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In a recent 8-K filing with the Securities and Exchange Commission, Bakkt Holdings, Inc. (market cap: $188.51M), a financial services company specializing in cryptocurrency, announced the adjournment of its 2025 Annual Meeting of Stockholders, initially convened on Tuesday. Trading at $13.44, the stock has shown significant volatility with a beta of 5.22, according to InvestingPro data. The meeting was adjourned without opening the polls for voting on the agenda items.
The adjournment is intended to provide stockholders additional time to review supplemental materials related to the company’s investment policy updates, which include potential capital allocation into Bitcoin and other digital assets. These updates were filed with the SEC on the same day as the meeting. InvestingPro analysis indicates the company is quickly burning through cash, with negative EBITDA of $76.28M in the last twelve months.
The Annual Meeting is rescheduled to reconvene on June 17, 2025, at 10:00 a.m. Eastern Time, and will be held virtually. Stockholders of record as of April 14, 2025, are eligible to vote at the reconvened meeting using the same access information provided for the original meeting.
During the period leading up to the reconvened meeting, Bakkt Holdings will continue to solicit proxies from its stockholders concerning the proposals outlined in the Proxy Statement. Stockholders who have already voted and do not wish to change their vote need not take further action.
The company highlighted that no changes have been made to the proposals set for voting at the Annual Meeting. This information is based on the press release statement issued by Bakkt Holdings, Inc.
In other recent news, Bakkt Holdings Inc (NYSE:BKKT). reported its earnings for the first quarter of 2025, showing a substantial increase in net income despite a decline in total revenues. Net income surged by 176.5% year-over-year to reach $16.2 million, while total revenues fell by 25.9% to $12.6 million. This revenue decline was primarily attributed to a 40% sequential drop in transaction volume. Bakkt is actively divesting its custody business and exploring strategic alternatives for its loyalty business, aiming to streamline operations and focus on the growing stablecoin payments market.
Additionally, Bakkt is preparing to launch new products, Bakkt Checkout and Bakkt Agent, with early access for premium partners expected in the third quarter of 2025. The company has also suspended its quarterly guidance as it undergoes a strategic transformation to focus on crypto infrastructure. Notably, Bakkt is collaborating with Distributed Technologies Research (DTR) to integrate stablecoin and AI payment infrastructure, a move that could enhance its position in the digital asset space. These developments reflect Bakkt’s efforts to adapt to market dynamics and position itself as a key player in the crypto infrastructure sector.
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