Crypto Firm Bakkt Shakes Up Leadership, Names Board Member Andy Main New CEO

The current CEO Gavin Michael will step down “to pursue other opportunities.”

AccessTimeIconMar 18, 2024 at 9:50 p.m. UTC
Updated Mar 21, 2024 at 2:24 p.m. UTC

A leadership shakeup at crypto custody service and exchange Bakkt (BKKT) will see board member Andy Main take over as President and CEO later next week, according to a Monday press release.

The current CEO Gavin Michael will step down “to pursue other opportunities,” the press release said, noting he will remain in an advisory role until 2025.

  • Kamala Harris Meme Coin Soars as Biden Drops Out; India’s Tax Policy Unlikely to Change
    01:54
    Kamala Harris Meme Coin Soars as Biden Drops Out; India’s Tax Policy Unlikely to Change
  • HNT Token Scores 40% Gains on Growing Adoption of Helium Mobile
    00:50
    HNT Token Scores 40% Gains on Growing Adoption of Helium Mobile
  • Tokens on WazirX Trade at Discount; Italy's Top Banks Complete Digital Bond Issuance on Polygon
    01:45
    Tokens on WazirX Trade at Discount; Italy's Top Banks Complete Digital Bond Issuance on Polygon
  • Profit-Making Crypto Address Makes New Investment of $16M in BTC
    00:59
    Profit-Making Crypto Address Makes New Investment of $16M in BTC
  • “Andy has the expertise to lead the company forward from this inflection point, with a focus on broadening our institutional crypto capabilities, growing our client base, expanding internationally, and driving towards adjusted EBITDA breakeven,” Michael said in the press release.

    Bakkt, a crypto platform introduced amid great fanfare in 2018 by the owner of the New York Stock Exchange had previously warned about its ability to stay above water. However, the company seems to have turned the tide since then. “We believe we have alleviated the conditions that raised substantial doubt about our ability to continue as a going concern,” the press release said.

    The shakeup comes ahead of Bakkt’s release of its 2023 financials, now rescheduled to March 25, one day before the leadership transition.

    Shares in Bakkt jumped more than 6% in after hours trading, when the announcement came, but it was down 11% Monday. The company has not enjoyed a brisk run-up in price as have other publicly traded crypto contenders, like Coinbase.

    UPDATE (March 21, 14:24 UTC): Adds previous CEO's first name in subtitle.

    Edited by Aoyon Ashraf.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Danny Nelson

    Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.


    Read more about