Bakkt

Last updated

Bakkt Holdings, Inc.
Company type Public subsidiary
NYSE:  BKKT
Industry Fintech
Founded
  • July 31, 2018;7 years ago (2018-07-31) (as a subsidiary of Intercontinental Exchange)
  • October 15, 2021;3 years ago (2021-10-15) (spinoff)
Headquarters Alpharetta, Georgia, U.S.
Key people
Andy Main (co-CEO)
Akshay Naheta (co-CEO)
Karen Alexander (CFO)
RevenueIncrease2.svg US$3.490 billion (2024)
Increase Negative.svgUS$−92 million (2024)
Increase Negative.svgUS$−103 million (2024)
Total assets Increase2.svgUS$269 million (2024)
Total equity Decrease2.svgUS$62 million (2024)
OwnerVPC Impact Acquisition Holdings Sponsor, LLC (2%)
Number of employees
559 (December 2024)
Parent Intercontinental Exchange (55%)
Website www.bakkt.com   OOjs UI icon edit-ltr-progressive.svg
Footnotes /references
[1] [2]

Bakkt Holdings, Inc., headquartered in Alpharetta, Georgia and New York City, provides a software as a service (SaaS) and API platform for owning and trading cryptocurrency. [1] Bakkt was founded, and is 55% owned, by Intercontinental Exchange (ICE), which also owns the New York Stock Exchange. [3] [4] Bakkt earns revenue from commissions for payments and purchases and sales of cryptocurrency. [5]

Contents

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. [6] 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. [7]

In January 2019, Bakkt acquired certain assets of Rosenthal Collins Group to advance its consumer payments initiatives. [8]

In April 2019, Bakkt acquired Digital Asset Custody Company (DACC). [9]

In September 2019, after regulatory delays, Intercontinental Exchange began trading of bitcoin futures. [10] [11]

In February 2020, Intercontinental Exchange acquired Bridge2 Solutions, a loyalty rewards provider, which was then contributed to Bakkt. [12]

2021–present: 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. [13] [14]

In April 2023, Bakkt acquired Chicago-based integrated crypto trading platform, Apex Crypto. [15]

In March 2025, Akshay Naheta was appointed as the co-chief executive officer. [16]

In July 2025, the company sold its loyalty points business for $11 million. [17]

References

  1. 1 2 "Bakkt Holdings, Inc. 2024 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. March 20, 2025.
  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 28, 2025.
  3. ↑ Ehrlich, Steven (November 12, 2021). "Crypto Platform Bakkt Reports First Earnings, Lays Out Bold Partnership Strategy". Forbes .
  4. ↑ Bhattacharjee, Shomik Sen (October 19, 2021). "Bakkt Gets Listed on New York Stock Exchange: All You Need to Know". NDTV .
  5. ↑ Sun, Leo (October 29, 2021). "Why Is Everyone Talking About Bakkt Holdings Stock?". The Motley Fool .
  6. ↑ Tully, Shawn (August 3, 2018). "The NYSE's Owner Wants to Bring Bitcoin to Your 401(k). Are Crypto Credit Cards Next?: sources". Fortune .
  7. ↑ "The NYSE's Owner Wants to Bring Bitcoin to Your 401(k). Are Crypto Credit Cards Next?". Fortune.
  8. ↑ TULLY, SHAWN (January 14, 2019). "Bakkt's New Acquisition Will Speed Its Plan to Streamline Consumer Payments" . Fortune .
  9. ↑ "Bakkt acquires Digital Asset Custody Company, applies for NY trust company status". Finextra Research. April 30, 2019.
  10. ↑ Osipovich, Alexander (September 22, 2019). "NYSE Owner Launches Long-Awaited Bitcoin Futures" . The Wall Street Journal.
  11. ↑ Osipovich, Alexander; Rubin, Gabriel T. (March 21, 2019). "Bitcoin Futures Launch Hits Regulatory Snag". Wall Street Journal. Retrieved April 2, 2019.
  12. ↑ TULLY, SHAWN (February 5, 2020). "Bakkt aims to turn your rewards points into a wallet you can spend anywhere" . Fortune .
  13. ↑ 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 .
  14. ↑ "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. October 15, 2021.
  15. ↑ SCHWARTZ, LEO (April 3, 2023). "Digital assets platform Bakkt completes $155M deal for Apex Crypto" . Fortune .
  16. ↑ Antony, Anto (March 20, 2025). "Ex-SoftBank Rainmaker Naheta Picked to Head Bakkt's Turnaround Efforts" . Bloomberg News .
  17. ↑ "Bakkt Announces Preliminary Second Quarter 2025 Financial Results and Definitive Agreement to Sell Loyalty Business" (Press release). Business Wire. July 28, 2025.
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