Bakkt, a platform for crypto trading and custody, has named Andy Main as its new CEO and President, starting March 26th. The company is taking this step because of the risk of being delisted from the New York Stock Exchange (NYSE), as it does not qualify to meet the listing requirements.
Main, who joined Bakkt’s board of directors in 2021, will succeed Gavin Michael, who is resigning to venture other opportunities. Michael will serve in an advisory role until March 2025 to assist with the transition.
According to Bakkt, Main served as the CEO of Ogilvy, an advertising and marketing firm, and held senior positions at Deloitte Digital. His extensive experience in the digital and consulting sectors positions him well to lead Bakkt’s efforts to navigate the current challenges.
To address concerns about its ability to continue as a going concern, Bakkt recently raised $50 million through registered direct offerings. Main stated that this funding “alleviated the conditions that raise the doubt about us as a going concern.”
In addition to the leadership change and capital raise, Bakkt is implementing cost-cutting measures, such as restructuring external services and eliminating unnecessary licenses. The main aim is to grow revenue through strategic partnerships, leveraging the strong influence of the crypto market.
Also Read: Bakkt Nears NYSE Delisting Due to Trading Below $1
