Bakkt's Bitcoin Gambit: Can Alfred's Credibility Turn the Tide?

Bakkt Holdings’ stock surged over 40% on September 22, 2025, following the appointment of Michal Alfred, a prominent crypto investor and fintech executive, to its board of directors. Shares closed at $14.70, surpassing analysts’ one-year consensus price target of $13.26 Bakkt Stock Spikes Past Analysts' Price Target After Adding …^[1]. The move has been interpreted as a strategic pivot to strengthen governance and accelerate growth in digital asset infrastructure, with CEO Akshay Naheta emphasizing Alfred’s “proven track record and institutional credibility” as critical to executing Bakkt’s vision Bakkt stock jumps over 40% after naming crypto vet Mike Alfred to …^[2].

Alfred, co-founder of Digital Assets Data (acquired by NYDIG in 2020) and managing partner of Alpine Fox LP, brings expertise in Bitcoin and AI-related equities. He also serves on the board of IREN, a data center developer for Bitcoin and AI operations. In a statement, Alfred highlighted Bakkt’s potential to lead in four areas: digital asset trading, stablecoin payments, AI-powered finance, and Bitcoin adoption Bakkt Adds Fintech Veteran Mike Alfred To Board, Stock Jumps^[3]. His appointment follows Bakkt’s recent divestiture of its loyalty rewards business for $11 million, a step to streamline operations and focus on core crypto services such as custody and tokenized assets Bakkt Stock Spikes Past Analysts' Price Target After Adding …^[1].

The company’s restructuring efforts have yielded mixed results. While crypto revenue in Q2 2025 reached $568 million, the loyalty unit contributed only $10 million Bakkt Stock Spikes Past Analysts' Price Target After Adding …^[1]. Bakkt has also outlined plans to raise up to $1 billion through equity and debt offerings to expand its corporate treasury to include Bitcoin. This follows a June update to its investment policy, which now permits Bitcoin and other digital assets as part of its treasury strategy Bakkt Stock Spikes Past Analysts' Price Target After Adding …^[1]. Analysts at Benchmark Company, who initiated coverage with a “buy” rating and $13 price target, noted that the divestitures and strategic hires like Alfred signal a “fresh start” after years of operational challenges Bakkt Stock Spikes Past Analysts' Price Target After Adding …^[1].

Bakkt’s stock performance reflects investor optimism about its renewed focus. The rally comes despite a 40% year-to-date decline in its share price and a 94% drop from its 2021 peak. The company’s shares briefly traded as high as $14.95 during the session Bakkt stock jumps over 40% after naming crypto vet Mike Alfred to …^[2]. Alfred’s influence is expected to extend beyond governance, with his Alpine Fox LP fund and IREN ties drawing attention to potential cross-industry synergies in AI and Bitcoin infrastructure Bakkt Adds Fintech Veteran Mike Alfred To Board, Stock Jumps^[3].

The market’s reaction underscores growing institutional interest in Bitcoin treasuries. Bakkt’s capital-raising plans align with broader trends of corporations and governments accumulating Bitcoin as a reserve asset. For example, MicroStrategy and El Salvador have integrated Bitcoin into their treasuries, signaling its acceptance as a hedge against inflation and currency volatility ETH Vs BTC: which is the best crypto to buy for 2025 as treasury ...^[5]. Analysts at Invezz and BlockchainReporter note that Bitcoin’s role as a store of value contrasts with Ethereum’s utility-driven growth, but both face distinct risks and rewards in 2025 ETH Vs BTC: which is the best crypto to buy for 2025 as treasury ...^[5].

Bakkt’s strategic shift has drawn cautious optimism. While the company’s crypto-centric focus has yet to translate into sustained profitability, its partnerships with institutional clients and AI infrastructure projects could position it as a key player in the evolving fintech landscape. The appointment of Alfred, coupled with its treasury expansion, suggests a long-term bet on Bitcoin’s adoption and the digitization of financial systems.