Bakkt, the once-promising darling of traditional finance entering the crypto world, has a new CEO again. Board member Andy Main, who was briefly CEO of advertising agency Ogilvy and held senior roles at Deloitte Digital, will lead Bakkt starting March 26.
Current CEO Gavin Michael, who has been in the role for just over three years, is “resigning to pursue other opportunities.” the company said in a press release. Bakkt added that Michael “will play an advisory role until March 2025” to help with the transition.
Main, who joined the board in October 2021, will be the company’s fifth CEO since its founding nearly six years ago. The Bitcoin platform, owned primarily by the New York Stock Exchange’s parent company, the Intercontinental Exchange (ICE), was alerted last week that it could be delisted if its stock price traded in below $1 for 30 days. Several weeks ago, Michael warned that the company would struggle to continue as a going concern, although it has since raised $50 million, with Main saying the funding “has alleviated conditions that raise doubts about our continued existence operating”, according to Bloomberg.
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About the Author
Lawrence Lewisinn is North America editor at The Block. Lewitinn brings extensive experience as a financial journalist, with stints at CoinDesk, CNBC, TheStreet, Yahoo Finance, the Observer and Modern Consensus. His career also includes years on Wall Street, where he traded fixed income, currencies and commodities for Millennium Management and MQS Capital. Lewitinn is an alumnus of New York University and holds an MBA from Columbia Business School, as well as a master’s degree in international affairs from Columbia’s School of International and Public Affairs. He holds the CFA.