Bakkt to Change Leadership, Outline Plans for ‘Enhancing Shareholder Value’

Bakkt Holdings has appointed a board member, Andy Main, as president and CEO, effective March 26.

Main will succeed Gavin Michael, who is stepping down from those roles to pursue other interests, the provider of custody, trading and onramp capabilities for the crypto economy said in a Monday (March 18) press release. To assist in the leadership transition, Michael will serve in an advisory role for a year, through March 2025.

“We are grateful for Gavin’s many contributions to the company during his tenure, and we wish him success in his next chapter,” Main said in the release.

Main has served on Bakkt’s board of directors since its public listing in 2021, has advised and mentored the marketing and sales organizations over the last year, and “understands how to deliver the unique benefits of crypto to Bakkt’s diverse set of clients and partners,” the release said.

In past roles, Main served as CEO of Ogilvy and led Deloitte Digital, per the release.

“Over the course of his career, Andy has been at the forefront of technology — specifically, how to commercialize the latest technology innovations for some of the largest, most influential companies in the world,” Sean Collins, chairman of the board of Bakkt, said in the release. “He is a proven company builder and change agent, and will bring his relentless focus on shareholder value creation to Bakkt.”

Bakkt also said in the Monday press release that it has rescheduled its fourth quarter and full year 2023 financial results announcement and conference call from the previously announced data of Wednesday (March 20) to the new date of March 25.

During the earnings call, Main will discuss the company’s plans for building upon its product foundation, scaling the business with efficient execution, and capitalizing on “the market opportunity in crypto,” he said in the release.

“I look forward to sharing my plans for enhancing shareholder value on our upcoming earnings call,” Main said. “With the proceeds from our recent capital raise, and our plans to reduce cash expenses — primarily from legal entity integration, which was approved by NYDFS [New York Department of Financial Services] today — and related cost savings, we believe we have alleviated the conditions that raised substantial doubt about our ability to continue as a going concern.”

In another recent development, Bakkt said in January that it has expanded its crypto trading capabilities to Brazil, Guatemala, Spain, Hong Kong and Singapore — moves that broadened the company’s footprint in Latin America and marked its entry into Asia.