Company:Bakkt

From HandWiki
Bakkt, Inc.
TypePublic subsidiary
NYSE: BKKT
IndustryFintech
Founded
  • July 31, 2018; 8 years ago (2018-07-31) (initially launched as a subsidiary of Intercontinental Exchange)
  • October 18, 2021; 5 years ago (2021-10-18) (publicly traded company)
HeadquartersAtlanta, Georgia, U.S.
Key people
Akshay Naheta (CEO)
Karen Alexander (CFO)
RevenueDecrease US$2.335 billion (2025)
Negative increase US$−147 million (2025)
Negative increase US$−132 million (2025)
Total assetsDecrease US$162 million (2025)
Total equityIncrease US$112 million (2025)
Number of employees
150 (2026)
Footnotes / references
[1][2]

Bakkt, Inc., headquartered in Atlanta, Georgia with a presence in New York City and Dubai, is a regulated financial technology company that powers institutional-grade trading capabilities, AI-enabled programmable finance, and cross-border payment infrastructure.[1]

Bakkt was founded by Intercontinental Exchange (ICE), which also owns the New York Stock Exchange and owns around 18% of the company as of June 2026.[3][4]

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.[5] 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.[6]

In January 2019, Bakkt acquired certain assets of Rosenthal Collins Group to advance its consumer payments initiatives.[7]

In April 2019, Bakkt acquired Digital Asset Custody Company (DACC).[8]

In September 2019, after regulatory delays, Intercontinental Exchange began trading of bitcoin futures.[9][10]

In February 2020, Intercontinental Exchange acquired Bridge2 Solutions, a loyalty rewards provider, which was then contributed to Bakkt.[11]

2021–2025: 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.[12][13]

In April 2023, Bakkt acquired Chicago-based integrated crypto trading platform, Apex Crypto.[14]

2025–present: Publicly listed company

In March 2025, Akshay Naheta was appointed as the co-chief executive officer.[15] The company also entered into a commercial agreement with Distributed Technologies Research (DTR).[16]

In July 2025, the company announced it will sell its loyalty points business for $11 million.[17] The company completed the sale in October 2025.[18]

In August 2025, the company announced it acquired approximately 30% of the outstanding shares of MarushoHotta Co., Ltd. (“MHT”), a Tokyo-listed company (TSE: 8105) and would rename the company to Bitcoin Japan. The acquisition would make Bakkt the largest shareholder of Bitcoin Japan.[19] The Bitcoin Japan investment is part of the larger Bakkt Global strategy.[20]

In September 2025, Akshay Naheta became the sole chief executive officer.[21] And the company eliminated all remaining long-term debt strengthening the company’s financial position and balance sheet flexibility.[22]

In November 2025, the company simplified the capital structure and eliminated its umbrella partnership-C corporation “Up-C” structure and transitioned to a single class.[23]

In January 2026, the company announced that it agreed to acquire Distributed Technologies Research (DTR) and closed on the acquisition in April 2026.[24] And the company changed its corporate name from Bakkt Holdings, Inc. to Bakkt, Inc.[25]

In March 2026, the company hosted its first Investor Day at the New York Stock Exchange.[26]

References

  1. ↑ 1.0 1.1 "Bakkt Holdings, Inc. 2025 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. March 19, 2026. https://www.sec.gov/ix?doc=/Archives/edgar/data/0001820302/000162828026019870/bakkt-20251231.htm. 
  2. ↑ "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 30, 2026. https://www.sec.gov/ix?doc=/Archives/edgar/data/0001820302/000162828026029018/bakkt-20260430.htm. 
  3. ↑ 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. 
  4. ↑ 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. 
  5. ↑ 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/. 
  6. ↑ "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/. 
  7. ↑ 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/. 
  8. ↑ "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. 
  9. ↑ 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. 
  10. ↑ 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. 
  11. ↑ 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/. 
  12. ↑ 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. 
  13. ↑ "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.
  14. ↑ 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/. 
  15. ↑ 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. 
  16. ↑ "Bakkt Names Akshay Naheta Co-CEO Amid Plans Stablecoin Payments Push" (in en). https://www.coindesk.com/markets/2025/03/21/bakkt-names-akshay-naheta-as-co-ceo-amid-stablecoin-payments-push. 
  17. ↑ "Bakkt Announces Preliminary Second Quarter 2025 Financial Results and Definitive Agreement to Sell Loyalty Business" (Press release). Business Wire. July 28, 2025.
  18. ↑ "Bakkt Completes the Sale of Loyalty Business, Accelerating Transformation into a Pure-Play Digital Asset Infrastructure Platform". https://www.nasdaq.com/press-release/bakkt-completes-sale-loyalty-business-accelerating-transformation-pure-play-digital. 
  19. ↑ "Bakkt’s Last Stand? Troubled Firm Buys Into Japan To Rebrand as 'Bitcoin JP'". https://www.ccn.com/news/crypto/bakkts-japan-rebrand-bitcoin-jp/. 
  20. ↑ "🇯🇵 Bakkt Takes 30% of Marusho Hotta — Rebrands as ‘Bitcoin JP’ in Bold Japan Play". https://www.binance.com/en/square/post/27982738055618. 
  21. ↑ "Ex-Soft Bank Rainmaker Naheta Picked to Head Bakkt's Turnaround Efforts". https://www.bloomberg.com/news/articles/2025-03-20/akshay-naheta-picked-as-co-ceo-to-head-bakkt-s-turnaround-efforts. 
  22. ↑ "Why Bakkt Holdings (BKKT) Is Refocusing on Digital Assets With Board Shakeup and Loyalty Business Sale". https://finance.yahoo.com/news/why-bakkt-holdings-bkkt-refocusing-115010715.html. 
  23. ↑ "Bakkt Completes Capital Structure Simplification and Single-Class Stock Transition" (in en-us). 4 November 2025. https://www.globenewswire.com/news-release/2025/11/04/3180902/0/en/Bakkt-Completes-Capital-Structure-Simplification-and-Single-Class-Stock-Transition.html. 
  24. ↑ "Bakkt Completes Acquisition of Stablecoin Infrastructure Company". https://www.binance.com/en-IN/square/post/318397687260833. 
  25. ↑ "Bakkt Stock Jumps 18% Following Stablecoin Firm Acquisition". https://finance.yahoo.com/news/bakkt-stock-jumps-18-following-215457334.html. 
  26. ↑ "Bakkt Investor Day 2026" (in en). https://vimeo.com/event/5728178. 



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