Bakkt Appoints Akshay Naheta as Co-CEO, Stock Rises 13%

Bakkt has appointed Akshay Naheta as co-CEO and formed a strategic partnership with Distributed Technologies Research (DTR) to enhance its position in crypto payments and trading.

• Naheta, a former SoftBank executive, will join Andy Main in leading Bakkt.
• The integration of trading services with DTR's stablecoin payment system aims to boost efficiency and open new revenue streams.
• Regulatory approval for these changes is pending, which may delay implementation.

Bakkt recently lost key partnerships with Bank of America and Webull Pay, resulting in significant revenue losses. Bank of America contributed 16% and Webull Pay 74% of its respective revenues in 2023.

• The Bank of America agreement ends on April 22, while Webull’s contract expires June 14.
• These losses create a substantial revenue gap that Bakkt must address through new strategies.

Following the leadership change, BKKT shares rose 13% pre-market. The stock is near the lower Bollinger Band, indicating potential volatility and resistance around $12–$13. The Relative Strength Index (RSI) is at 39, suggesting recovery signs.

Sustaining gains depends on successful integration with DTR and diversifying revenue sources.