Bakkt Holdings Announces Resignation of De?Ana Dow and Appointment of Michael Alfred to Board of Directors

Bakkt Holdings, Inc. announces changes to its directorate, effective September 17, 2025. Deana Dow resigned immediately as a director and member of the Audit and Risk Committee. Michael Alfred has been appointed to fill the vacancy, bringing experience from various roles, including CEO of Digital Assets Data, Inc. and Advisor to the CEO of Amenify Corporation.

Bakkt Holdings, Inc. (NYSE: BKKT) announced significant changes to its directorate on September 17, 2025, effective immediately. De'Ana Dow resigned as a director and a member of the Audit and Risk Committee. Her resignation was not due to any disagreement with the company's operations, policies, or practices. Instead, 10,500 of Ms. Dow's unvested restricted stock units (RSUs) from the current annual director compensation cycle vested on her separation date Bakkt Holdings, Inc. Announces Directorate Changes, Effective September 17, 2025^[1].

Upon Ms. Dow's resignation, the Board, upon the recommendation of its Nominating and Corporate Governance Committee, appointed Michael Alfred as a Class II director to fill the vacancy. Mr. Alfred, age 44, is a private investor and advisor with extensive experience in the digital asset and fintech sectors. He has served on the boards of various companies, including IRENE Limited (NASDAQ: IREN) since 2021, Digital Assets Data, Inc., Amenify Corporation, Strategic Insight, Inc., and BrightScope, Inc. He also serves as a board member of Crestone Group, LLC and Eaglebrook Advisors, Inc. Mr. Alfred received a Bachelor of Arts degree in History from Stanford University Bakkt Holdings appoints Michael Alfred to board following director resignation^[2].

The appointment of Mr. Alfred comes at a critical time for Bakkt, which has been facing financial challenges, including negative EBITDA of $73.8 million in the last twelve months and a concerning gross profit margin of -1.36%. However, the company has made notable strides by eliminating all of its long-term debt. Bakkt 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 Bakkt Holdings, Inc. Announces Directorate Changes, Effective September 17, 2025^[1].

Additionally, 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 Bakkt Holdings appoints Michael Alfred to board following director resignation^[2].