Company:Bakkt
 | |
| Type | Public subsidiary |
|---|---|
| NYSE: BKKT | |
| Industry | Fintech |
| Founded |
|
| Headquarters | Alpharetta, Georgia, U.S. |
Key people | Andy Main (co-CEO) Akshay Naheta (co-CEO) Karen Alexander (CFO) |
| Revenue |  US$3.490 billion (2024) |
 US$−92 million (2024) | |
| US$−103 million (2024) | |
| Total assets | US$269 million (2024) |
| Total equity |  US$62 million (2024) |
| Owner | VPC Impact Acquisition Holdings Sponsor, LLC (2%) |
Number of employees | 559 (December 2024) |
| Parent | Intercontinental Exchange (55%) |
| Footnotes / references [1][2] | |
Bakkt Holdings, Inc., headquartered in Alpharetta, Georgia and New York City, provides a software as a service (SaaS) and API platform for owning and trading cryptocurrency.[1] Bakkt was founded, and is 55% owned, by Intercontinental Exchange (ICE), which also owns the New York Stock Exchange.[3][4] Bakkt earns revenue from commissions for payments and purchases and sales of cryptocurrency.[5]
History
2018–2020: Under ICE ownership
In August 2018, Intercontinental Exchange formed Bakkt in partnership with Boston Consulting Group (BCG), Microsoft, Starbucks, and others to create a software platform to manage digital assets.[6] Its first use cases was for trading and conversion of Bitcoin (BTC) versus fiat currencies. Kelly Loeffler served as Bakkt's CEO until her appointment to the United States Senate.[7]
In January 2019, Bakkt acquired certain assets of Rosenthal Collins Group to advance its consumer payments initiatives.[8]
In April 2019, Bakkt acquired Digital Asset Custody Company (DACC).[9]
In September 2019, after regulatory delays, Intercontinental Exchange began trading of bitcoin futures.[10][11]
In February 2020, Intercontinental Exchange acquired Bridge2 Solutions, a loyalty rewards provider, which was then contributed to Bakkt.[12]
2021–present: Publicly listed company
In October 2021, Bakkt completed a merger with VPC Impact Acquisition Holdings, a special-purpose acquisition company sponsored by Victory Park Capital and was listed on the New York Stock Exchange.[13][14]
In April 2023, Bakkt acquired Chicago-based integrated crypto trading platform, Apex Crypto.[15]
In March 2025, Akshay Naheta was appointed as the co-chief executive officer.[16]
In July 2025, the company sold its loyalty points business for $11 million.[17]
References
- ↑ 1.0 1.1 "Bakkt Holdings, Inc. 2024 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. March 20, 2025. https://www.sec.gov/ix?doc=/Archives/edgar/data/0001820302/000162828025013959/bakkt-20241231.htm.
- ↑ "BAKKT HOLDINGS, INC. SCHEDULE 14A PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934". U.S. Securities and Exchange Commission. April 28, 2025. https://www.sec.gov/ix?doc=/Archives/edgar/data/0001820302/000162828025020274/bakkt-20250428.htm.
- ↑ Ehrlich, Steven (November 12, 2021). "Crypto Platform Bakkt Reports First Earnings, Lays Out Bold Partnership Strategy". Forbes. https://www.forbesmiddleeast.com/money/fintech/crypto-and-digital-asset-platform-bakkt-releases-first-earnings-lays-out-bold-partnership-strategy-for-growth.
- ↑ Bhattacharjee, Shomik Sen (October 19, 2021). "Bakkt Gets Listed on New York Stock Exchange: All You Need to Know". NDTV. https://gadgets.ndtv.com/cryptocurrency/news/cryptocurrency-bakkt-bkkt-list-public-company-new-york-stock-exchange-nyse-2580753.
- ↑ Sun, Leo (October 29, 2021). "Why Is Everyone Talking About Bakkt Holdings Stock?". The Motley Fool. https://www.fool.com/investing/2021/10/29/why-is-everyone-talking-about-bakkt-holdings-stock/.
- ↑ Tully, Shawn (August 3, 2018). "The NYSE's Owner Wants to Bring Bitcoin to Your 401(k). Are Crypto Credit Cards Next?: sources". Fortune. https://fortune.com/longform/nyse-owner-bitcoin-exchange-startup/.
- ↑ "The NYSE's Owner Wants to Bring Bitcoin to Your 401(k). Are Crypto Credit Cards Next?". https://fortune.com/longform/nyse-owner-bitcoin-exchange-startup/.
- ↑ TULLY, SHAWN (January 14, 2019). "Bakkt's New Acquisition Will Speed Its Plan to Streamline Consumer Payments". Fortune. https://fortune.com/2019/01/14/bakkt-acquisition-consumer-payments/.
- ↑ "Bakkt acquires Digital Asset Custody Company, applies for NY trust company status". April 30, 2019. https://www.finextra.com/pressarticle/78198/bakkt-acquires-digital-asset-custody-company-applies-for-ny-trust-company-status.
- ↑ Osipovich, Alexander (22 September 2019). "NYSE Owner Launches Long-Awaited Bitcoin Futures". The Wall Street Journal. https://www.wsj.com/articles/nyse-owner-to-launch-long-awaited-bitcoin-futures-11569153649.
- ↑ Osipovich, Alexander; Rubin, Gabriel T. (March 21, 2019). "Bitcoin Futures Launch Hits Regulatory Snag". https://www.wsj.com/articles/bitcoin-futures-launch-hits-regulatory-snag-11553204037.
- ↑ TULLY, SHAWN (February 5, 2020). "Bakkt aims to turn your rewards points into a wallet you can spend anywhere". Fortune. https://fortune.com/2020/02/05/bakkt-rewards-points-bitcoin-cash-wallet/.
- ↑ Linnane, Ciara (January 11, 2021). "Bakkt to go public via merger with SPAC VPC Impact Acquisition in deal with $2.1 billion enterprise value". MarketWatch. https://www.marketwatch.com/story/bakkt-to-go-public-via-merger-with-spac-vp-impact-acquisition-in-deal-with-21-billion-enterprise-value-2021-01-11.
- ↑ "Bakkt Closes Business Combination with VPC Impact Acquisition Holdings and Will Begin Trading on the New York Stock Exchange on October 18, 2021" (Press release). Business Wire. 15 October 2021.
- ↑ SCHWARTZ, LEO (April 3, 2023). "Digital assets platform Bakkt completes $155M deal for Apex Crypto". Fortune. https://fortune.com/crypto/2023/04/03/bakkt-completes-acquisition-apex-crypto/.
- ↑ Antony, Anto (March 20, 2025). "Ex-SoftBank Rainmaker Naheta Picked to Head Bakkt's Turnaround Efforts". Bloomberg News. https://www.bloomberg.com/news/articles/2025-03-20/akshay-naheta-picked-as-co-ceo-to-head-bakkt-s-turnaround-efforts.
- ↑ "Bakkt Announces Preliminary Second Quarter 2025 Financial Results and Definitive Agreement to Sell Loyalty Business" (Press release). Business Wire. July 28, 2025.
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