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In a recent SEC filing, Bakkt Holdings, Inc. (NYSE:BKKT) disclosed the approval of equity-based awards for its newly appointed Co-Chief Executive Officer, Akshay Naheta. The Compensation Committee of the company’s Board of Directors sanctioned the grant on Monday, which includes 1,607,717 performance-based restricted stock units (PSUs) and 11,426 service-based restricted stock units (RSUs). The grants come at a challenging time for the company, which has seen its stock decline nearly 65% year-to-date, according to InvestingPro data.
The equity awards are part of the inducement grants outlined in Naheta’s Employment Agreement dated March 19, 2025, and are intended as a significant incentive for his role as Co-CEO. These grants were made in accordance with the NYSE Listing Rule 303A.08, bypassing the need for shareholder approval. With a market capitalization of $122 million and significant volatility in its stock price, investors can access comprehensive analysis and 12 additional ProTips through InvestingPro’s detailed research reports.
The PSUs and RSUs are subject to the terms of Bakkt’s 2021 Omnibus Incentive Plan, as if they were awarded under it. The specific terms of the PSU and RSU Agreements, which govern the conditions of the grants, are detailed in previous SEC filings referenced in the current report.
Bakkt, headquartered in Alpharetta, Georgia, operates within the finance services industry, specifically focusing on crypto assets. The company, incorporated in Delaware, has recently undergone significant leadership changes, as reflected in SEC filings.
The information regarding the equity inducement grants is based on a press release statement filed with the SEC.
In other recent news, Bakkt Holdings, Inc. reported a significant increase in its fourth-quarter revenue, reaching $1.79 billion, which marks a 737.9% year-over-year growth from $214.5 million. The company’s earnings per share for the quarter were noted at $2.95. This revenue surge was largely driven by a 778% year-over-year increase in notional crypto trading volume, amounting to $1.78 billion, while assets under custody rose by 228.1% to $2.3 billion. Bakkt also announced the appointment of Akshay Naheta as co-CEO alongside Andy Main, and a strategic partnership with Distributed Technologies Research to integrate stablecoin payment technology. Looking ahead, Bakkt projects its first-quarter 2025 revenue to be between $1.03 billion and $1.28 billion. Despite these positive developments, the company faces challenges, including the loss of a key client, Webull, which accounted for 74% of its 2024 crypto revenues. Additionally, Bakkt’s auditor has expressed "significant doubt" about the company’s ability to continue as a going concern.
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