brokerage firm with a market capitalization of $127.55 million, announced the appointment of Akshay Naheta as co-CEO, effective March 21, 2025. Naheta will join current CEO Andy Main in leading the company, bringing over two decades of experience in finance and technology. According to InvestingPro analysis, the stock is currently trading at $9.31, showing significant volatility with a beta of 5.31.

Naheta’s previous roles include senior positions at SoftBank Group, where he managed key technology investments. He later founded Distributed Technologies Research (DTR), focused on developing a global payments infrastructure. This move comes as Bakkt prepares to integrate DTR’s stablecoin payments technology with its own crypto trading platform, pending regulatory approval. The collaboration is expected to create new revenue opportunities in crypto trading and stablecoin payments and enhance cross-border payment efficiencies. With current revenues of $1.91 billion but facing challenges with negative gross margins of -2.99%, this strategic move could be crucial for the company’s future performance.

Andy Main, CEO of Bakkt, expressed enthusiasm about Naheta joining the leadership team and the potential of the partnership to transform Bakkt into a comprehensive digital assets trading and payments platform. Naheta himself underscored the efficiency and utility that stablecoins bring to the future of payment systems.

Sean Collins, Chairman of Bakkt’s board, highlighted Naheta’s blockchain and fintech expertise as crucial for the company’s next growth phase. The integration of DTR’s technology is anticipated to meet the increasing customer demand for fast and efficient crypto infrastructure and payment solutions, both in the U.S. and globally.

The information is based on a press release statement and contains forward-looking statements regarding the expected benefits of the partnership, customer demand, and Bakkt’s strategic direction. These statements are subject to uncertainties, including regulatory approvals and the successful implementation of the partnership. Bakkt’s filings with the Securities and Exchange Commission provide further details on potential risks and uncertainties. For deeper insights into Bakkt’s financial health and growth potential, InvestingPro subscribers can access comprehensive analysis, including 13 additional ProTips and detailed financial metrics in our exclusive Pro Research Report, part of our coverage of 1,400+ US stocks.

Bakkt, headquartered in Alpharetta, GA, is an institutional crypto brokerage and technology firm providing trading experiences and a bridge to crypto liquidity. DTR aims to revolutionize global payments with blockchain technology and stablecoin infrastructure.

In other recent news, Bakkt Holdings, Inc. is facing significant challenges after announcing that key partnerships with Bank of America and Webull will not be renewed. This development is expected to result in a substantial loss of revenue for Bakkt, with Webull alone accounting for approximately 74% of its crypto services revenue. Additionally, the company disclosed it would not be able to file its Annual Report on Form 10-K within the standard timeframe, citing the need for more time to complete its financial statements and finalize audit documentation. The company plans to address these issues within a fifteen-day extension period.

Ningi Research, which holds a short position on Bakkt, has expressed a negative outlook on the company’s future, suggesting that the stock’s previous surge was linked to acquisition rumors that are no longer viable. The recent announcement from Trump Media and Technology Group Corp. about its expansion into financial services, including a partnership with Charles Schwab, further complicates Bakkt’s competitive landscape. This move has raised concerns about Bakkt’s ability to maintain its market share in the digital asset space. As the market processes these developments, Bakkt’s financial health and operational stability remain under scrutiny.

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