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Bakkt Holdings, Inc. (NYSE:BKKT) announced Monday that De’Ana Dow resigned as a director and as a member of the Audit and Risk Committee, effective immediately as of September 17, 2025. According to a statement released by the company, Ms. Dow’s resignation was not due to any disagreement with the company’s operations, policies, or practices. Upon her departure, 10,500 of Ms. Dow’s unvested restricted stock units (RSUs) from the current annual director compensation cycle vested on her separation date.
The board, acting on the recommendation of its Nominating and Corporate Governance Committee, appointed Michael Alfred to fill the vacancy as a Class II director. The company stated that Mr. Alfred meets the independence requirements of the New York Stock Exchange. There are no transactions or arrangements requiring disclosure between Mr. Alfred and Bakkt Holdings. The appointment comes at a critical time for Bakkt, which faces financial challenges with negative EBITDA of $73.8 million in the last twelve months and a concerning gross profit margin of -1.36%.
Mr. Alfred, age 44, is a private investor and advisor. Since 2021, he has served on the board of IRENE Limited (NASDAQ:IREN), an AI data center developer and Bitcoin miner. He previously co-founded and served as Chief Executive Officer of Digital Assets Data, Inc., which was acquired by New York Digital Investment Group LLC in 2020. Mr. Alfred has also held advisory and executive roles at Amenify Corporation, Strategic Insight, Inc., and BrightScope, Inc., and serves as a board member of Crestone Group, LLC and Eaglebrook Advisors, Inc. He holds a Bachelor of Arts degree in History from Stanford University.
Mr. Alfred will receive standard non-employee director compensation as outlined in Bakkt Holdings’ 2025 proxy statement filed with the U.S. Securities and Exchange Commission on April 28, 2025. The company will also enter into an indemnification agreement with Mr. Alfred, consistent with Delaware law and company policy.
This information is based on a press release statement and the company’s filing with the SEC.
In other recent news, Bakkt Holdings, Inc. has made notable strides by eliminating all of its long-term debt. The company announced the redemption of its 0.00% convertible debenture, which was due in June 2026, effectively satisfying all obligations under the debenture originally issued in June 2024. This financial maneuver leaves Bakkt operating without any outstanding long-term debt obligations. Additionally, Bakkt has strengthened its governance by appointing Mike Alfred to its Board of Directors. Alfred brings significant experience from the digital asset and fintech sectors, having co-founded BrightScope and Digital Assets Data.
Moreover, Bakkt has caught the attention of analysts, with Clear Street and Benchmark both initiating coverage on the company. Clear Street has given Bakkt a Buy rating with a price target of $14.00, projecting a 44% upside potential. Similarly, Benchmark has set a Buy rating with a $13.00 price target, highlighting Bakkt’s recent restructuring efforts and the divestment of its custody business. These developments are part of Bakkt’s ongoing efforts to streamline its operations and focus on growth.
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