Bakkt has announced the appointment of a new co-CEO and plans to focus on its crypto offerings following the recent loss of two major clients.
Appointment of new co-CEO
Akshay Naheta, the founder of Distributed Technologies Research (DTR), will join Bakkt CEO Andy Main. The company announced this on March 19.
Strategic partnership and business optimization
Bakkt will enter into an agreement with DTR to integrate its stablecoin-based payment infrastructure with its crypto trading and brokerage technology. The company will also sell its crypto custody subsidiary, Bakkt Trust, to its parent company Intercontinental Exchange for $1.5 million, which will cut operating costs by $3.8 million annually.
Financial results and outlook
Bakkt's total 2024 revenues amounted to $3.49 billion, up 350% year-over-year. It forecasts revenues of between $1.03 billion to $1.28 billion for the first quarter of 2025.
Bakkt continues to restructure its business, focusing on crypto services despite the loss of major clients and a significant decline in stock value.
