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.
“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.