News
Akshay Naheta will join Bakkt as co-CEO as the company looks at shedding some of its services “to focus resources on core crypto offerings.”
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Bakkt News
Bakkt is a cryptocurrency-focused institutional investment firm that was spun out of Intercontinental Exchange, or ICE — an operator of large, regulated exchanges such as the New York Stock Exchange.
In September 2019, the firm launched its much-anticipated Bitcoin (BTC) futures trading platform. While the initial launch was underwhelming, with relatively low volume given the hype, Bakkt announced additional products in the following months such as fully regulated BTC options trading, cash-settled futures and a partnership with Starbucks.
Since its announcement, Bakkt has caught the attention of the crypto industry, as it marks a serious effort by the world’s largest exchange to onboard institutional investors into the burgeoning crypto asset class.
The firm also generated buzz in the industry after former CEO Kelly Loeffler became the first Republican woman to represent the state of Georgia in the United States Congress where she is expected to support crypto-friendly regulation.
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Bakkt’s share price closed trading down over 27% on March 18 after the crypto custody firm shared two major clients weren’t renewing their agreements.
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Shares in crypto exchange Bakkt jumped on Nov. 18 after a report that Donald Trump’s company is in advanced stages of a deal to buy the struggling business.
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Andy Main, Bakkt’s incoming president, said the company’s strengthened balance sheet erases previous doubts about its ability to continue.
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Bakkt has posted back-to-back losses and a plummeting share price since listing in October 2021 and the NYSE is threatening to pull it.
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This week’s headlines include Franklin Templeton’s entry into the Ether ETF race, Ripple’s new custody deal, Bakkt’s sale of securities and CoinShares’ Q4 earnings.
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The crypto custody and trading platform was cleared for a $150 million shelf offering just a week after declaring its ability to continue as a “going concern.”
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The institutional digital asset trading platform unveiled in 2018 amid huge fanfare has just disclosed it “might not be able to continue as a going concern.”
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Bakkt is expanding its custody services shortly after its quarterly earnings report showed assets under custody declined 28%.
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Bakkt reportedly suspended trading of SOL, MATIC and ADA — tokens the U.S. SEC recently deemed securities.
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Bakkt’s chief product officer, Dan O’Prey, expressed his optimism about the future of Bitcoin and the company’s outlook on regulated markets when he chatted with Cointelegraph at Bitcoin 2023.
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The delisting included major tokens used in DeFi, with the company saying it was following “up-to-date regulatory guidance.”
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A turnkey platform that lets fintech businesses offer crypto investing to clients, Apex Crypto has brokered $12.5 billion in crypto trades since its inception.
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The company said the acquisition is expected to diversify and bolster Bakkt’s revenue as it scales its offerings.
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The now former president did not reveal what his next move would be, or whether he would continue to work in the cryptocurrency industry.
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