Bakkt Holdings (NASDAQ: BKKT) shares surged more than 40% on Monday after the company announced that tech entrepreneur Mike Alfred will join its board of directors. The stock was trading 43% higher at $15.25 as of 8:00 p.m. ET, according to GoogleFinance.
Bakkt CEO Akshay Naheta welcomed Alfred, calling him a leader with “unparalleled expertise, a powerful network, and institutional credibility.” Naheta said in an official site statement. He added that Alfred’s input would be vital as the company sharpens its strategy and works to deliver long-term value to shareholders.
Alfred’s industry experience
Alfred is a well-known figure in the digital assets industry. He is the Managing Partner and Founder of Alpine Fox, as well as a board member in Bitcoin miner Iren. He had earlier co-founded Digital Assets Data, which was purchased by NYDIG in 2020.
In his statement, Alfred highlighted Bakkt’s opportunity to build a trusted fintech platform for institutions. He pointed to four key growth areas: digital asset trading, stablecoin payments, AI agents, and Bitcoin. “I look forward to partnering with the Board and leadership to advance Bakkt’s strategy and value creation.,” Alfred said.
Recent moves by Bakkt
Founded in 2018, Bakkt provides enterprise crypto solutions for businesses. In June, the company declared that it would raise up to $1 billion by way of equity and debt issues to finance a strategy to acquire Bitcoin. A month after that, Bakkt announced a $75 million public offering, and the shares went down 40% at that time.
The appointment of Mike Alfred marks a fresh chapter for Bakkt as it works to strengthen its position in digital assets, though the market will be watching closely to see how the strategy unfolds.
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