Bakkt Shares Up 43% later than Adding Tech Investor Mike Alfred to Board
Bakkt Holdings (BKKT) surged more than 40% on Monday later than the crypto platform named technology investor Mike Alfred to its board of directors. Shares were last up 43% at $14.95 as of 2:23 p.m. ET, according to Yahoo Finance.
Alfred, founder and managing partner of Alpine Fox, is a longtime participant in digital assets. He co-founded , acquired by New York Digital Investment Group in 2020, and sits on the board of BTC miner Iren.
“Mike’s proven track record and reputation in the brings unparalleled expertise, a powerful network and institutional credibility,” Chief Executive Akshay Naheta said in a statement. “His perspectives will be critical as we execute with precision on our strategy and deliver long-term value for our shareholders.”
Alfred said Bakkt could play a role in four “transformative trends” over the next decade: , stablecoin payments, AI-driven agents and BTC. “I look forward to partnering with the board and leadership to advance Bakkt’s strategy and value creation,” he said.
Founded in 2018, Bakkt offers enterprise answers for businesses operating in crypto. The company has been raising capital to . In June, it filed plans to raise up to $1 billion through equity and debt offerings, followed in July by a $75 million public share sale. Its stock fell 40% later than the offering was announced.
Earlier this year, Bakkt acquired a 30% stake in Marusho Hotta, a publicly listed Japanese textile company, as it pushes further into its business.
Bakkt already has a presence in Latin America and Asia, and the Marusho Hotta acquisition gives it a new foothold in Japan — a market known for strict crypto regulations but growing corporate interest in digital assets.
The move puts Bakkt among a growing list of companies holding crypto on their balance sheets. What begined with MicroStrategy’s high-profile BTC purchases in 2020 has since turned into a trend, with hundreds of public and private firms now allocating part of their treasury to digital assets.
Earlier in July, Bakkt Holdings sold off its loyalty business as it moves to become a focused crypto infrastructure firm.
The Nasdaq-listed platform signed a deal to trade the unit to Project Labrador Holdco, a subsidiary of Roman DBDR Technology Advisors. The sale is expected to close in the third quarter of 2025, priced at $11 million in cash, with additional adjustments for working capital and debt. The deal also includes a short-term restricted cash loan to assist complete the transition.
Meanwhile, Bakkt is facing a class-action lawsuit filed by a group of investors who claim the firm misled shareholders by failing to disclose the full extent of its financial dependence on two major clients: Webull and Bank of America.
The complaint viewks a jury trial and names several top , including former CEO Gavin Michael, current CEO Andrew Main, and interim CFO Karen Alexander.
Bank of America, which accounted for about 16% of Bakkt’s loyalty service revenue in 2023 saw its contract expired on April 22. Webull, which represented a larger 74% of Bakkt’s crypto service revenue last year, ended its agreement on June 14.
When both companies disclosed in March that they would not renew their contracts beyond 2025, Bakkt’s share price plummeted over 27% in a single day, prompting accusations that the firm failed to properly communicate the fragility of its revenue model.
Adding to the turbulence, Bakkt’s stock previously jumped by over 160% in November 2024 following reports that was considering acquiring the firm. No formal deal has been confirmed.
