Bakkt Announces CEO Shift Amid NYSE Delisting Concerns for Crypto Exchange

Bakkt Holdings Inc. recently announced the appointment of a new CEO and president as the company grapples with the risk of being delisted from the New York Stock Exchange due to non-compliance with listing standards.

Effective March 26, Andy Main, a member of Bakkt’s board since its 2021 initial public offering, will take over from Gavin Michael as CEO and president. Michael, who will be departing to pursue other ventures, will continue to advise Bakkt until March 2025.

Previously warning in February 2023 about potential operational continuity issues, Bakkt secured a combination of funding deals injecting $50 million in capital that, according to Main in a recent interview, mitigate the concerns about Bakkt’s ability to continue as a going concern.

Launched in 2018 by Intercontinental Exchange Inc., owner of renowned futures markets and the NYSE itself, Bakkt was initiated in partnership with prominent entities such as Starbucks Corp. and Microsoft Corp. Its inaugural CEO, Kelly Loeffler, served as a senator representing Georgia for a year.

Main disclosed cost-reduction strategies, such as streamlining outsourced services and eliminating redundant licensing, while highlighting his plans to boost revenues through strategic partnerships.

He remains optimistic about Bakkt’s prospects, citing strong industry tailwinds and the company’s significant market potential.

Prior to Bakkt, Main’s tenure included leading Ogilvy, an ad and PR powerhouse, and helming Deloitte Digital, where his leadership was marked by strategic agency acquisitions that expanded Deloitte’s digital capabilities.

Following a notice of non-compliance from the NYSE on March 13, Bakkt disclosed the situation to the SEC the next day. They now have a six-month period to address and rectify the issues raised.

Bakkt has also postponed its Q4 earnings announcement to March 25.

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