Bakkt Secures $75M, Transitions to Pure Crypto Infrastructure Firm with New CEO

Bakkt Holdings has secured $75 million in funding, marking a significant step in its transformation into a dedicated cryptocurrency infrastructure company. The company plans to enhance its platform capabilities and expand its stablecoin payment infrastructure, having divested its loyalty business and appointed a new CEO to steer the transition.

Bakkt Holdings, Inc. (NYSE: BKKT) has announced the successful closure of a $75 million underwritten public offering, marking a significant milestone in its transformation into a dedicated cryptocurrency infrastructure company. The funding will be used to further the company's Bitcoin Treasury Strategy, enhance its platform capabilities, and expand its stablecoin payment infrastructure. Additionally, Bakkt has divested its loyalty business and appointed a new CEO to lead the transition.

The capital raise, which included the issuance of 6.75 million shares of Class A common stock and pre-funded warrants, will enable Bakkt to purchase Bitcoin and other digital assets, as well as fund working capital and general corporate purposes [1]. The funds will also support the company's Bitcoin Treasury Strategy, which includes the acquisition of approximately 30% of Tokyo-listed MarushoHotta Co. LTD (MHT), a move that will initiate Bakkt's Japan Bitcoin Treasury Strategy [1].

Bakkt's new CEO, Akshay Naheta, will focus on three key strategic pillars to position the company at the forefront of the digital asset revolution: enhancing its brokerage-in-a-box solution with significant technology upgrades, launching its stablecoin payments solution Bakkt Agent, and expanding its Bitcoin treasury initiative [1]. The company aims to improve user experience and unlock new monetization opportunities through these initiatives.

In addition to the funding announcement, Bakkt has executed a definitive agreement to divest its loyalty business to Project Labrador Holdco, LLC, a wholly owned subsidiary of Roman DBDR Technology Advisors, Inc. The transaction is expected to close in the third quarter of 2025 and will allow Bakkt to focus resources on its core crypto offerings and stablecoin payments infrastructure [1].

The appointment of Akshay Naheta as CEO follows Andy Main's decision to step down from his role as Co-CEO and Director, effective August 11, 2025. Main will continue to serve as a strategic advisor to Bakkt [1].

References:

[1] Bakkt Reports Second Quarter 2025 Results, August 11, 2025. Retrieved from https://investors.bakkt.com/news/news-details/2025/Bakkt-Reports-Second-Quarter-2025-Results/default.aspx