Bakkt Holdings has appointed Akshay Naheta as its new co-CEO, joining current CEO Andy Main. This leadership change comes as Bakkt aims to streamline its services, focusing more on core crypto offerings after losing two significant clients, Bank of America and Webull. Naheta, who founded Distributed Technologies Research (DTR), brings a background from SoftBank Group to Bakkt. The company will partner with DTR to integrate its stablecoin payment infrastructure with Bakkt’s crypto technology, potentially increasing revenue through stablecoin payments and enhancing cross-border payment efficiency. Bakkt is also considering selling its loyalty services, which have been affected by the loss of major clients contributing to significant revenue percentages. The firm indicated it would sell its crypto custody subsidiary, Bakkt Trust, to its parent company, Intercontinental Exchange, for $1.5 million, effectively reducing operating costs and reallocating funds toward its crypto business. Bakkt reported substantial revenue growth in 2024, yet its stock value has drastically declined over the past two years, reflecting significant market challenges.

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