By Katherine Hamilton
Bakkt shares rose after the company named a co-chief executive and made a slew of announcements about restructuring itself.
Shares climbed 14%, to $10.61, on Thursday. They had fallen since earlier in the week after the company pushed back its earnings report two days in a row, and the stock is still down 60% over the past three months.
The cryptocurrency brokerage said it is focusing on its core crypto offerings, particularly using crypto to make payments, and it plans to integrate the payments platform Distributed Technologies Research into its own technology. As part of that, it named DTR founder Akshay Naheta as co-chief executive and he is set to work alongside current Chief Executive Andy Main.
Bakkt is also looking to offload several of its other segments, including its loyalty business and Bakkt Trust. The latter sale is expected to save $3.8 million a year, the company said.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
March 20, 2025 15:13 ET (19:13 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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