Bakkt sells subsidiary, names new co-CEO, shares rise

From StockTwits: 2025-03-20 03:00:14

Bakkt agreed to sell its qualified custodian subsidiary, Bakkt Trust Company, to Intercontinental Exchange for $1.5 million. The company named former Softbank executive Akshay Naheta as co-CEO and revealed asset sales, causing BKKT stock to rise 2.1% in after-hours trading. Naheta, founder of DTR, will also join the board. Bakkt signed a commercial agreement with DTR to combine their platforms, expanding into cross-border payments. The sale of Bakkt Trust Company will reduce expenses by $3.8 million annually and free up $3 million in capital. Strategic alternatives are being explored for the loyalty business segment. BKKT shares have fallen 62.4% YTD.



Read more at StockTwits: Bakkt Stock Rises After Co-CEO Appointment, Asset Sale