Tag: Bakkt

Bakkt, a crypto trading platform, announced on Monday that Andy Main will take over as president and CEO. He will be replacing Gavin Michael, who is departing for new possibilities. Michael will remain an advisor until March 2025 to assist with the transition and provide assistance to the board. Main, who has been on Bakkt’s board since its public debut in 2021, will take over as CEO on March 26.

Facing dwindling cash reserves, cryptocurrency exchange platform Bakkt sounded an alarm on Wednesday, raising doubts about its ability to continue operating beyond the next year. After going public in 2021 amidst market enthusiasm, Bakkt’s share price has plunged to $1.45, a stark contrast to its 2021 peak of over $40. This financial struggle casts a shadow on the platform’s future, leaving its long-term viability uncertain.