Bakkt, a once-promising darling of traditional finance as it entered the cryptocurrency world, has once again welcomed a new CEO. Andy Main, a board member who briefly served as CEO of advertising agency Ogilvy and held senior positions at Deloitte Digital, will lead Bakkt from March 26.
“After just over three years in the role, current CEO Gavin Michael is “resigning to pursue other opportunities,” the company said in a press release. Bakkt added that Michael will “serve in an advisory role until March 2025” to help with the transition.
Main, who joined the board in October 2021, becomes the company’s fifth CEO since it was founded about six years ago. The Bitcoin platform, which is primarily owned by the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, was warned last week that it could be delisted if its stock price trades below $1 for 30 days. A few weeks ago, Michael warned that the company would have difficulty continuing as a going concern. Although it has since raised $50 million, Main said the funding “relaxed the conditions that raised doubts about us as a going concern.” Bloomberg.
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About the author
Lawrence Lewitinn is The Block’s North American editor-in-chief. Lewitinn has extensive experience as a financial journalist, working at CoinDesk, CNBC, TheStreet, Yahoo Finance, Observer, and Modern Consensus. His career also includes several years on Wall Street trading bonds, currencies and commodities for Millennium Management and MQS Capital. Lewitinn graduated from New York University, received an MBA from Columbia Business School, and a master’s degree in international relations from Columbia School of International and Public Affairs. He is a CFA Charterholder.