Bakkt Holdings has appointed Akshay Naheta as co-CEO alongside Andy Main, aiming to refocus on its core crypto services after losing significant clients, including Bank of America and Webull. Naheta, the founder of Distributed Technologies Research (DTR), will help integrate DTR's stablecoin-based payment infrastructure with Bakkt's technology, subject to regulatory approval. Bakkt plans to sell or wind down its loyalty services business and is divesting its crypto custody subsidiary, Bakkt Trust, to Intercontinental Exchange for $1.5 million, allowing them to invest more into their crypto operations. Bakkt reported a revenue increase of 350% year-over-year, reaching $3.49 billion in 2024, while significantly narrowing its net loss. However, its share price fell by over 27% following the client loss announcements.

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