Bakkt Stock Rises After Co-CEO Appointment, Asset Sale: Retail’s Pleased With Trajectory
The firm agreed to sell its qualified custodian subsidiary, Bakkt Trust Company, to Intercontinental Exchange for $1.5 million.
FollowBakkt (BKKT) stock gained 2.1% in after-hours trading on Wednesday after the company named former Softbank executive Akshay Naheta as co-CEO and revealed asset sales.
The cryptocurrency trading platform said Naheta, who founded the stablecoin-based payments firm Distributed Technologies Research (DTR), would also join the company’s board.
Bakkt also inked a commercial agreement to combine its crypto trading platform with DTR’s stablecoin payments platform.
The agreement would help unlock new revenue streams and expand Bakkt’s addressable market into the cross-border payments industry, the company said.
The Alpharetta, Georgia-based firm said it had agreed to sell its qualified custodian subsidiary, Bakkt Trust Company, to Intercontinental Exchange for $1.5 million in cash.
Bakkt said the sale would reduce operating expenses by $3.8 million annually and free up about $3 million of capital held for regulatory reserves, allowing it to reinvest in its core crypto business.
The company is also exploring strategic alternatives, including a potential sale or wind-down, for its loyalty business segment.
Earlier this week, Bakkt had revealed in a regulatory filing that Bank of America and Webull Pay would not renew commercial agreements with the company.
The firm said that Webull represented about 74% of the company’s crypto services revenue in the year ended Dec. 31, 2023, and BofA represented about 16% of the company’s loyalty services revenue.
The company reported a net loss of $19.2 million, or $2.95 per share, for the fourth quarter, compared to a loss of $26.7 million, or $0.29 per share, a year earlier.
Bakkt said it achieved a record notional trading volume of $1.78 billion, a five-fold jump from the third quarter, aided by a Trump-fueled rally.
Retail sentiment on Stocktwits jumped to ‘extremely bullish’ (84/100) territory from ‘bullish’(74/100) a day ago, while retail chatter was ‘extremely high.’
BKKT’s Sentiment Meter and Message Volume as of 02:15 a.m. ET on March 20, 2025 | Source: Stocktwits
One user said the earnings report was “very positive and encouraging” and hoped that Mastercard would replace Webull Pay.
Another user was also pleased with its focus on payments and the integration of the crypto trading venue BakktX.
Bakkt shares have fallen 62.4% year-to-date (YTD).
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